Every year, thousands of entrepreneurs decide to invest in a franchise to achieve their dream of business ownership. And one of the questions prospective franchisees ask when looking into various options is: "How much money can I make?". The answer? It depends.
That's probably not the answer you were looking for. You want some hard numbers. But the truth is this: if there's a franchisor out there guaranteeing that you'll make a certain amount of money, you should walk away, and walk away fast - because there is no guarantee.
However, there are several factors that contribute to the potential profitability of a franchise - factors that you can look for when checking out different franchise options.
Make Sure You Are Being Set Up For Success
WOW 1 DAY PAINTING has a solid foundation for Franchise Partner success:
The profitability of the painting industry
People are spending on home services. The painting industry is not a fad. It's been around for years, it will be around for years to come, and unlike many other industries, it can't be replaced by new tech and automation.
Low start-up costs
Some bricks-and-mortar franchises can cost over a million dollars, and you'll also be responsible for all build-out costs for your location, including furniture, fixtures, and equipment. Service-based brands like WOW 1 DAY PAINTING have a much lower initial investment, as well as a much faster ramp up time, so that with hard work and determination, you can start making money and earning back your investment, fast. How fast? A WOW 1 DAY PAINTING business can be up and running within 3 months, in comparison to the one or more years a retail build requires.
Support from a team with proven success
WOW 1 DAY PAINTING is part of O2E Brands, with support from the same systems and teams behind 1-800-GOT-JUNK?. With over 30 years experience in building home services brands and supporting first-time business owners, you're in business for yourself, not by yourself.
A unique business model
When you think of the painting industry, you probably can't think of a household name. WOW 1 DAY PAINTING has revolutionized the industry by creating a new category that sets us apart from the competition. How? We complete projects in just one day, with a unique combination of speed, quality, and exceptional customer experience.
Read the Franchise Disclosure Document
Every franchisor must be able to provide you with a Franchise Disclosure Document (FDD). The goal of the FDD is to provide buyers with vetted and validated information that can be used to make a decision. This document outlines essential information, such as how much the franchise costs, what support you'll get as a franchisee, and (the one you've been waiting for): an earnings projection.
WOW 1 DAY PAINTING's most recent U.S. FDD, for example, tells you that in 2019, the average gross revenue of U.S. WOW 1 DAY PAINTING franchises was $656,970, while the highest gross revenue of a U.S franchise was $2,042,987.
The most recent Canadian FDD shows that the average gross revenue of Canadian WOW 1 DAY PAINTING franchises was $1,095,197, with the highest gross revenue of a Canadian Franchise (Toronto) coming in at $5,216,416.
Create Your Business Plan
A good franchisor will work with you to build a business plan and financial forecast - this is when you dig into the details and understand earning potential. Every territory is different and every individual has different goals, so in terms of projections, the numbers will only make sense once you build a plan that is custom-made to your unique situation. At WOW 1 DAY PAINTING, this plan is validated with real owners, to ensure that it's realistic.
Understand That It Comes Down To You
When you decide you want to be a business owner, then you have to be all in. You have to be committed to changing your own life by building something that is yours. You must be prepared to do whatever it takes to get there. Successful franchisors are those who dig in, roll up their sleeves, and get involved at every level of their business - especially in the early years. Running a franchise requires a strong drive and motivation for success, and that's what we look for in our WOW 1 DAY PAINTING Franchise Partners: people who understand that it's not going to be easy, but investing time and energy now means reaping the rewards later.
Ask any business owner if they'd like to look into the future and see how profitable they are, and of course they'll say yes - but unfortunately that's not possible. What is possible is arming yourself with as much information as you can before you make a decision, so that you are secure in the knowledge that you have the best possible foundation for success. Then? Then it's time for you to write your founders story, and become the business owner you've always wanted to be.