The refinishing industry is booming, in part due to the turnaround the housing market has seen over the last few years, and Colorado Springs-based franchise Miracle Method is coming off one of their most successful in the brand’s 35 year history. Sales across the franchise system have more than doubled since 2010, according to a recent story in the Colorado Springs Gazette. That trend should continue as the brand continues to expand, with a plan of adding 150 new locations over the next 5 years across the country, into Canada, and increasing presence in major markets.
“People have many franchise opportunities, and we have to compete in that world. If you look at McDonald’s, you need at least $1.5 million to get a franchise, and the margins are so thin – 5 to 6 percent – that you need 6 or 7 to be successful,” Pistor told the Colorado Springs Gazette. “When you look at our business concept, you have a low upfront cost – about $100,000 – and fast growth. We have some franchisees who are selling $2 million a year, and some of our franchises have hit $1 million in three to five years. For Miracle Method, it is determining how people can find out about us.”
The brand’s origins go back to 1979 in San Francisco when Bob Gray developed a new coating formula and launched the concept, but without the ability to keep the brand growing, Pistor took over in the mid 90’s, retooling the company through the first 5 years to be a more attractive investment for prospective franchisees and increasing the efficiency, operations, and support for existing owners. Once changes were made and processes were improved, the brand has grown steadily since the early 2000’s and Pistor believes that will continue – but with intelligent growth at the center of their expansion plans.
“I have been asked why we only have 135 franchises. I tell people that we have high standards; we want to be the Nordstrom of the refinishing business. We don’t sell franchises, we grant them,” Pistor told the Gazette. “For example, we don’t allow our franchises to hire subcontractors because we want to maintain the quality and protect our trade secrets. Our niche is in the bath(room) and kitchen. We specialize, we are very good at it and we are profitable. Anywhere where it is cheaper to refinish than replace is a place where Miracle Method can be successful.”
Miracle Method plans to add 15 new franchisees in 2016, and expand to 270 franchises in the next five years.
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For more information about becoming an independent franchise business owner with Miracle Method, please click here or call 855-212-7337.
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