Why Not To Buy A Painting Business Franchise in New Richmond WI

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

Should You Buy a Painting Business Franchise in New Richmond WI ?

Don't Buy a Painting Business Franchise in New Richmond WI

• 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 New Richmond WI
• 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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• About
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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 New Richmond WI

If you are thinking about buying a painting franchise business, quit now.
I'm mosting likely to damage down the basic troubles with getting a paint franchise, and the alternate options you need to begin a paint firm.

This is based on my experience expanding a successful painting service where we thought about ending up being a franchise business but decided for a partnership arrangement rather. I listen to the struggles of franchisee's regularly, and I really feel for them.



Painting Business Franchise in New Richmond WI 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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Is a Painting Business Franchise in New Richmond WI a good investment?

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What are the disadvantages of a Painting Business Franchise in New Richmond WI ?

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Is it better to start a painting business or buy a Painting Business Franchise in New Richmond WI ?

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BR> I do not want you to wind up in the very same position that numerous franchisees discover themselves in.
There is a much better method! We will start with the troubles of a franchise business, then we'll enter into services.

ISSUE # 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 bigger franchise business around.
These franchises range from $10,000-$ 40,000 in franchise charges just for the right to the franchise in a restricted number of zip codes where you can run your franchise.
They additionally take 6-9% as an continuous aristocracy ... forever.
If you are in organisation for 10 years and you create $5,000,000 in income, this franchise business ends up costing you upwards of $500,000. That's a steep cost to pay.
And also obviously you obtain some assistance and organisation systems, but everything that a franchise provides can be acquired with other opportunities for a lot less than $500,000.

PROBLEM # 2: HOW FRANCHISES SCREW YOUR ABILITY TO GROW YOUR BUSINESS
When you get a Painting Business Franchise in New Richmond WI you are purchasing the rights to that organisation in a established region. You are designated a handful of postal code where you have the rights to the service.
This is a HUGE issue. The simplest way to grow and also broaden a paint service is by expanding geographically. Franchises take away this.
Painter Choice is our advertising company. We function with franchisees throughout the country. I constantly really feel dreadful for these local business owner because they have such a tough time producing company.
A normal business in Atlanta, for instance, can utilize our lead solution in North Atlanta to produce 20-30 leads each month.
However a franchisee in North Atlanta that just has the legal rights to 7-8 postal code can only generate 5-7 leads per month from our lead service.
In various other words, if those franchisees had their very own business, they can immediately enhance their service 3-5 times! In various other terms, that implies an increase from $500,000 to $2,000,000. This is a huge constraint on your possible service growth.
As a franchisee, your only option is to buy more territory, or such it up and also keep your business tiny.
If somebody else currently has the nearby territory, you do not have that choice.

ISSUES # 3: DO THEY REALLY CARE ABOUT WHAT YOU CARE ABOUT?
Fundamentally, franchisees and the franchisor have misaligned rewards. The franchisor intends to generate as much profits as feasible because they obtain paid a set percent of revenue.
As the organisation owner, your objective is to make the most of earnings.
I'm a large believer in aligning incentives, and also in this case, incentives are not lined up. They are playing a various game than you are. They want to maximize income in all of their territories, as well as offer as many franchise business as they can.

TROUBLE # 4: YOU'RE BUYING A JOB, NOT A BUSINESS
You're getting a work. Allow me reveal you why.
As a result of aristocracies, your margins wind up being around 10% -12% nevertheless business expenses.
In order to make $100k/year you would certainly need to have a $1,000,000 company.
You can't have a $1,000,000 company in the small territory. 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 royalties for what?
That's a ridiculous amount of money to pay your franchise ... the very same firm that has an arrangement that they hold over your head not permitting you to grow your company geographically.
They've got you by the balls.
Or, you can get an additional region to expand. Once again ... I 'd instead not have to pay for the right to grow my company. That's unreasonable.
A lot of franchises wind up in the $500,000-$ 600,000 variety. You can possibly make $80,000-$ 110,000, sure. Yet you additionally do not ever before have enough margin to work with other individuals to run the whole organisation, which is one of the best advantages to developing a firm.
You probably aren't creating enough earnings to also hire really solid workers. In our firm, we pay regarding 5-6% to our manufacturing manager who looks after $1,000,000 in production. That's $50,000-$ 60,000 per year for the manager. Yet if you are only doing $500,000 a year in profits, you can pay 5% ($ 25,000) to your production manager, which is not nearly enough cash for a strong employee.
Your options are to pay a higher portion (killing your earnings margin), or get the job done on your own (killing your way of life). Both of which are not extremely appealing alternatives.
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IN SUMMARY:
You pay a great deal of money to limit your growth, you do not obtain to develop your very own point, as well as if you wish to expand geographically you need to spend for the legal rights to do so ... thinking no one else already possesses the civil liberties to the area you are shopping.
Due to your limitations, and the high nobility charge, you are substantially restricted in your capability to grow your income, construct a strong team, and develop a big service.

WITH ALL THESE PROBLEMS ... WHY DO PEOPLE DO IT?
# 1-- They do it for the strong service plan
# 2-- They do it for the support and training given 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 concern of failure
Now, allow's consider remedies. How can you get all the benefits without paying the steep rate of a franchise?

ADVANTAGE # 1: THEY DO IT FOR THE SOLID BUSINESS PLAN
For 1/10th of the cost of a franchise business, you can acquire my company system. This is the exact company system we utilize as well as follow in our business, which corrected $3,000,000 in profits in 2016.

BENEFIT # 2: THEY DO IT FOR THE SUPPORT AND TRAINING PROVIDED
My course consists of training and also assistance. When you begin with Painting Business Academy, you obtain access to the entire company 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 sign up with Painting Business Academy, you likewise join our private members-only Facebook team. We have lots of inquiries asked daily from our participants.
Our neighborhood is extremely engaged as well as active.
People in our area also share their successes. Just a few days ago someone shared a Facebook advertising method, verbatim, that's eliminating it for their company.

ADVANTAGE # 4: THEY DO IT OUT OF FEAR OF FAILURE
Paying even more cash does not remove the worry of failing. With Painting Business Academy, you can obtain access to a strong company plan, organisation training, and also all of the done-for-you forms as well as systems that are verified to develop a million-dollar paint service.
You also get accessibility to the fantastic community of like-minded business owners doing the same thing 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 nobilities to pay after that.
The probability of failure coincides whether you remain in a franchise or running your very own service. Nonetheless, when you acquire a franchise business, you are taking a bigger danger, meaning there's a bigger failing if you do fail.

SO WHAT NOW?
Before you buy a franchise business as well as throw hundreds of bucks down the toilet for a tried and tested system, you might wish to look into Painting Business Academy.
Painting Business Academy is additionally a tested system to develop a million-dollar painting business, with a neighborhood of numerous others. Furthermore, there is no ongoing aristocracy, and no geographical limitations to development.
Obtain every one of the advantages of a Painting Business Franchise in New Richmond WI for a portion of the price. Inspect the program out below as well as call me if you have any type of inquiries.
The paint business is a great company to be in! I wish you'll be a component of it quickly.
Great 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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