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Considerations for Your First Franchise Investment
If you’re interested in owning your own business but want to avoid starting from scratch, you may be considering an investment in a franchise. With a franchise, you get a proven business model, in-depth operational training, and ongoing support. By utilizing the franchisor’s infrastructure and roadmap you are able to hit the ground running to scale quickly.
You may already know that when you purchase a franchise, you pay an initial fee along with ongoing royalties to a franchisor in return for being able to use the trademark to sell its services or products. But there are probably a few other things that you don’t fully understand as you consider your first franchise investment.
We have a few tips to help you get started. Remember, as with most things, the more research you do, the more you’ll set yourself up for success as a franchise owner.
Education is key
You will not only need to educate yourself on the franchise that you are considering investing in but also on what it means to own your own business, in general. Some things to consider:
Should you choose a franchise based on your prior experience? Many people researching franchises for the first time mistakenly lock on to concepts that mirror their previous experience, skills, and career path, but this is not necessarily the best fit.
When investing in a franchise, initial and ongoing training is provided, so you just need leadership skills, a commitment to success, and a willingness to trust the guidance of the franchisor. While Fresh Coat is a nationally recognized painting and home services company, becoming a franchise owner does not require painting experience, rather franchise owners focus on managing and growing their business and leave the painting to the professionals.
What kind of lifestyle are you looking for as a business owner? Your focus should be on finding a concept that matches up with the entrepreneurial lifestyle you’re seeking. When you own a franchise, you drive your business to success because you own the business.
You have the ability to execute your vision and reap the rewards using a proven business model that can be launched relatively quickly for a low investment. While providing the independence of being a small business owner, franchise ownership also comes with the support and infrastructure of a large corporation.
Understand your market
Before narrowing down potential franchise opportunities, take the time to investigate your local market to determine where there’s a demand. Consider which franchises have opportunities in your local market, who the competition is, and how they are doing.
The success of Fresh Coat franchise owners is due to both the proven system and the hard work of the owners, but also to the fact that the painting industry is a $140 billion industry that consistently grows year over year. The fact is that the demand for painting services is there and is growing.
Determine your budget
So that you don’t waste your time exploring options that are not feasible, you need to know what you can afford based on your own net worth and budget. You need to consider how much it will cost to get into the franchise, as well as how much you’ll have to pay for the continuing right to operate the business. Other potential costs include any products or services you’ll need to buy from the franchisor. Most franchises provide an outline of what costs are expected so you know exactly what you are getting into and have an idea of how much it will cost.
While some franchises require large inventory, high overhead, and big investment fees, Fresh Coat Painters offers an opportunity to own a home-based, low investment, low overhead business in the high-growth industry of home improvement.
Get to know the franchise
Once you begin to narrow down your franchise investment opportunities, it is time to dig in and really get to know the franchisor. The good news is that there is no greater source of information about franchise ownership than a current franchise owner - and many of them are more than happy to share their experiences.
Although competitive independent business owners don’t readily share information on how they operate, franchise owners are more likely to share with other franchise owners and potential owners since territories are exclusive and, thus, there is no disadvantage for owners to help each other. At Fresh Coat, not only are franchise owners offered a proven system and operational and marketing support along the way, but also a highly engaged owner network to make the dream of business ownership a reality.
Get started on your future with Fresh Coat
As a Fresh Coat franchise owner, you can enjoy the best of both worlds: the independence and fulfillment of owning your own business along with the support, knowledge, and tools of a national brand. And rest assured that Fresh Coat is not a traditional franchise with a large inventory, high overhead, or big investment fees. Rather it offers an opportunity to own a home-based, low investment, low overhead business in a high-growth industry.
Even better, with Fresh Coat you can get your franchise free with the Winner’s Circle program. You can have your initial franchise fee refunded to you just by reaching certain attainable milestones. The success of Fresh Coat is directly linked to the success of the individual franchise owners and the Winner’s Circle provides an incentive for the best entrepreneurs to choose to be a Fresh Coat franchise partner.
When you are ready to explore the possibility of owning your own Fresh Coat Painters franchise, learn about the next steps in this life-changing journey, and let’s get started.