Why Not To Buy A Painting Business Franchise in Old Bridge NJ

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Should You Buy a Painting Business Franchise in Old Bridge NJ ?

Don't Buy a Painting Business Franchise in Old Bridge 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 Old Bridge 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
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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 Old Bridge NJ

If you are thinking about buying a paint franchise business, quit right currently.
I'm going to damage down the basic troubles with purchasing a paint franchise, and the alternate choices you have to begin a paint firm.

This is based upon my experience growing a successful painting service where we took into consideration becoming a franchise however chose for a collaboration setup instead. I hear the battles of franchisee's frequently, and I feel for them.



Painting Business Franchise in Old Bridge NJ 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 Old Bridge NJ 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 Old Bridge NJ ?

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

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BR> I do not want you to wind up in the same setting that numerous franchisees discover themselves in.
There is a far better method! We will begin with the problems of a franchise, then we'll enter into options.

TROUBLE # 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 franchises around.
These franchise business range from $10,000-$ 40,000 in franchise fees simply for the right to the franchise in a limited variety of postal code where you can run your franchise.
They also take 6-9% as an continuous royalty ... for life.
If you stay in business for 10 years and also you generate $5,000,000 in profits, this franchise business winds up costing you upwards of $500,000. That's a high rate to pay.
And also certainly you get some support as well as service systems, but whatever that a franchise business provides can be acquired via various other opportunities for much less than $500,000.

ISSUE # 2: HOW FRANCHISES SCREW YOUR ABILITY TO GROW YOUR BUSINESS
When you acquire a Painting Business Franchise in Old Bridge NJ you are getting the civil liberties to that organisation in a established area. You are assigned a handful of zip codes where you have the legal rights to business.
This is a HUGE problem. The easiest way to expand and expand a paint company is by increasing geographically. Franchises take away this right.
Painter Choice is our advertising and marketing company. We deal with franchisees all over the nation. I constantly really feel dreadful for these local business owner because they have such a tough time producing service.
A regular business in Atlanta, for example, can utilize our lead solution in North Atlanta to produce 20-30 leads monthly.
A franchisee in North Atlanta that only owns the rights 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 service, they might instantly enhance their company 3-5 times! In various other terms, that means an boost from $500,000 to $2,000,000. This is a large restriction on your possible company growth.
As a franchisee, your only option is to purchase more region, or such it up and keep your service little.
If somebody else already possesses the close-by region, you don't have that option.

PROBLEMS # 3: DO THEY REALLY CARE ABOUT WHAT YOU CARE ABOUT?
Essentially, franchisees as well as the franchisor have misaligned motivations. The franchisor desires to produce as much earnings as possible since they make money a set percent of income.
As the company owner, your objective is to optimize revenue.
I'm a large follower in lining up rewards, as well as in this case, motivations are not lined up. They are playing a various game than you are. They wish to take full advantage of profits in all of their areas, and market as numerous franchises as they can.

TROUBLE # 4: YOU'RE BUYING A JOB, NOT A BUSINESS
You're buying a work. Let me show you why.
Due to the fact that of royalties, your margins wind up being around 10% -12% after all overhead.
In order to make $100k/year you would certainly need to have a $1,000,000 business.
However you can't have a $1,000,000 organisation in the small area. And also also if you can, you're stuck at a optimum of $100,000 for on your own. You're paying $70k-$ 100k/year in aristocracies wherefore?
That's a ludicrous quantity of cash to pay your franchise ... the exact same business that has an arrangement that they hold over your head not allowing you to grow your service geographically.
They've obtained you by the spheres.
Or, you can buy one more area to grow. But once more ... I would certainly instead not have to pay for the right to expand my service. That's absurd.
The majority of franchise business end up in the $500,000-$ 600,000 array. You can possibly make $80,000-$ 110,000, sure. However you also do not ever have sufficient margin to work with other individuals to run the entire organisation, which is among the best advantages to developing a firm.
You probably aren't producing adequate earnings to even work with truly strong workers. In our firm, we pay about 5-6% to our manufacturing manager who manages $1,000,000 in manufacturing. That's $50,000-$ 60,000 annually for the supervisor. But if you are only doing $500,000 a year in profits, you can pay 5% ($ 25,000) to your manufacturing manager, which is not nearly enough cash for a strong worker.
Your alternatives are to pay a higher percent ( eliminating your earnings margin), or get the job done on your own ( eliminating your lifestyle). Both of which are not really attractive options.
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IN SUMMARY:
You pay a great deal of cash to limit your growth, you don't reach develop your own point, and also if you wish to expand geographically you require to spend for the legal rights to do so ... thinking nobody else currently owns the civil liberties to the territory you are attempting to get.
As a result of your limitations, as well as the high royalty fee, you are dramatically limited in your capability to grow your profits, build a strong group, as well as build a large service.

WITH ALL THESE PROBLEMS ... WHY DO PEOPLE DO IT?
# 1-- They do it for the strong service strategy
# 2-- They do it for the assistance and also training given by the franchise
# 3-- They do it for the neighborhood of other franchisees so they aren't alone
# 4-- They do it out of fear of failure
Currently, let's check out options. Exactly how can you get all the benefits 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 organisation system. This is the precise service system we use and also follow in our business, which corrected $3,000,000 in profits in 2016.

ADVANTAGE # 2: THEY DO IT FOR THE SUPPORT AND TRAINING PROVIDED
My program consists of training as well as support. When you get going with Painting Business Academy, you obtain accessibility to the whole organisation system as well as all of the training that supports that system.

ADVANTAGE # 3: THEY DO IT FOR THE COMMUNITY SO THEY AREN'T ALONE
When you sign up with Painting Business Academy, you also join our private members-only Facebook team. We have loads of inquiries asked everyday from our participants.
Our neighborhood is extremely engaged and also active.
Individuals in our community even share their successes. Just a few days ago a person shared a Facebook advertising and marketing technique, verbatim, that's eliminating it for their organisation.

BENEFIT # 4: THEY DO IT OUT OF FEAR OF FAILURE
Paying even more money does not remove the fear of failing. With Painting Business Academy, you can obtain access to a strong organisation strategy, service training, and also all of the done-for-you forms as well as systems that are proven to build a million-dollar painting company.
You additionally get access to the amazing neighborhood of like-minded business owners doing the same point as you that we chatted about previously. While you do pay 1/10th of the expense in advance (on the high end), 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 business. When you purchase a franchise, you are taking a larger risk, meaning there's a bigger failing if you do stop working.

SO WHAT NOW?
Prior to you spend in a franchise and throw countless bucks down the commode for a proven system, you might want to look into Painting Business Academy.
Painting Business Academy is likewise a tried and tested system to develop a million-dollar paint company, with a area of hundreds of others. In addition, there is no continuous aristocracy, and no geographical restrictions to development.
Obtain all of the benefits of a Painting Business Franchise in Old Bridge NJ for a portion of the cost. Inspect the program out below and also contact me if you have any concerns.
The painting business is a great service to be in! I hope you'll belong of it soon.
Great good 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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