News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
You’ve decided that operating your own painting business is what you want to do with the rest of your working life. Since you’ve already decided that opening a franchise is a better choice than starting a business without any outside support, it makes sense to look closely at different options for painting franchise opportunities Salt Lake City Utah. Why is this important. These four answers will help you get an idea of why comparing different opportunities is in your best interests.
Not All Franchises Come With the Same Level of Up Front Support
There is no such thing as a basic model for a painting franchise. Every program that you come across will share some characteristics, but lack some of the things that you consider important. The only way you will know which opportunity has the right type of support on the front end is to compare various programs and see which one seems to be more comprehensive.
For example, how much money will you need to come up with in order to secure the franchise? What sort of training will you receive as the opening day grows closer? Will you receive any help in finding the right location to establish your business? Are there guidelines that will help you set up the company’s accounting records and hire the best people? If you’re not sure a franchise deal provides the type of help you need to launch the business, it pays to see what someone else has to offer.
There May Be Differences in the Support You Receive in the Future
Even after your painting business is up and running, can you expect some amount of ongoing support? With some painting franchise offers, that’s part of the basic agreement. In other cases, you will not get much help when it comes to things like getting help with human resource issues if needed or having access to branded marketing materials that you can use to promote the business.
Always determine what sort of help you can depend on as you attempt to grow the business. Focus on what is specifically mentioned in the terms and conditions within the franchise contract. If you feel they are lacking in some way, that’s grounds to keep looking.
Volume Purchasing Options for the Essentials? Maybe or Maybe Not
In order to do business, you will need access to paint, equipment, and different types of supplies. Perhaps you can negotiate a discounted purchase agreement locally. What you hope to find is that the franchise agreement also allows you access to special pricing with suppliers that also work with other franchise locations. This type of volume purchasing arrangement allows you to combine your buying with other franchisees and save quite a bit of the things you need regularly.
Not all franchise opportunities come with options for participating in a volume purchase arrangement. If you’re considering one that does not offer this benefit, get an idea of what you would spend by setting up something with local suppliers. That will help you determine if the franchise opportunity is right for you or if you need to keep looking.
The Opportunities For Growth
As your business expands, does the franchise opportunity include the option of opening more locations? Look closely at those terms and conditions. Would they help you manage opening those new locations with relative ease or would it be basically a replication of what you did to open the initial location? In the best-case scenario, quite a bit of the steps needed to open more franchises will already be completed. That’s especially important if opening by a certain date or time of the year would allow you to take advantage of certain chances to bid on local jobs.
The bottom line is that not all painting franchises work the same way. It’s up to you to find the one that works best in your case. Compare the offers carefully and always feel free to ask questions, Doing so will improve the odds of entering a working arrangement that will allow your business to thrive.