Why Not To Buy A Painting Business Franchise in West Raleigh NC

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

Should You Buy a Painting Business Franchise in West Raleigh NC ?

Don't Buy a Painting Business Franchise in West Raleigh 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 West Raleigh 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
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• News By Industry
• 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 West Raleigh NC

If you are considering buying a painting franchise business, quit now.
I'm going to break down the basic troubles with getting a painting franchise business, and the different options you need to begin a paint company.

This is based upon my experience growing a successful paint service where we thought about ending up being a franchise but chose a collaboration setup rather. I listen to the struggles of franchisee's regularly, and also I really feel for them.



Painting Business Franchise in West Raleigh 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 a Painting Business Franchise in West Raleigh NC a good investment?

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What are the disadvantages of a Painting Business Franchise in West Raleigh NC ?

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

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BR> I do not want you to wind up in the same setting that numerous franchisees find themselves in.
There is a better way! We will begin with the issues of a franchise, after that we'll obtain right 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 larger franchise business available.
These franchises range from $10,000-$ 40,000 in franchise business fees just for the right to the franchise business in a restricted variety of postal code where you can run your franchise.
They also take 6-9% as an continuous aristocracy ... permanently.
If you are in company for 10 years as well as you produce $5,000,000 in earnings, this franchise ends up costing you upwards of $500,000. That's a high rate to pay.
As well as naturally you get some assistance and also business systems, yet whatever that a franchise business supplies can be gotten via various other methods for much less than $500,000.

PROBLEM # 2: HOW FRANCHISES SCREW YOUR ABILITY TO GROW YOUR BUSINESS
When you purchase a Painting Business Franchise in West Raleigh NC you are getting the rights to that organisation in a established territory. You are appointed a handful of postal code where you have the civil liberties to the service.
This is a HUGE problem. The most convenient way to expand and increase a painting business is by broadening geographically. Franchise business remove this right.
Painter Choice is our advertising company. We deal with franchisees around the nation. I constantly feel terrible for these company owner because they have such a tough time producing company.
A normal business in Atlanta, for instance, can use our lead solution in North Atlanta to produce 20-30 leads each month.
Yet a franchisee in North Atlanta that just possesses the legal rights to 7-8 postal code can only produce 5-7 leads each month from our lead solution.
To put it simply, if those franchisees had their own company, they could immediately boost their business 3-5 times! In other terms, that suggests an rise from $500,000 to $2,000,000. This is a substantial restriction on your prospective service growth.
As a franchisee, your only alternative is to buy more territory, or such it up as well as keep your service small.
However if someone else currently possesses the neighboring territory, you don't have that alternative.

PROBLEMS # 3: DO THEY REALLY CARE ABOUT WHAT YOU CARE ABOUT?
Essentially, franchisees and also the franchisor have misaligned incentives. The franchisor intends to produce as much income as feasible because they earn money a set percent of earnings.
As the organisation proprietor, your goal is to optimize earnings.
I'm a huge follower in straightening rewards, and also in this instance, motivations are not aligned. They are playing a different game than you are. They intend to take full advantage of profits in all of their regions, and offer as many franchises as they can.

PROBLEM # 4: YOU'RE BUYING A JOB, NOT A BUSINESS
You're buying a work. Let me reveal you why.
Due to aristocracies, your margins wind up being around 10% -12% nevertheless business expenditures.
In order to make $100k/year you 'd need to have a $1,000,000 organisation.
However you can't have a $1,000,000 company in the small area. And also even if you can, you're stuck at a optimum of $100,000 for yourself. You're paying $70k-$ 100k/year in nobilities for what?
That's a crazy amount of money to pay your franchise business ... the same business that has an agreement that they hold over your head not allowing you to grow your business geographically.
They've got you by the rounds.
Or, you can get one more region to grow. Yet once again ... I 'd rather not have to spend for the right to expand my company. That's unreasonable.
Many franchise business wind up in the $500,000-$ 600,000 range. You can most likely make $80,000-$ 110,000, sure. However you also don't ever have enough margin to work with other individuals to run the entire service, which is just one of the best benefits to developing a company.
You probably aren't creating sufficient profits to also work with actually solid staff members. In our company, we pay concerning 5-6% to our manufacturing manager that looks after $1,000,000 in manufacturing. That's $50,000-$ 60,000 each year for the manager. But if you are only doing $500,000 a year in earnings, you can pay 5% ($ 25,000) to your production manager, which is insufficient money for a solid employee.
Your choices are to pay a higher portion (killing your revenue margin), or get the job done yourself (killing your way of life). Both of which are not extremely eye-catching options.
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IN SUMMARY:
You pay a great deal of money to restrict your growth, you do not obtain to construct your very own thing, and also if you wish to grow geographically you need to spend for the rights to do so ... presuming nobody else currently possesses the rights to the area you are attempting to acquire.
Because of your limitations, and also the high royalty charge, you are significantly limited in your capability to grow your income, build a strong group, and also build a large organisation.

WITH ALL THESE PROBLEMS ... WHY DO PEOPLE DO IT?
# 1-- They do it for the strong business plan
# 2-- They do it for the assistance as well as training supplied by the franchise business
# 3-- They do it for the community of other franchisees so they aren't alone
# 4-- They do it out of worry of failure
Currently, allow's take a look at remedies. Exactly how can you get all the advantages without paying the high rate of a franchise business?

ADVANTAGE # 1: THEY DO IT FOR THE SOLID BUSINESS PLAN
For 1/10th of the cost of a franchise, you can purchase my organisation system. This is the precise organisation system we utilize and adhere to in our organisation, which corrected $3,000,000 in earnings in 2016.

ADVANTAGE # 2: THEY DO IT FOR THE SUPPORT AND TRAINING PROVIDED
My program includes training and also support. When you start with Painting Business Academy, you obtain access to the whole service system and also all of the training that accompanies 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 concerns asked each day from our members.
Our community is highly involved and also active.
Individuals in our neighborhood also share their successes. Just the various other day somebody shared a Facebook advertising and marketing technique, word for word, that's killing it for their company.

BENEFIT # 4: THEY DO IT OUT OF FEAR OF FAILURE
Paying even more money does not remove the worry of failure. With Painting Business Academy, you can obtain access to a strong business plan, organisation training, and also all of the done-for-you forms as well as systems that are confirmed to construct a million-dollar paint business.
You likewise obtain accessibility to the impressive community of like-minded entrepreneurs doing the same point as you that we discussed earlier. While you do pay 1/10th of the price in advance (on the luxury), you have NO nobilities to pay after that.
The chance of failing coincides whether you are in a franchise business or running your own service. However, when you get a franchise, you are taking a larger danger, implying there's a larger failure if you do fall short.

WHAT NOW?
Before you buy a franchise as well as toss countless bucks down the commode for a proven system, you might intend to look into Painting Business Academy.
Painting Business Academy is additionally a tried and tested system to develop a million-dollar paint company, with a community of hundreds of others. Furthermore, there is no recurring nobility, and also no geographical limitations to development.
Obtain all of the advantages of a Painting Business Franchise in West Raleigh NC for a fraction of the cost. Examine the training course out here and also call me if you have any kind of concerns.
The paint business is a great service to be in! I wish you'll belong 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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