Don't Buy A Painting Business Franchise in The Bronx NY

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Should You Buy a Painting Business Franchise in The Bronx NY ?

Don't Buy a Painting Business Franchise in The Bronx NY

• 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 The Bronx NY
• 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 The Bronx NY

If you are considering purchasing a painting franchise business, stop now.
I'm going to damage down the essential problems with getting a painting franchise business, and the alternative options you need to start a paint firm.

This is based upon my experience expanding a effective painting service where we considered ending up being a franchise yet selected a collaboration configuration instead. I hear the battles of franchisee's constantly, and I really feel for them.



Painting Business Franchise in The Bronx NY 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 The Bronx NY 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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How do I market my painting business?

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What are the disadvantages of a Painting Business Franchise in The Bronx NY ?

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Is it better to start a painting business or buy a Painting Business Franchise in The Bronx NY ?

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BR> I don't want you to finish up in the exact same position that numerous franchisees locate themselves in.
There is a better means! We will begin with the problems of a franchise business, after that we'll obtain into options.

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 larger franchise business out there.
These franchise business range from $10,000-$ 40,000 in franchise costs simply for the right to the franchise in a minimal number of postal code where you can run your franchise.
They likewise take 6-9% as an recurring aristocracy ... permanently.
If you stay in business for 10 years and you generate $5,000,000 in earnings, this franchise business winds up costing you upwards of $500,000. That's a steep rate to pay.
And also naturally you get some assistance as well as organisation systems, however whatever that a franchise gives can be acquired via various other opportunities for a lot less than $500,000.

TROUBLE # 2: HOW FRANCHISES SCREW YOUR ABILITY TO GROW YOUR BUSINESS
When you get a Painting Business Franchise in The Bronx NY you are buying the legal rights to that service in a set area. You are designated a little number of postal code where you have the rights to the business.
This is a HUGE trouble. The most convenient method to expand and expand a painting business is by increasing geographically. Franchise business take away this right.
Painter Choice is our marketing company. We function with franchisees all over the country. I always really feel horrible for these business owners due to the fact that they have such a tough time generating business.
A regular business in Atlanta, for instance, can utilize our lead solution in North Atlanta to generate 20-30 leads each month.
A franchisee in North Atlanta who just owns the civil liberties 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 business, they can quickly enhance their service 3-5 times! In other terms, that means an boost from $500,000 to $2,000,000. This is a huge restriction on your prospective company development.
As a franchisee, your only alternative is to purchase more region, or such it up and also maintain your business little.
However if another person already owns the neighboring region, you don't have that choice.

TROUBLES # 3: DO THEY REALLY CARE ABOUT WHAT YOU CARE ABOUT?
Essentially, franchisees and also the franchisor have actually misaligned incentives. The franchisor desires to generate as much revenue as possible because they make money a collection percent of earnings.
However as business proprietor, your objective is to maximize earnings.
I'm a big believer in straightening incentives, and in this situation, motivations are not straightened. They are playing a various video game than you are. They intend to make the most of profits in all of their areas, and also market as many franchise business as they can.

TROUBLE # 4: YOU'RE BUYING A JOB, NOT A BUSINESS
You're purchasing a work. Allow me show you why.
Due to royalties, your margins finish up being around 10% -12% besides company costs.
In order to make $100k/year you would certainly need to have a $1,000,000 organisation.
However you can not have a $1,000,000 service in the tiny area. And also even if you can, you're stuck at a maximum of $100,000 for on your own. You're paying $70k-$ 100k/year in nobilities for what?
That's a ludicrous amount of money to pay your franchise business ... the very same business that has an arrangement that they hold over your head not permitting you to expand your organisation geographically.
They've got you by the rounds.
Or, you can purchase an additional region to expand. However once again ... I would certainly instead not have to spend for the right to grow my business. That's ridiculous.
Many franchises wind up in the $500,000-$ 600,000 range. You can possibly make $80,000-$ 110,000, sure. However you also don't ever before have sufficient margin to hire other individuals to run the entire service, which is among the best advantages to constructing a firm.
You probably aren't creating enough income to also hire truly solid employees. In our firm, we pay about 5-6% to our production manager who oversees $1,000,000 in production. That's $50,000-$ 60,000 annually for the supervisor. Yet if you are only doing $500,000 a year in income, you can pay 5% ($ 25,000) to your production supervisor, which is not nearly enough money for a strong worker.
Your options are to pay a greater portion (killing your earnings margin), or do the job on your own ( eliminating your way of life). Both of which are not really appealing options.
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IN SUMMARY:
You pay a great deal of money to limit your development, you don't reach develop your own point, and if you intend to expand geographically you require to spend for the rights to do so ... thinking no one else already has the legal rights to the territory you are shopping.
Due to your constraints, and also the high aristocracy fee, you are significantly limited in your capacity to expand your revenue, develop a strong group, and also build a huge company.

WITH ALL THESE PROBLEMS ... WHY DO PEOPLE DO IT?
# 1-- They do it for the solid company plan
# 2-- They do it for the assistance and also training provided by the franchise
# 3-- They do it for the area of various other franchisees so they aren't alone
# 4-- They do it out of fear of failing
Now, allow's check out options. Just how can you get all the advantages without paying the high cost of a franchise business?

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

ADVANTAGE # 2: THEY DO IT FOR THE SUPPORT AND TRAINING PROVIDED
My training course includes training as well as assistance. When you begin with Painting Business Academy, you obtain accessibility to the entire service 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 sign up with Painting Business Academy, you also join our personal members-only Facebook team. We have lots of inquiries asked daily from our members.
Our area is very involved and active.
Individuals in our neighborhood also share their successes. Simply a few days ago somebody shared a Facebook advertising and marketing method, verbatim, that's eliminating it for their organisation.

ADVANTAGE # 4: THEY DO IT OUT OF FEAR OF FAILURE
Paying more cash does not eliminate the anxiety of failing. With Painting Business Academy, you can get accessibility to a strong company strategy, service training, as well as all of the done-for-you kinds and also systems that are shown to build a million-dollar paint organisation.
You also obtain accessibility to the outstanding neighborhood of like-minded entrepreneurs doing the very same point as you that we spoke around previously. While you do pay 1/10th of the cost up front (on the high end), you have NO nobilities to pay afterwards.
The possibility of failing is the exact same whether you remain in a franchise or running your own business. When you buy a franchise, you are taking a larger threat, meaning there's a bigger failure if you do fall short.

SO WHAT NOW?
Prior to you purchase a franchise and toss thousands of dollars down the bathroom for a tested system, you might desire to check out Painting Business Academy.
Painting Business Academy is likewise a proven system to construct a million-dollar paint company, with a community of hundreds of others. In enhancement, there is no continuous royalty, and also no geographical constraints to growth.
Obtain all of the advantages of a Painting Business Franchise in The Bronx NY for a fraction of the rate. Inspect the training course out below and contact me if you have any type of questions.
The painting business is a great company 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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