Don't Buy A Painting Business Franchise in Normal IL

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Painting Franchise - PaintingBusinessAcademy.com ##generated-article-tags##

Should You Buy a Painting Business Franchise in Normal IL ?

Don't Buy a Painting Business Franchise in Normal IL

• 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 Normal IL
• 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
• Training Support
• Training
• Support
• 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 Normal IL

If you are considering acquiring a paint franchise, quit right now.
I'm going to break down the fundamental problems with getting a painting franchise business, as well as the alternate options you have to start a paint firm.

This is based on my experience growing a successful paint business where we considered ending up being a franchise business however selected a collaboration setup rather. I listen to the battles of franchisee's constantly, and I really feel for them.



Painting Business Franchise in Normal IL 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 Normal IL 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 Normal IL ?

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Is it better to start a painting business or buy a Painting Business Franchise in Normal IL ?

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BR> I do not want you to wind up in the very same setting that lots of franchisees discover themselves in.
There is a far better method! We will begin with the issues of a franchise, then we'll get right into remedies.

ISSUE # 1: THE REAL COST OF A PAINTING FRANCHISE
CertaPro Painters, Five Star Painting, 360 Painting, and WOW-1-Day Painting are a few of the larger franchise business available.
These franchise business vary from $10,000-$ 40,000 in franchise business charges just for the right to the franchise business in a minimal number of postal code where you can run your franchise business.
They additionally take 6-9% as an recurring royalty ... for life.
If you stay in business for 10 years and you produce $5,000,000 in earnings, this franchise ends up costing you upwards of $500,000. That's a high price to pay.
And also naturally you get some assistance and company systems, yet every little thing that a franchise supplies can be gotten with various other methods for a lot less than $500,000.

PROBLEM # 2: HOW FRANCHISES SCREW YOUR ABILITY TO GROW YOUR BUSINESS
When you purchase a Painting Business Franchise in Normal IL you are getting the legal rights to that service in a established territory. You are designated a small number of postal code where you have the civil liberties to the service.
This is a HUGE problem. The most convenient method to grow as well as increase a painting organisation is by expanding geographically. Franchise business take away this right.
Painter Choice is our advertising and marketing firm. We work with franchisees throughout the country. I always feel horrible for these company owner because they have such a hard time producing service.
A typical business in Atlanta, for example, can utilize our lead service in North Atlanta to produce 20-30 leads per month.
Yet a franchisee in North Atlanta that just possesses the rights to 7-8 zip codes can just create 5-7 leads per month from our lead service.
Simply put, if those franchisees had their very own organisation, they can right away enhance their service 3-5 times! In other terms, that suggests an increase from $500,000 to $2,000,000. This is a substantial limitation on your possible business growth.
As a franchisee, your only option is to acquire even more territory, or such it up and maintain your business small.
If somebody else currently owns the close-by territory, you do not have that option.

PROBLEMS # 3: DO THEY REALLY CARE ABOUT WHAT YOU CARE ABOUT?
Essentially, franchisees and the franchisor have actually misaligned rewards. The franchisor intends to generate as much earnings as feasible since they get paid a set percent of income.
Yet as the service proprietor, your goal is to make best use of revenue.
I'm a big follower in lining up motivations, and in this case, incentives are not straightened. They are playing a different video game than you are. They wish to make the most of profits in all of their areas, and offer as several franchise business as they can.

ISSUE # 4: YOU'RE BUYING A JOB, NOT A BUSINESS
You're getting a job. Allow me reveal you why.
Due to royalties, 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 organisation.
You can not have a $1,000,000 organisation in the small region. And also if you can, you're stuck at a optimum of $100,000 on your own. You're paying $70k-$ 100k/year in aristocracies of what?
That's a ridiculous amount of cash to pay your franchise business ... the exact same firm that has an contract that they hold over your head not enabling you to expand your organisation geographically.
They've got you by the rounds.
Or, you can get an additional area to grow. But once again ... I 'd instead not have to pay for the right to grow my business. That's unreasonable.
A lot of franchise business wind up in the $500,000-$ 600,000 range. You can probably make $80,000-$ 110,000, sure. You also do not ever before have adequate margin to work with other individuals to run the entire service, which is one of the greatest advantages to constructing a firm.
You probably aren't producing enough profits to also work with really solid employees. In our business, we pay regarding 5-6% to our manufacturing supervisor who manages $1,000,000 in production. That's $50,000-$ 60,000 annually for the manager. But if you are only doing $500,000 a year in earnings, you can pay 5% ($ 25,000) to your production manager, which is not nearly enough cash for a solid employee.
Your alternatives are to pay a greater percent (killing your earnings margin), or do the work on your own (killing your way of living). Both of which are not extremely attractive choices.
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IN SUMMARY:
You pay a great deal of money to limit your development, you do not obtain to build your own point, and also if you desire to grow geographically you need to spend for the rights to do so ... thinking no one else already has the civil liberties to the region you are trying to get.
As a result of your constraints, and also the high nobility cost, you are considerably limited in your ability to expand your earnings, develop a strong group, as well as develop a large organisation.

WITH ALL THESE PROBLEMS ... WHY DO PEOPLE DO IT?
# 1-- They do it for the solid service strategy
# 2-- They do it for the assistance and training supplied by the franchise
# 3-- They do it for the community of other franchisees so they aren't alone
# 4-- They do it out of anxiety of failure
Now, allow's look at services. How can you obtain all the benefits without paying the high price of a franchise business?

BENEFIT # 1: THEY DO IT FOR THE SOLID BUSINESS PLAN
For 1/10th of the cost of a franchise, you can buy my organisation system. This is the specific organisation system we make use of and also adhere to in our company, which did over $3,000,000 in revenue in 2016.

ADVANTAGE # 2: THEY DO IT FOR THE SUPPORT AND TRAINING PROVIDED
My program consists of training as well as support. When you begin with Painting Business Academy, you get access to the entire company system and also 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 likewise join our private members-only Facebook team. We have loads of questions asked everyday from our members.
Our community is extremely engaged and active.
Individuals in our community also share their successes. Just a few days ago a person shared a Facebook advertising and marketing strategy, word for word, that's eliminating it for their business.

ADVANTAGE # 4: THEY DO IT OUT OF FEAR OF FAILURE
Paying more cash does not get rid of the worry of failing. With Painting Business Academy, you can get accessibility to a solid service strategy, business training, as well as all of the done-for-you kinds as well as systems that are verified to build a million-dollar painting organisation.
You likewise get access to the impressive community of similar business owners doing the very same thing as you that we discussed previously. While you do pay 1/10th of the expense up front (on the high end), you have NO aristocracies to pay after that.
The possibility of failing is the exact same whether you remain in a franchise or running your very own business. When you get a franchise business, you are taking a bigger threat, meaning there's a bigger failing if you do stop working.

SO WHAT NOW?
Before you spend in a franchise business and also throw thousands of bucks down the toilet for a tested system, you could wish to inspect out Painting Business Academy.
Painting Business Academy is likewise a proven system to build a million-dollar painting firm, with a community of numerous others. In addition, there is no ongoing nobility, and also no geographical limitations to growth.
Obtain all of the benefits of a Painting Business Franchise in Normal IL for a fraction of the cost. Inspect the program out here and call me if you have any type of inquiries.
The painting business is a terrific service to be in! I hope you'll be a component of it soon.
All the best!

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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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