Don't Buy A Painting Business Franchise in Paterson NJ

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

Should You Buy a Painting Business Franchise in Paterson NJ ?

Don't Buy a Painting Business Franchise in Paterson 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 Paterson 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
• 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 Paterson NJ

If you are thinking about purchasing a paint franchise business, quit now.
I'm mosting likely to damage down the essential problems with purchasing a painting franchise, and also the alternate options you have to begin a painting company.

This is based on my experience expanding a effective paint company where we considered becoming a franchise business however selected a collaboration configuration rather. I listen to the struggles of franchisee's constantly, as well as I feel for them.



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

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How much is a Five Star Painting Franchise?

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

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

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BR> I do not want you to finish up in the same setting that numerous franchisees locate themselves in.
There is a better method! We will certainly begin with the problems of a franchise, then we'll get involved in solutions.

PROBLEM # 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 franchises available.
These franchises vary from $10,000-$ 40,000 in franchise costs simply for the right to the franchise business in a minimal variety of postal code where you can run your franchise business.
They likewise take 6-9% as an continuous royalty ... for life.
If you stay in business for 10 years and you produce $5,000,000 in revenue, this franchise winds up costing you upwards of $500,000. That's a steep cost to pay.
And obviously you get some support and also organisation systems, however whatever that a franchise gives can be acquired through other avenues for much less than $500,000.

TROUBLE # 2: HOW FRANCHISES SCREW YOUR ABILITY TO GROW YOUR BUSINESS
When you acquire a Painting Business Franchise in Paterson NJ you are acquiring the legal rights to that organisation in a established area. You are designated a handful of postal code where you have the civil liberties to business.
This is a HUGE problem. The easiest means to expand and broaden a painting organisation is by broadening geographically. Franchises remove this right.
Painter Choice is our marketing business. We collaborate with franchisees around the nation. I always really feel dreadful for these local business owner because they have such a tough time creating organisation.
A regular business in Atlanta, for instance, can use our lead solution in North Atlanta to create 20-30 leads monthly.
A franchisee in North Atlanta that only has the legal rights to 7-8 zip codes can just generate 5-7 leads per month from our lead service.
Simply put, if those franchisees had their own service, they could instantly raise their organisation 3-5 times! In various other terms, that means an increase from $500,000 to $2,000,000. This is a massive restriction on your potential organisation growth.
As a franchisee, your only alternative is to buy even more region, or such it up as well as keep your service little.
However if another person already possesses the neighboring region, you do not have that option.

PROBLEMS # 3: DO THEY REALLY CARE ABOUT WHAT YOU CARE ABOUT?
Essentially, franchisees and also the franchisor have actually misaligned rewards. The franchisor wishes to generate as much profits as feasible because they earn money a set percent of income.
However as business proprietor, your objective is to optimize profit.
I'm a big follower in lining up incentives, as well as in this case, incentives are not aligned. They are playing a various video game than you are. They desire to make the most of earnings in all of their areas, and also market as several franchise business as they can.

PROBLEM # 4: YOU'RE BUYING A JOB, NOT A BUSINESS
You're purchasing a job. Allow me show you why.
Due to the fact that of royalties, your margins wind up being around 10% -12% after all business expenditures.
In order to make $100k/year you 'd need to have a $1,000,000 business.
However you can't have a $1,000,000 company in the tiny area. As well as even if you can, you're stuck at a maximum of $100,000 on your own. You're paying $70k-$ 100k/year in aristocracies of what?
That's a crazy quantity of money to pay your franchise business ... the exact same firm that has an agreement that they hold over your head not permitting you to grow your organisation geographically.
They've got you by the rounds.
Or, you can buy another region to expand. Yet once more ... I 'd rather not need to spend for the right to expand my organisation. That's ridiculous.
Many franchises wind up in the $500,000-$ 600,000 array. You can most likely make $80,000-$ 110,000, sure. You additionally don't ever have adequate margin to hire various other individuals to run the entire business, which is one of the greatest advantages to building a firm.
You most likely aren't creating enough profits to even employ truly strong employees. In our company, we pay about 5-6% to our manufacturing manager that looks after $1,000,000 in production. That's $50,000-$ 60,000 each year for the manager. If you are only doing $500,000 a year in revenue, you can pay 5% ($ 25,000) to your production manager, which is not enough cash for a solid staff member.
Your alternatives are to pay a greater portion (killing your earnings margin), or get the job done on your own (killing your way of living). Both of which are not very attractive alternatives.
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IN SUMMARY:
You pay a great deal of cash to restrict your development, you do not get to build your very own point, as well as if you intend to grow geographically you need to spend for the civil liberties to do so ... assuming nobody else currently has the civil liberties to the region you are trying to buy.
Because of your limitations, and the high royalty charge, you are significantly limited in your capability to grow your earnings, develop a strong team, and develop a large organisation.

WITH ALL THESE PROBLEMS ... WHY DO PEOPLE DO IT?
# 1-- They do it for the solid organisation strategy
# 2-- They do it for the assistance and also training supplied by the franchise
# 3-- They do it for the neighborhood of various other franchisees so they aren't alone
# 4-- They do it out of concern of failure
Currently, let's take a look at remedies. How can you obtain all the benefits without paying the steep cost of a franchise business?

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

ADVANTAGE # 2: THEY DO IT FOR THE SUPPORT AND TRAINING PROVIDED
My training course includes training and assistance. When you get started with Painting Business Academy, you obtain accessibility to the whole company system as well as all of the training that goes along with that system.

BENEFIT # 3: THEY DO IT FOR THE COMMUNITY SO THEY AREN'T ALONE
When you sign up with Painting Business Academy, you likewise join our personal members-only Facebook group. We have loads of inquiries asked daily from our participants.
Our neighborhood is very engaged and energetic.
Individuals in our community even share their successes. Simply a few days ago somebody shared a Facebook advertising approach, verbatim, that's killing it for their business.

ADVANTAGE # 4: THEY DO IT OUT OF FEAR OF FAILURE
Paying more cash does not get rid of the fear of failure. With Painting Business Academy, you can get accessibility to a strong company plan, company training, as well as all of the done-for-you kinds as well as systems that are proven to develop a million-dollar paint business.
You also get access to the remarkable area of like-minded 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 probability of failing is the exact same whether you remain in a franchise or running your very own service. When you get a franchise business, you are taking a bigger danger, suggesting there's a bigger failure if you do stop working.

WHAT NOW?
Before you invest in a franchise business as well as toss hundreds of dollars down the toilet for a proven system, you may wish to look into Painting Business Academy.
Painting Business Academy is likewise a tested system to construct a million-dollar painting business, with a neighborhood of thousands of others. Additionally, there is no recurring royalty, and no geographical restrictions to growth.
Get all of the benefits of a Painting Business Franchise in Paterson NJ for a fraction of the rate. Examine the program out here and also call me if you have any inquiries.
The painting business is a wonderful service to be in! I wish you'll be a component of it quickly.
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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