Don't Buy A Painting Business Franchise in Pawtucket RI

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Should You Buy a Painting Business Franchise in Pawtucket RI ?

Don't Buy a Painting Business Franchise in Pawtucket RI

• 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 Pawtucket RI
• 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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• 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 Pawtucket RI

If you are believing of buying a paint franchise business, stop right now.
I'm going to damage down the essential troubles with purchasing a painting franchise, and also the alternate choices you need to start a paint firm.

This is based on my experience growing a effective painting service where we considered becoming a franchise yet chose a partnership setup instead. I hear the battles of franchisee's frequently, as well as I really feel for them.



Painting Business Franchise in Pawtucket RI 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 Pawtucket RI 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 Pawtucket RI ?

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Is it better to start a painting business or buy a Painting Business Franchise in Pawtucket RI ?

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BR> I do not want you to wind up in the same setting that many franchisees find themselves in.
There is a better method! We will begin with the problems of a franchise business, after that we'll get involved in options.

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 larger franchise business around.
These franchises vary from $10,000-$ 40,000 in franchise charges simply for the right to the franchise business in a minimal number of zip codes where you can run your franchise.
They likewise take 6-9% as an recurring aristocracy ... permanently.
If you stay in business for 10 years as well as you generate $5,000,000 in income, this franchise winds up costing you upwards of $500,000. That's a steep price to pay.
And naturally you obtain some support as well as company systems, but every little thing that a franchise business gives can be obtained through 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 Pawtucket RI you are buying the legal rights to that company in a set area. You are assigned a tiny number of zip codes where you have the rights to business.
This is a HUGE problem. The simplest means to grow and also broaden a paint company is by broadening geographically. Franchises take away this.
Painter Choice is our advertising and marketing firm. We deal with franchisees all over the country. I constantly feel dreadful for these company owner since they have such a difficult time producing business.
A typical firm in Atlanta, as an example, can utilize our lead solution in North Atlanta to produce 20-30 leads each month.
A franchisee in North Atlanta that only has the rights to 7-8 zip codes can just produce 5-7 leads per month from our lead service.
Simply put, if those franchisees had their own organisation, they could promptly increase their company 3-5 times! In various other terms, that means an boost from $500,000 to $2,000,000. This is a massive limitation on your prospective service growth.
As a franchisee, your only option is to acquire even more area, or such it up and keep your business tiny.
However if a person else currently owns the neighboring territory, you don't have that option.

TROUBLES # 3: DO THEY REALLY CARE ABOUT WHAT YOU CARE ABOUT?
Basically, franchisees and the franchisor have misaligned incentives. The franchisor intends to create as much earnings as feasible because they make money a collection percent of income.
However as business proprietor, your goal is to optimize profit.
I'm a huge follower in straightening motivations, and in this instance, rewards 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 numerous franchises as they can.

TROUBLE # 4: YOU'RE BUYING A JOB, NOT A BUSINESS
You're buying a work. Allow me reveal you why.
Since of royalties, your margins wind up being around 10% -12% besides overhead.
In order to make $100k/year you 'd have to have a $1,000,000 business.
You can not have a $1,000,000 organisation in the little area. And also if you can, you're stuck at a maximum of $100,000 for yourself. You're paying $70k-$ 100k/year in aristocracies wherefore?
That's a crazy amount 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 expand your service geographically.
They've obtained you by the balls.
Or, you can purchase an additional area to grow. Once again ... I 'd rather not have to pay for the right to grow my service. That's ridiculous.
Many franchises wind up in the $500,000-$ 600,000 array. You can most likely make $80,000-$ 110,000, sure. Yet you also don't ever have adequate margin to work with other individuals to run the entire company, which is just one of the best advantages to developing a company.
You probably aren't creating enough profits to also work with really solid staff members. In our firm, we pay regarding 5-6% to our production supervisor who looks after $1,000,000 in production. That's $50,000-$ 60,000 annually for the supervisor. But if you are just doing $500,000 a year in earnings, you can pay 5% ($ 25,000) to your production supervisor, which is insufficient money for a solid worker.
Your choices are to pay a greater percentage ( eliminating your profit margin), or get the job done yourself ( eliminating your way of life). Both of which are not really attractive alternatives.
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IN SUMMARY:
You pay a great deal of money to limit your growth, you do not reach build your very own thing, and if you desire to expand geographically you require to pay for the civil liberties to do so ... assuming nobody else already has the legal rights to the territory you are shopping.
As a result of your constraints, and the high aristocracy cost, you are significantly restricted in your capacity to grow your income, construct a solid team, as well as build a huge company.

WITH ALL THESE PROBLEMS ... WHY DO PEOPLE DO IT?
# 1-- They do it for the strong business strategy
# 2-- They do it for the assistance as well as training provided by the franchise business
# 3-- They do it for the area of other franchisees so they aren't alone
# 4-- They do it out of concern of failing
Now, allow's check out solutions. Exactly how can you get all the advantages without paying the high cost of a franchise business?

ADVANTAGE # 1: THEY DO IT FOR THE SOLID BUSINESS PLAN
For 1/10th of the price of a franchise business, you can buy my organisation system. This is the precise business system we utilize and comply with in our business, which corrected $3,000,000 in revenue in 2016.

BENEFIT # 2: THEY DO IT FOR THE SUPPORT AND TRAINING PROVIDED
My program consists of training and also assistance. When you start with Painting Business Academy, you get access to the entire business system and also all of the training that goes along with 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 on a daily basis from our members.
Our community is very engaged as well as active.
Individuals in our neighborhood also share their successes. Simply a few days ago somebody shared a Facebook advertising and marketing approach, word for word, that's killing it for their organisation.

ADVANTAGE # 4: THEY DO IT OUT OF FEAR OF FAILURE
Paying even more cash does not eliminate the fear of failing. With Painting Business Academy, you can get access to a strong company plan, business training, as well as all of the done-for-you kinds and systems that are proven to develop a million-dollar paint business.
You likewise get accessibility to the impressive area of similar entrepreneurs doing the exact same thing as you that we discussed previously. While you do pay 1/10th of the price in advance (on the luxury), you have NO aristocracies to pay after that.
The probability of failure coincides whether you are in a franchise business or running your very own service. When you get a franchise business, you are taking a larger danger, meaning there's a larger failure if you do stop working.

SO WHAT NOW?
Prior to you purchase a franchise and also throw countless bucks down the commode for a tried and tested system, you could want to have a look at Painting Business Academy.
Painting Business Academy is likewise a tested system to construct a million-dollar paint firm, with a area of hundreds of others. In addition, there is no recurring royalty, and also no geographical limitations to development.
Obtain all of the benefits of a Painting Business Franchise in Pawtucket RI for a fraction of the rate. Inspect the training course out below and contact me if you have any kind of inquiries.
The painting business is a terrific business to be in! I wish you'll belong of it quickly.
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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