Have you ever thought about owning your own business? Of course. The question naturally turns to what business should I get into it? Should I franchise or start my own? Can afford to buy a franchise? Here are some real benefits I’ve found to franchising. In full disclosure, I started my own professional painting business 26 years ago and am now franchising it. Having a painting franchise is great because I get to experience, work with and advise on how to build a painting business.
A common question I hear is “Why should I buy a franchise when I could start my own business for less?” It’s a good question and in my industry, professional painting, but there are a lot of reasons to join a franchise.
Reasons to Start a Franchise
There are hundreds of mistakes you would make starting on your own business and each mistake will cost between $125.00 and $1,000’s. Trust me I have had some whoppers. I believe there are about 800 mistakes I’ve made and if each mistake cost an average of $250.00 x 800 mistakes I gave $200,000 to the school of hard knocks. Hey Bernie, do you cover tuition at the school of Hard Knocks? When you buy a franchise, they teach you how to avoid these mistakes. We have put together videos called “What Went Wrong” where we cover tons of mistakes and how to avoid them. We also have a franchise training process.
Franchises are Sellable
You buy a franchise for say $30,000 and build it up for 5-10 years you can sell it for about 2.5 -3 times your gross owners’ compensation! Having your own small business is harder to sell than one with brand recognition. Many times small businesses will just sell their assets and close their doors.
Franchises are More Successful Than New Businesses
Over a seven-year period, a franchise will fail 20% of the time as opposed to 70% of all startups fail. The learning curve has been figured out and the franchisee will the benefactor if they follow the system.
A Built-In Mentor
The continued support you get when buying a franchise helps you steer the ship with a team of experienced players. You don’t have to wing it or hire a consultant team. If you have a question your franchisor will have the experience to answer it.
Pre-Existing & Managed Marketing
I don’t know of a single franchise that won’t handle the website, social media. They have plenty of marketing info at your fingertips. It’s a great relief to have these things handled for you. So now your time is freed up to grow your business –or play golf (with an important client).
Business Growth Expertise
Business growth expert Dan Pena recommends growing a business as fast as possible and then selling it. He recommends surrounding yourself with whatever investors, experts (franchisor) you need and sell the mess in 5 years for a boatload of money and start something else. A franchise fits well because a franchisor has everything in place for you to:
- Get the best RIO for your marketing dollars
- Grow your customer base most effectively
- Improve margins
- Sell your business
Start Your Painting Franchise
If you are self-motivated and are willing to follow a proven process, start a painting franchise at Klappenberger & Son. Franchising will save you money, and allow you to build a business faster than starting one on your own.
For questions or comments please contact David Klappenberger at firstname.lastname@example.org or call 410-647-5700.