Don't Buy A Painting Business Franchise in Meads KY

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Should You Buy a Painting Business Franchise in Meads KY ?

Don't Buy a Painting Business Franchise in Meads KY

• An Important Note About Our Methodology
• Learn About Our Process
• Our Story
• Why Franchise
• The Process
• Your Investment
• Problem 1 The REAL Cost of a Painting Business Franchise in Meads KY
• Problem 2 How Franchises Screw Your Ability to Grow Your Business
• Problems 3 Do They Really Care About What You Care About
• Problem 4 You re Buying a Job Not a Business
• With All These Problems Why do People do It
• So what now
• Understanding the Ranking
• Our Purpose
• Opportunity Guide
• Home Services Franchise Industry
• Top Painting News
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• About
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• Full Support Complete Control

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• Learn How a $1,000,000 Painting Business Works
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• The franchise fee for a territory with a population of between 175,000 and 200,000 is $44,900. If the population of your territory exceeds 200,000, you must pay an additional $500 for each 1,000-population unit (or any portion of a 1,000-population unit) in excess of 200,000.

• For example, for a territory with a population of 201,135, the total franchise fee would be $45,900 .

• The initial franchise fee is fully earned and non-refundable upon receipt.

• During the first 24 months after you purchase your first franchise, you may be eligible for a 10% discount on the then-current initial franchise fee for each additional franchise that you purchase. To be eligible for this discount, you must pay the entire franchise fee at the time you sign the Franchise Agreement for the initial franchise and for each additional franchise.

• Fresh Coat is a member of the International Franchise Association and participates in the IFA’s Veterans Transition Franchise Initiative (“VetFran Program”), which encourages franchise ownership by offering financial incentives to honorably discharged veterans of the U.S. Armed Forces. Fresh Coat offers a $2,000 discount on the initial franchise fee to veterans who meet Fresh Coat’s requirements and those of the VetFran program.

2.  Deposit:  $5,000

• You can reserve a specific territory for up to 30 days by paying a $5,000 deposit and sending Fresh Coat a signed Deposit Remittance Form. The deposit is fully earned and non-refundable upon Fresh Coat’s receipt, in consideration of its reservation and removal from the market of your territory for 30 days, and will be applied toward your initial franchise fee.

3.  Website Fee:  $95

• You must pay an initial Website Fee of $95 to cover the cost and maintenance of website(s) you will use in the operation of the business.

4.  Right of First Refusal:  $3,000

• Your Franchise Agreement does not give you any option, right of first refusal, or similar right to acquire additional franchises, but you may purchase a right of first refusal to purchase an additional franchise territory. The price for a right of first refusal is $3,000, which would be credited toward the initial franchise fee if you exercise the right of first refusal.

• A right of first refusal would give you the right to purchase a specific territory first if another prospective purchaser shows an interest in purchasing the territory within 1 year after you purchase the right of first refusal.

• You would have 7 calendar days after notice by Fresh Coat to exercise the right. Fresh Coat must receive the entire balance of the then-current initial franchise fee for the territory by the seventh day after you receive the notice.

• A right of first refusal lasts for 1 year.

5.  Royalty Fee:  6% of Gross Revenues; $300 monthly minimum

• Due Date:  Payable by the fifth day of each month.

• Paid on Gross Revenues for preceding month ending on Friday.

6.  National Branding Fund:  2% of Gross Revenues; $350 monthly minimum

• Due Date:  Payable by the fifth day of each month.

7.  Local Cooperative Advertising:  up to 3% of your Gross Revenues unless a majority of the cooperative members agree on a higher contribution

• Due Date:  Monthly.

• If an advertising cooperative is established or operating in your area, you must contribute.

8.  Transfer Fee:  the greater of either $10,000 or 3% of the purchase price, plus legal and administrative costs

• Due Date:  Prior to consummation of transfer.

• Payable when you sell your franchise; no Transfer Fee is payable for transfers to a company you form for the convenience of ownership.

9.  Lead Referral Fee:  $10,000

• Due Date:  Upon a transfer of your franchise to a buyer who was already listed in Fresh Coat’s sales database at the time you and the buyer began discussing a sale.

• Intended to partially reimburse Fresh Coat for its costs in developing leads who then purchase from existing owners.

10.  Formation of Business Entity:  variable

• Due Date:  Within 90 days after signing the Franchise Agreement.

• If you sign the Franchise Agreement individually, then you must form a business entity (such as a corporation) and assign your individual rights in the franchise to the business entity.

11.  Grand Opening Promotion:  $3,000 to $4,000

• Due Date:  1-2 months before opening.

• Before opening, you must spend at least $3,000, as directed by Fresh Coat, on a grand opening promotion.

12.  Electronic Copies of Marketing Materials:  variable

• Due Date:  Upon order by you.

• Should you request electronic copies of marketing materials, you will need to reimburse the national branding fund for its costs in creating the materials.

13.  Technology/Software License Fee:  $95

• Due Date:  Monthly.

• You must pay a fee for technology/proprietary software that Fresh Coat licenses or makes available to you for use in the operation of the business.

14.  Website Fee:  $95

• Due Date:  Monthly.

• You must pay a fee to cover the cost and maintenance of website(s) and web hosting services Fresh Coat makes available for your use in the business.

15.  Franchisee Meetings:  $350 per person

• Due Date:  Prior to attending meeting.

• Fresh Coat may hold regional and/or national meetings with its support personnel and franchisees.

16.  Late Fee:  greater of $100 or 10% of royalty or branding fee; $50 for ACH payments returned for insufficient funds; $100 for late sales reports or other business records

• Due Date:  On demand.

• You must pay a late fee on any payment or sales report that Fresh Coat receives more than 5 days late.

17.  Interest:  18%

• Due Date:  On demand.

• In addition to the late fee above, any payments more than 30 days late accrue interest at the rate of 18% per year.

18.  Audit Fee:  cost of audit, plus 18% interest on underpayment

• Due Date:  On demand.

• Payable only if audit is prompted by your failure to maintain or submit records or audit shows an understatement of Gross Revenues of at least 3% for any week.

19.  Territory Amendment Fee:  $1,500

• Due Date:  Prior to amending territory.

• If Fresh Coat allows you to amend your franchise territory, you must pay a fee to compensate it for its costs.

20.  Sales/Use Taxes:  variable

• Due Date:  Payable with your royalty or national branding fee payments.

• You must pay any state or local sales or use tax that may be assessed on the royalties, advertising fees, or other fees you pay to Fresh Coat.

21.  Reimbursements:  amount of expense advanced, plus 18% interest

• Due Date:  On demand.

• You must reimburse Fresh Coat if it pays your expenses if you fail to so do, such as rent, taxes, customer refunds, or other liabilities.

22.  Legal Expenses:  amount of expense advanced, plus 18% interest

• Due Date:  On demand.

• You must pay any legal expenses Fresh Coat incurs, including attorney fees, to enforce your Franchise Agreement.

23.  Mapping Software Updates:  $200

• Due Date:  On demand.

• Fresh Coat may, from time-to-time, need to update its internal map-keeping software to reflect demographic and population changes in your territory; if Fresh Coat does so, it may charge you a reasonable fee, not to exceed $200, to compensate it for its costs.

24.  Indemnification:  amount of expense advanced, plus 18% interest

• Due Date:  On demand.

• You must reimburse Fresh Coat fully if it is held liable for claims arising from your business.

WHY YOU OUGHT TO NOT BUY A Painting Business Franchise in Meads KY

If you are believing of getting a paint franchise, stop today.
I'm going to damage down the basic problems with acquiring a painting franchise, as well as the different choices you have to start a paint firm.

This is based on my experience expanding a effective painting organisation where we took into consideration becoming a franchise however chose a collaboration arrangement rather. I listen to the struggles of franchisee's frequently, and I really feel for them.



Painting Business Franchise in Meads KY FAQs
How much does it cost to open your own franchise?

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Are painting companies profitable?

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How much is a Five Star Painting Franchise?

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Is painting a good business to start?

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How can I start a painting business with no money?

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Is a Painting Business Franchise in Meads KY a good investment?

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Is it hard to start a painting business?

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What are the disadvantages of a Painting Business Franchise in Meads KY ?

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Is it better to start a painting business or buy a Painting Business Franchise in Meads KY ?

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BR> I don't desire you to finish up in the same setting that numerous franchisees find themselves in.
There is a better method! We will certainly begin with the issues of a franchise, after that we'll obtain right into solutions.

PROBLEM # 1: THE REAL COST OF A PAINTING FRANCHISE
CertaPro Painters, Five Star Painting, 360 Painting, as well as WOW-1-Day Painting are a few of the bigger franchises out there.
These franchise business range from $10,000-$ 40,000 in franchise charges just for the right to the franchise business in a minimal variety of postal code where you can operate your franchise business.
They additionally take 6-9% as an continuous aristocracy ... forever.
If you are in business for 10 years and also you produce $5,000,000 in income, this franchise winds up costing you upwards of $500,000. That's a steep price to pay.
And certainly you get some support and also organisation systems, but whatever that a franchise gives can be obtained with various other opportunities for much less than $500,000.

ISSUE # 2: HOW FRANCHISES SCREW YOUR ABILITY TO GROW YOUR BUSINESS
When you purchase a Painting Business Franchise in Meads KY you are acquiring the rights to that business in a set area. You are appointed a little number of postal code where you have the civil liberties to business.
This is a HUGE problem. The simplest method to expand and also increase a painting service is by increasing geographically. Franchises take away this.
Painter Choice is our advertising and marketing firm. We deal with franchisees around the nation. I constantly feel dreadful for these entrepreneur since they have such a difficult time producing service.
A normal business in Atlanta, for instance, can utilize our lead service in North Atlanta to generate 20-30 leads monthly.
Yet a franchisee in North Atlanta that only possesses the rights to 7-8 postal code can just generate 5-7 leads each month from our lead solution.
To put it simply, if those franchisees had their very own organisation, they can quickly enhance their business 3-5 times! In various other terms, that suggests an rise from $500,000 to $2,000,000. This is a huge restriction on your potential business growth.
As a franchisee, your only choice is to buy even more territory, or such it up and also keep your service small.
If someone else currently possesses the close-by area, you don't have that option.

PROBLEMS # 3: DO THEY REALLY CARE ABOUT WHAT YOU CARE ABOUT?
Basically, franchisees and the franchisor have actually misaligned rewards. The franchisor intends to generate as much earnings as possible because they get paid a collection percent of revenue.
However as business proprietor, your objective is to optimize earnings.
I'm a large believer in lining up incentives, and also in this situation, incentives are not aligned. They are playing a different video game than you are. They want to make best use of revenue in all of their territories, and market as lots of franchise business as they can.

PROBLEM # 4: YOU'RE BUYING A JOB, NOT A BUSINESS
You're getting a task. Let me reveal you why.
As a result of aristocracies, your margins end up being around 10% -12% nevertheless overhead.
In order to make $100k/year you would certainly have to have a $1,000,000 service.
But you can't have a $1,000,000 business in the little region. And also also if you can, you're stuck at a optimum of $100,000 on your own. You're paying $70k-$ 100k/year in royalties for what?
That's a ridiculous quantity of cash to pay your franchise business ... the exact same company that has an agreement that they hold over your head not allowing you to grow your business geographically.
They've obtained you by the balls.
Or, you can buy one more territory to expand. Again ... I would certainly rather not have to pay for the right to grow my company. That's ridiculous.
Many franchises wind up in the $500,000-$ 600,000 variety. You can probably make $80,000-$ 110,000, sure. However you likewise don't ever before have adequate margin to work with other individuals to run the entire business, which is one of the best benefits to developing a firm.
You probably aren't producing adequate revenue to even employ actually strong employees. In our firm, we pay concerning 5-6% to our manufacturing manager that manages $1,000,000 in production. That's $50,000-$ 60,000 annually for the manager. If you are only doing $500,000 a year in income, you can pay 5% ($ 25,000) to your manufacturing supervisor, which is not enough cash for a solid employee.
Your options are to pay a higher percentage (killing your revenue margin), or do the task on your own (killing your way of life). Both of which are not very attractive options.
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IN SUMMARY:
You pay a great deal of money to limit your growth, you don't get to construct your very own thing, and if you wish to grow geographically you require to spend for the legal rights to do so ... assuming no one else already has the civil liberties to the region you are attempting to get.
As a result of your limitations, as well as the high royalty cost, you are considerably limited in your ability to grow your earnings, build a solid team, and construct a huge business.

WITH ALL THESE PROBLEMS ... WHY DO PEOPLE DO IT?
# 1-- They do it for the strong business strategy
# 2-- They do it for the support as well as training given by the franchise business
# 3-- They do it for the community of other franchisees so they aren't alone
# 4-- They do it out of fear of failure
Now, allow's check out options. Just how can you get all the benefits without paying the steep rate of a franchise?

BENEFIT # 1: THEY DO IT FOR THE SOLID BUSINESS PLAN
For 1/10th of the expense of a franchise business, you can buy my company system. This is the exact business system we utilize and also comply with in our company, which corrected $3,000,000 in earnings in 2016.

BENEFIT # 2: THEY DO IT FOR THE SUPPORT AND TRAINING PROVIDED
My course consists of training and also support. When you start with Painting Business Academy, you obtain access to the whole service system and all of the training that supports that system.

BENEFIT # 3: THEY DO IT FOR THE COMMUNITY SO THEY AREN'T ALONE
When you join Painting Business Academy, you also join our exclusive members-only Facebook group. We have lots of concerns asked each day from our members.
Our area is highly involved and also active.
People in our community also share their successes. Simply the various other day somebody shared a Facebook advertising technique, verbatim, that's eliminating it for their service.

ADVANTAGE # 4: THEY DO IT OUT OF FEAR OF FAILURE
Paying even more money does not get rid of the fear of failing. With Painting Business Academy, you can obtain accessibility to a solid company plan, company training, and also all of the done-for-you kinds as well as systems that are proven to build a million-dollar paint service.
You additionally get access to the remarkable community of like-minded entrepreneurs doing the very same thing as you that we talked about previously. While you do pay 1/10th of the price up front (on the luxury), you have NO nobilities to pay afterwards.
The probability of failure is the same whether you are in a franchise or running your very own organisation. However, when you purchase a franchise, you are taking a bigger danger, meaning there's a bigger failing if you do fall short.

WHAT NOW?
Prior to you purchase a franchise business and also toss countless bucks down the bathroom for a tested system, you may intend to have a look at Painting Business Academy.
Painting Business Academy is likewise a tested system to develop a million-dollar painting firm, with a community of hundreds of others. Additionally, there is no ongoing nobility, and also no geographical constraints to development.
Obtain all of the advantages of a Painting Business Franchise in Meads KY for a portion of the cost. Check the course out here as well as contact me if you have any questions.
The paint business is a wonderful company to be in! I hope you'll belong of it soon.
Best of luck!

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You don't necessarily need a college degree, a bunch of money in the bank or even painting business experience to start something that could become the next major success. However, you do need a strong plan and the drive to see it through.
If you're here, odds are you already have the drive, but you might not know how to start building your painting empire.
That why we are here.
1. Evaluate yourself.
Let's start with the most basic question: Why do you want to start a painting business? Use this question to guide what kind of painting business you want to start. If you want extra money, maybe you should start a side hustle. If you want more freedom, maybe it's time to leave your 9-to-5 job and start something new.
Once you have the reason, start asking yourself even more questions to help you figure out the type of painting business you should start, and if you have what it takes.
What skills do you have?
Where does your passion lie?
Where is your area of expertise?
How much can you afford to spend, knowing that many painting businesses fail?
How much capital do you need?
What sort of lifestyle do you want to live?
Are you even ready to be an entrepreneur?
Be brutally honest with your answers. This will create a foundation for everything you do moving forward, so it's better to know the truth now than later.

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