We don't blame you for wanting to work for one of the most exciting home services franchises in North America. But will it pay the bills? Franchising is a great way to start your entrepreneurial journey, with resources and support for building a successful business. You're probably wondering: how do franchise owners get paid? Learn about what goes into running a successful franchise and see if it's a good fit for you.
BREAKDOWN OF WHAT FRANCHISE PARTNERS EARN
A few factors go into how much a franchise owner makes that we need to understand before we talk about how much you could make when you start your painting franchise.
Average job size:For most WOW 1 DAY PAINTING Franchise Partners in 2023, their average job size was $3,707 USD*. Some projects are painting a couple of rooms and other paint jobs are painting whole houses.
*This number is reported in the 2024 Franchise Disclosure Document and is based on US franchise performance in 2023.
Painters and supplies: Franchise owners at WOW 1 DAY PAINTING are not doing the painting themselves. They hire painters to complete the painting projects. Therefore, there are labor costs to consider.
Royalties: Most franchisors charge royalties, which are ongoing fees that are based on a percentage of gross revenue. Franchise owners pay the franchisor for the use of the brand and other support, like marketing, technology and training.
Gross profit margin: There are business expenses that need to be covered like marketing and advertising, vehicle expenses, office expenses, phones, accounting and bookkeeping, etc. These are fixed expenses that need to be accounted for when planning your business.
WHAT PERCENTAGE DO FRANCHISE OWNERS TAKE?
There is no set standard percentage that franchise owners take, as this number will vary depending on the franchise performance. Based on 2023 averages, the gross profit margin for WOW 1 DAY PAINTING Franchise Partners is approx 40%*.
*This number is reported in the 2024 Franchise Disclosure Document and is based on US franchise performance in 2023.
DO FRANCHISE OWNERS PAY THEMSELVES A SALARY?
Franchise owners are not required to pay themselves a salary, but many choose to do so to provide a consistent income. The amount depends on the franchise, sales volume and profitability of the business. It's common to start with a modest salary and increase it as the business grows.
Some owners take a profit at the end of the year, and use this money to pay themselves. Owners discretionary income is the idea. The franchise owner chooses, based on business performance, cash flow and taxation strategy.
IS OWNING A FRANCHISE A GOOD SIDE HUSTLE?
The WOW 1 DAY PAINTING franchise opportunity is NOT a side hustle. During the start-up phase, the business requires a full-time commitment. However, after a few years of hard work and consistent performance, you should be spending less time working in the business and more time working on the business.
DO FRANCHISE OWNERS PAY ROYALTIES?
Yes, our Franchise Partners are required to pay ongoing royalty fees. The royalty is 6% of gross revenue. Royalties go towards a number of services that help franchise owners grow their business.
CAN A FRANCHISE MAKE A MILLION DOLLARS?
The number one factor for success is: you, the person leading the business. We help you develop your business plan and give you the tools to succeed. Success depends on your ability to execute your plan, your leadership, your values and your tenacity. The Average Gross Revenue of Franchise Partners in the USA and Canada combined is $655,104*. However, if we look at the top 25% of WOW 1 DAY PAINTING Franchise Partners, the Average Gross Revenue is approximately $1,407,439*, with some top franchises clearing over $3M in annual revenue.
*This number is reported in the 2024 Franchise Disclosure Document and is based on US & Canada franchise performance in 2023.
Want to learn what it takes to make your franchise a million-dollar business? Learn from one of our Franchise Partners that has.
IS OWNING A FRANCHISE WORTH IT?
If you're looking to start your own business but don't want to go at it alone, owning a franchise is a great place to start. You join a community of like-minded Franchise Partners that support you along the way. You get the opportunity to work with an established brand, a proven business concept and the freedom that comes with being your own boss.
SOUND LIKE A GOOD FIT? LET'S CHAT.
Owning your own business can be incredibly gratifying and rewarding. To get started, fill out the request info (link to webform) form and we'll get in touch with you. life. We will guide you through a mutual vetting process to make sure it's a good fit for both sides.
Ready to take the next step?
