Don't Buy A Painting Business Franchise in Newark NJ

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Should You Buy a Painting Business Franchise in Newark NJ ?

Don't Buy a Painting Business Franchise in Newark NJ

• 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 Newark NJ
• 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
• Franchise News Room
• News By Industry
• About
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• Training
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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 Newark NJ

If you are thinking about buying a paint franchise business, stop right now.
I'm going to break down the basic problems with acquiring a painting franchise business, as well as the alternative options you have to begin a paint company.

This is based upon my experience growing a successful painting organisation where we thought about coming to be a franchise business yet chose a partnership setup rather. I hear the struggles of franchisee's constantly, as well as I feel for them.



Painting Business Franchise in Newark NJ 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 much do painters make?

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How much money can you make owning a painting business?

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How can I start a painting business with no money?

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Is painting a good trade?

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Is a Painting Business Franchise in Newark NJ a good investment?

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Is it hard to start a painting business?

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How can I promote my painting business?

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What are the disadvantages of a Painting Business Franchise in Newark NJ ?

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Is it better to start a painting business or buy a Painting Business Franchise in Newark NJ ?

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BR> I do not want you to end up in the exact same placement that many franchisees discover themselves in.
There is a better way! We will certainly start with the troubles of a franchise business, then we'll enter into services.

TROUBLE # 1: THE REAL COST OF A PAINTING FRANCHISE
CertaPro Painters, Five Star Painting, 360 Painting, and also WOW-1-Day Painting are a few of the bigger franchise business out there.
These franchises range from $10,000-$ 40,000 in franchise fees simply for the right to the franchise business in a restricted number of zip codes where you can operate your franchise business.
They likewise take 6-9% as an recurring nobility ... for life.
If you stay in business for 10 years and also you produce $5,000,000 in revenue, this franchise business winds up costing you upwards of $500,000. That's a steep price to pay.
And also naturally you get some assistance and also organisation systems, yet everything that a franchise provides can be obtained with other avenues for much less than $500,000.

ISSUE # 2: HOW FRANCHISES SCREW YOUR ABILITY TO GROW YOUR BUSINESS
When you get a Painting Business Franchise in Newark NJ you are buying the civil liberties to that service in a set area. You are assigned a handful of zip codes where you have the rights to the organisation.
This is a HUGE problem. The simplest means to expand and also broaden a painting service is by broadening geographically. Franchise business take away this.
Painter Choice is our advertising and marketing company. We function with franchisees throughout the country. I always feel horrible for these company owner since they have such a tough time creating organisation.
A common firm in Atlanta, for instance, can use our lead solution in North Atlanta to produce 20-30 leads monthly.
A franchisee in North Atlanta that just has the legal rights to 7-8 zip codes can just create 5-7 leads per month from our lead service.
To put it simply, if those franchisees had their own company, they might instantly boost their business 3-5 times! In other terms, that means an boost from $500,000 to $2,000,000. This is a large restriction on your prospective business growth.
As a franchisee, your only choice is to acquire even more territory, or such it up as well as keep your organisation little.
But if another person currently has the neighboring region, you don't have that alternative.

PROBLEMS # 3: DO THEY REALLY CARE ABOUT WHAT YOU CARE ABOUT?
Essentially, franchisees as well as the franchisor have actually misaligned motivations. The franchisor intends to create as much revenue as possible due to the fact that they make money a set percent of revenue.
As the business owner, your objective is to optimize earnings.
I'm a huge follower in lining up incentives, and also in this case, incentives are not straightened. They are playing a different game than you are. They desire to make the most of earnings in all of their areas, as well as market as numerous franchise business as they can.

ISSUE # 4: YOU'RE BUYING A JOB, NOT A BUSINESS
You're purchasing a work. Allow me show you why.
Because of royalties, your margins wind up being around 10% -12% nevertheless overhead.
In order to make $100k/year you 'd have to have a $1,000,000 company.
You can't have a $1,000,000 company in the little territory. And also also if you can, you're stuck at a maximum of $100,000 on your own. You're paying $70k-$ 100k/year in aristocracies for what?
That's a ludicrous amount of cash to pay your franchise ... the same company that has an agreement that they hold over your head not enabling you to expand your service geographically.
They've obtained you by the rounds.
Or, you can purchase one more region to grow. Again ... I would certainly rather not have to pay for the right to grow my service. That's ridiculous.
Many franchises finish up in the $500,000-$ 600,000 variety. You can possibly make $80,000-$ 110,000, sure. However you likewise don't ever before have enough margin to employ other people to run the entire organisation, which is one of the best advantages to constructing a business.
You probably aren't creating adequate earnings to also hire actually strong workers. In our firm, we pay about 5-6% to our manufacturing manager that oversees $1,000,000 in manufacturing. That's $50,000-$ 60,000 annually for the manager. However if you are only doing $500,000 a year in profits, you can pay 5% ($ 25,000) to your manufacturing manager, which is insufficient cash for a strong employee.
Your alternatives are to pay a greater portion ( eliminating your revenue margin), or get the job done on your own ( eliminating your way of life). Both of which are not really eye-catching choices.
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IN SUMMARY:
You pay a great deal of money to restrict your development, you don't get to develop your very own point, and also if you intend to grow geographically you require to pay for the legal rights to do so ... thinking nobody else currently possesses the civil liberties to the region you are trying to get.
Due to your limitations, and also the high aristocracy fee, you are dramatically limited in your capacity to grow your earnings, develop a solid team, as well as build a big company.

WITH ALL THESE PROBLEMS ... WHY DO PEOPLE DO IT?
# 1-- They do it for the strong business plan
# 2-- They do it for the support and training supplied by the franchise
# 3-- They do it for the neighborhood of other franchisees so they aren't alone
# 4-- They do it out of concern of failure
Now, allow's consider remedies. Exactly how can you obtain all the advantages without paying the high price of a franchise?

BENEFIT # 1: THEY DO IT FOR THE SOLID BUSINESS PLAN
For 1/10th of the cost of a franchise business, you can buy my service system. This is the exact business system we use and adhere to in our service, which corrected $3,000,000 in revenue in 2016.

BENEFIT # 2: THEY DO IT FOR THE SUPPORT AND TRAINING PROVIDED
My course consists of training and assistance. When you get going with Painting Business Academy, you get access to the whole company system and all of the training that accompanies that system.

ADVANTAGE # 3: THEY DO IT FOR THE COMMUNITY SO THEY AREN'T ALONE
When you join Painting Business Academy, you additionally join our personal members-only Facebook group. We have dozens of questions asked every day from our participants.
Our neighborhood is extremely involved and also active.
People in our neighborhood also share their successes. Simply the other day a person shared a Facebook advertising and marketing method, word for word, that's eliminating it for their business.

ADVANTAGE # 4: THEY DO IT OUT OF FEAR OF FAILURE
Paying even more money does not eliminate the concern of failure. With Painting Business Academy, you can get access to a solid business strategy, company training, and all of the done-for-you types and also systems that are shown to develop a million-dollar paint service.
You also get accessibility to the fantastic community of similar business owners doing the same thing as you that we spoke about earlier. While you do pay 1/10th of the cost up front (on the luxury), you have NO aristocracies to pay afterwards.
The probability of failing coincides whether you are in a franchise business or running your own organisation. Nonetheless, when you get a franchise business, you are taking a larger danger, implying there's a larger failure if you do fall short.

SO WHAT NOW?
Prior to you spend in a franchise and throw countless bucks down the toilet for a tried and tested system, you could wish to examine out Painting Business Academy.
Painting Business Academy is additionally a tried and tested system to build a million-dollar paint business, with a neighborhood of numerous others. In addition, there is no ongoing nobility, and also no geographical limitations to development.
Obtain all of the benefits of a Painting Business Franchise in Newark NJ for a portion of the cost. Inspect the training course out below as well as call me if you have any concerns.
The painting business is a fantastic service to be in! I wish you'll be a component 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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