Many aspiring business owners are wary of franchises because they assume the startup costs will take too long to recoup. While franchise costs do vary wildly depending upon the type of industry and reputation of the brand, there are many franchises that can be purchased for a modest investment. Residential painting franchises are a perfect example, as they often come with franchise fees and materials costs on the lower end of the spectrum.
Enjoy reasonable investment costs
In general, the initial investment costs and franchise fees for opening a franchise are dependent upon the resources and recognition provided by the parent brand. Take a famous, fast-casual restaurant concept, for example. When you buy into one of these franchises, you will often have access to patented cooking, preparation, and assembly procedures, receive specialized equipment and training materials, and instantly have the power of a nationally- or globally-recognized brand behind your business.
Naturally, these kinds of resources are usually going to cost more than what is required for a modest painting franchise. These kinds of service franchises typically don’t spend as much on advertising their brand, and they don’t require complicated tools or procedures for their processes. These savings, in turn, get passed on to the franchisees.
Get started with equipment and overhead
The relatively low barriers to entry for residential painting franchises also include costs for equipment, supplies, and overhead. Most of the equipment you’ll need to operate a successful painting franchise is non-technical and inexpensive, including items such as brushes, sprayers, ladders, and rope. And, your customers will be paying for the paint itself in addition to the service.
Also, you will have an opportunity to grow your company early in its life, partially thanks to low overhead costs. Owning a painting franchise doesn’t require you to keep an office for clients to visit in an expensive neighborhood in town, or maintain large spaces for inventory management.
Succeed by leveraging a variety of skills
One of the first things you’ll learn about running a painting franchise business is that the painting itself is only one skill you’ll need to have in order to exceed your customers’ expectations. You also need to use your well-developed people skills, both to understand what your clients are looking for, and to manage your roster of employees or contractors. It’s also crucial to have excellent attention to detail because it’s all in the details when it comes to residential painting work.
Nurture relationships that can last for years
Many customers search for a long time to find service businesses that they can count on to perform excellent work over and over again. As the owner of a painting franchise, you will be in the position to provide them with the valuable benefit, and you can often create business relationships that last for many years.
Reputable service franchise owners are important figures in the local community, both as employers and as important resources for residential and commercial property owners in the area. By investing in a franchise, you can support your community, and exploit your skills for your financial future at the same time.
If you’re considering a franchise investment or just have questions, feel free to contact one of our franchise specialists to learn more about the process and all the different franchise opportunities by completing our request form or calling 1-877-650-5551.