Brushing to Success: The Benefits of Joining a Professional Painting Franchise

The home improvement industry is booming. The viability of the industry can be partially credited to one of its most accomplished subsectors – the paint and coatings industry – estimated to be worth $235 billion by 2029, according to Statistica. As both industries simultaneously grow, there are ample opportunities for entrepreneurs to start a painting business. Whether you choose to go the franchising route or start a business from scratch, there are various factors to consider before making the big move. While there are advantages and disadvantages to both business models, a professional painting franchise can help aspiring entrepreneurs unlock their full potential as new business owners, while have the backing of an established brand with the necessary tools and resources to succeed. Franchising is like baseball – it starts franchisees on third base rather than first and puts them in a position where they’re ready to score. Notable advantages to franchising include some of the following areas. 

Brand Recognition and Tried-and-True Business Models

One of the main advantages of running a painting franchise is benefitting from brand recognition. An established brand with a proven track record of success, strong reputation for quality workmanship and customer service can be very appealing for both perspective franchisees and customers. Brand recognition helps gives franchisees a head start, setting the business up for success earlier on rather than trying to build brand awareness on day one. Operating a reputable franchise can also help attract and retain customers and talent more easily, as people tend to trust well-known brands.

Comprehensive Resources

Franchises often provide the best resources to ensure their franchisees are making the most of their investments and smart business decisions. This includes established marketing and advertising tactics, grand opening procedures, advanced equipment and supplies, proprietary technology and software, security and safety protocols and recommended insurance coverage. For marketing specifically, franchisees typically benefit from national or regional marketing campaigns conducted by the franchisor, which can contribute to a steady stream of customers from day one. Additionally, franchising leverages the buying power of a larger franchise system, which helps reduce expenses for franchisees who may be unable to secure preferred pricing on their own. Overall, the resources provided by a franchise can help a business owner be more effective and efficient in the decisions they make.

Training and Ongoing Support

A franchise group provides an unparalleled level of support to franchisees, striving to increase growth potential and success. Many franchise owners come from different experiences and backgrounds – some without any industry or trade knowledge at all – and this is not seen as a disadvantage. Franchisors have experienced professionals on-hand to provide the necessary guidance and help new franchisees need to navigate the system. Franchise systems offer a deep bench of training programs, including in-classroom, on-the-job and administrative training, which are typically unavailable to independent business owners unless they attend an industry-wide conference. Franchising support doesn’t stop after initial training either – franchisors continue to provide ongoing assistance and advice when needed to ensure the success of the painting franchise. From technical assistance to providing nationwide partnerships, the franchisor has a designated team readily available to answer franchisees’ questions so they can feel confident in their decisions. 

Networking Opportunities

Operating under a franchise creates opportunities to connect and collaborate with like-minded entrepreneurs who share similar goals and values. From attending annual conferences or conventions to participating in company-wide town hall meetings and chat forums, networking can provide opportunities for collaboration, sharing best practices, and learning from the experiences of others. This can prove invaluable for those who are new to the industry or franchising. Being part of a network also allows franchisees to seek business advice and support from others who understand the challenges and opportunities of the business. 

Offers Multiple Revenue Streams

Painting franchises can offer more than just painting and can be far from a seasonal service. Multiple revenue streams can be essential to franchises looking to keep a competitive edge, especially in the home service industry where many businesses offer only one product or service. Offering multiple services year-round allows franchises to evolve into one-stop-shop business models, adding value to the business. Beyond painting, complementary services can include minor carpentry and drywall repair, power washing, staining, holiday lighting displays, and gutter installation. According to Statistica, the holiday lighting and decorations industry alone is valued at $7.8 billion and impacts both residential and commercial properties. Overall, having the ability to offer customers different service options puts franchise owners in a position to maximize their potential revenue.

Easier Access to Financing

Franchise businesses may be viewed more favorably by lenders compared to independent startups. This can make it easier for franchisees to secure financing for their new business. Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees. Depending on the plan, this financing can cover accounts receivable, payroll, startup costs, the franchise fee, equipment and inventory.

Guidance to Scale Quickly

Franchising allows businesses to scale more quickly or cost-effectively compared to operating independently. When starting a business from scratch, owners are solely responsible for every business expense. This includes, but is not limited to, finances, insurance, payroll, scheduling and vehicle maintenance. That is why it is common for startups to go through a much slower process of setting up and becoming profitable than franchises. 

Lower Risk

In working with an established brand, a franchisee may also have lower risk when it comes to investing. A proven concept and business system offers reduced risk compared to starting an independent business from scratch with more uncertainties. Franchises offer a level of risk mitigation as they operate based on proven methods and the likelihood of success may be higher compared to a new, untested business. As part of a franchise, franchisees can learn how to hire the right people and grow both the business and team with proper guidance. Franchises also have a cohesive strategy to scale and manage their businesses. 

Flexibility

Flexibility in franchising refers to the degree of freedom a franchisee has in managing certain aspects of their business operations. Franchises offer a balance between business ownership and established support systems. For instance, it's common for painting franchisees to set their own hours and schedules as long as they align with the requirements set by the franchisor. The level of flexibility can vary among franchises, but in general, the support and systems are put in place to help franchisees achieve an optimal work-life balance compared to starting an independent business.

The future of the home service industry is bright. Homeowners are increasingly looking for ways to spruce up their living spaces, and painting is one of the easiest and most affordable ways to do so. There will continue to be an evident need for painting professionals to keep up with demand and as a result, great opportunities for entrepreneurs to enter the industry. While there is no right or wrong answer to joining a painting franchise or starting an independent business, it is important to consider how factors such as initial investment costs, ongoing fees, support and training, the level of independence, and financial risks will impact the business decision. It’s important to note all the above factors vary amongst different franchise systems, so prospective franchisees should thoroughly review the franchise agreement and understand the expectations and limitations set by the franchisor before signing. During the process, it's also worth speaking to both independent painting owners and franchise owners to gain insights into their experiences and challenges to make a well-informed decision.