Don't Buy A Painting Business Franchise in Wilmington NC

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Should You Buy a Painting Business Franchise in Wilmington NC ?

Don't Buy a Painting Business Franchise in Wilmington NC

• 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 Wilmington NC
• 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 Wilmington NC

If you are believing of purchasing a paint franchise business, stop today.
I'm going to break down the fundamental troubles with acquiring a painting franchise business, and also the alternative options you have to begin a paint company.

This is based on my experience expanding a successful painting business where we thought about coming to be a franchise yet went with a collaboration arrangement instead. I hear the battles of franchisee's constantly, and I really feel for them.



Painting Business Franchise in Wilmington NC 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 Wilmington NC 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 Wilmington NC ?

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Is it better to start a painting business or buy a Painting Business Franchise in Wilmington NC ?

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BR> I do not want you to wind up in the same placement that several franchisees find themselves in.
There is a far better way! We will start with the issues of a franchise business, then we'll enter into options.

ISSUE # 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 around.
These franchise business range from $10,000-$ 40,000 in franchise business charges simply for the right to the franchise business in a limited number of zip codes where you can operate your franchise.
They also take 6-9% as an ongoing aristocracy ... permanently.
If you stay in business for 10 years and you create $5,000,000 in earnings, this franchise business winds up costing you upwards of $500,000. That's a steep price to pay.
And also obviously you obtain some support as well as business systems, yet everything that a franchise provides can be acquired with various other methods for much less than $500,000.

ISSUE # 2: HOW FRANCHISES SCREW YOUR ABILITY TO GROW YOUR BUSINESS
When you buy a Painting Business Franchise in Wilmington NC you are purchasing the civil liberties to that company in a set territory. You are appointed a handful of zip codes where you have the civil liberties to the company.
This is a HUGE problem. The simplest way to grow and also broaden a paint organisation is by increasing geographically. Franchise business take away this right.
Painter Choice is our advertising and marketing company. We function with franchisees around the nation. I always feel terrible for these service owners since they have such a hard time producing organisation.
A common business in Atlanta, for example, can use our lead solution in North Atlanta to generate 20-30 leads monthly.
A franchisee in North Atlanta who just has the civil liberties to 7-8 zip codes can only create 5-7 leads per month from our lead service.
Simply put, if those franchisees had their very own organisation, they could quickly raise their organisation 3-5 times! In other terms, that means an increase from $500,000 to $2,000,000. This is a large restriction on your possible service growth.
As a franchisee, your only option is to buy more territory, or such it up as well as keep your company tiny.
But if somebody else already has the neighboring area, you do not have that alternative.

ISSUES # 3: DO THEY REALLY CARE ABOUT WHAT YOU CARE ABOUT?
Fundamentally, franchisees as well as the franchisor have misaligned motivations. The franchisor desires to produce as much revenue as possible because they earn money a collection percent of revenue.
As the organisation proprietor, your goal is to take full advantage of revenue.
I'm a large believer in straightening rewards, and also in this situation, rewards are not aligned. They are playing a different video game than you are. They intend to make the most of earnings in all of their areas, and sell as many franchise business as they can.

ISSUE # 4: YOU'RE BUYING A JOB, NOT A BUSINESS
You're buying a task. Allow me show you why.
As a result of aristocracies, your margins finish up being around 10% -12% besides overhead.
In order to make $100k/year you 'd have to have a $1,000,000 organisation.
Yet you can't have a $1,000,000 business in the tiny territory. 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 crazy quantity of cash to pay your franchise business ... the exact same company that has an agreement that they hold over your head not enabling you to grow your organisation geographically.
They've got you by the spheres.
Or, you can buy one more territory to expand. Yet again ... I would certainly instead not have to pay for the right to grow my business. That's absurd.
Many franchises wind up in the $500,000-$ 600,000 range. You can most likely make $80,000-$ 110,000, sure. You also do not ever before have enough margin to employ various other individuals to run the whole business, which is one of the biggest advantages to constructing a company.
You most likely aren't creating adequate revenue to even work with actually solid staff members. In our firm, we pay about 5-6% to our production supervisor who supervises $1,000,000 in manufacturing. That's $50,000-$ 60,000 each year for the supervisor. However if you are only doing $500,000 a year in revenue, you can pay 5% ($ 25,000) to your production supervisor, which is inadequate money for a solid staff member.
Your alternatives are to pay a higher percent ( eliminating your earnings margin), or get the job done yourself (killing your way of living). Both of which are not very appealing alternatives.
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IN SUMMARY:
You pay a whole lot of money to restrict your growth, you do not reach develop your very own thing, and if you want to expand geographically you need to pay for the rights to do so ... thinking nobody else currently has the rights to the territory you are trying to buy.
Because of your restrictions, and also the high royalty cost, you are considerably limited in your ability to expand your earnings, develop a solid group, and also develop a huge service.

WITH ALL THESE PROBLEMS ... WHY DO PEOPLE DO IT?
# 1-- They do it for the solid company strategy
# 2-- They do it for the support and also training offered by the franchise business
# 3-- They do it for the area of various other franchisees so they aren't alone
# 4-- They do it out of concern of failure
Now, allow's consider options. Exactly how can you obtain all the benefits without paying the high rate of a franchise?

BENEFIT # 1: THEY DO IT FOR THE SOLID BUSINESS PLAN
For 1/10th of the price of a franchise, you can buy my company system. This is the exact business system we utilize as well as adhere to in our business, which corrected $3,000,000 in income in 2016.

BENEFIT # 2: THEY DO IT FOR THE SUPPORT AND TRAINING PROVIDED
My program consists of training and also support. When you obtain started with Painting Business Academy, you get accessibility to the entire business 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 join Painting Business Academy, you additionally join our exclusive members-only Facebook team. We have loads of inquiries asked every day from our members.
Our neighborhood is very involved and energetic.
Individuals in our area also share their successes. Just a few days ago someone shared a Facebook advertising method, 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 remove the concern of failing. With Painting Business Academy, you can get access to a strong business plan, business training, and all of the done-for-you kinds as well as systems that are shown to build a million-dollar paint company.
You also obtain access to the impressive community of similar business owners doing the same point as you that we spoke about earlier. While you do pay 1/10th of the price in advance (on the high-end), you have NO royalties to pay after that.
The possibility of failure coincides whether you are in a franchise business or running your own company. When you get a franchise business, you are taking a bigger threat, meaning there's a bigger failing if you do fall short.

SO WHAT NOW?
Prior to you purchase a franchise business and also throw thousands of bucks down the toilet for a proven system, you could want to have a look at Painting Business Academy.
Painting Business Academy is additionally a proven system to build a million-dollar paint business, with a community of hundreds of others. In addition, there is no continuous royalty, and also no geographical limitations to development.
Get all of the benefits of a Painting Business Franchise in Wilmington NC for a fraction of the price. Inspect the training course out here as well as call me if you have any type of inquiries.
The painting business is a great company to be in! I wish you'll be a component 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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