Business

7 Best Tips For Starting A Painting Business

Office work isn’t for everyone. You might’ve thought about shifting careers while toiling at your desk five days a week. You may have mulled over starting a business, which can be considered high risk in that it’s not guaranteed whether it will be a long-term investment or create a loss if not done correctly.

If you’re gearing up to becoming an entrepreneur one day, consider whether the painting industry might be for you. This industry is a relatively trouble-free career choice with high market demand. Even if you’ve never held a brush, the chances are that you can succeed in this field and maybe even continue doing it beyond retirement for extra remuneration.

If you’re interested, consider these tips from the get-go:

1. Draft your business plan

Successful entrepreneurs never dive headfirst into a new business venture without a plan. A business plan serves as your outline to stay organized when you’re starting. With a business plan, you can focus on the crucial details to build your business from the ground up.

Here are six essential elements you should include:

  • Executive summary
  • Business description and bios of your executive team
  • Product or service description
  • Market analysis
  • Financial plan
  • Marketing strategy

(2)

2. Focus on the financials

Fortunately, launching a painting business requires less capital than you expect. You can virtually open it up for free if you already have access to decent paints and tools. If you need extra funds, you can apply for a small business loan to help cover the costs. (1)

Painting businesses are relatively easy to start turning a profit in comparison to other types. However, your income will largely depend on whether you have assistants, how many jobs you take, and how much you’ve invested. Once you’ve settled that, you can prepare a system to simplify things for you and your customers. Software like the one from Jobber can help you with quoting, invoicing, and expense tracking. This way, you can focus on servicing your customers while the software does the administrative computing for you. (2)

One of the more challenging tasks can be in accurately calculating quotations that win you jobs. Luckily, there is a plethora of great online resources to help you with things like this. The Jobber Academy is one, and has a wealth of information to support you in how to estimate jobs and how much a painting job should cost. Often you find that resources like this are easy to access and free of charge once you start to look around, so take advantage of them and use them to your benefit.

3. Know your target market

There’s always a market for home repairs and renovators, including painters. It’s one job that’s in pretty high demand wherever you are. With an industry worth nearly USD$43 billion, you might find yourself painting interiors and exteriors every day. Just don’t expect to finish jobs quickly; painting takes lots of time. (1)(3)

You also have the option to choose between residential or commercial paint jobs. Check what the demand is in your area, and consider whether specializing in specific painting services might work for you:

  • Basic painting
  • Traditional and heritage painting
  • Wallpapering
  • Miscellaneous repair work (1)(5)

By offering a niche service, you should be able to target your audience more easily and position yourself firmly in the market.

4. Get registered

Most, if not all, companies require registration before offering their products or services. Registering your business will also keep you safe from legal issues or accidents. Hence, check if your state requires businesses to have insurance and a license. Even if it’s not needed, it’s best to apply for one. Some insurance that is exclusive to small companies may even cover you and your team in case of unwanted incidents. (3)

You can register your painting business as a limited liability partnership (LLP) or a limited liability corporation (LLC). Most painting companies work fine with either. Don’t forget to register for an employer identification number (EIN). An EIN allows you to file taxes and hire team members when you need more help. There’s a lot of paperwork involved but completing this will ensure your company’s sustainability. (2)(3)

5. Practice your skills

Painting is considered by many, rightly or wrongly, as blue-collar work. Don’t let this determine a minimal level of effort you put in. It’s skilled labor that people can learn through trade schools or on-field experience. If clients are pleased with your level of service and professionalism, they will recommend you to others. (4)

Moreover, many homeowners seek the expertise of a professional painter for home improvement projects. These houses often need good paint jobs to increase property value, which is needed if the house is to be sold or to increase its longevity. You could even consider collaborating with real estate agents and house flippers by providing your polished skills to raise the resale value of a residential building for example.

Ask neighbors, friends, and relatives if you can upgrade their homes with basic paint jobs to practice your skills. Likewise, consider joining an existing painting company to learn trade tricks straight from the professionals before starting out on your own. Painting is a meticulous and detail-oriented skill. Hone your expertise to ensure you can give a professional finish. (4)

6. Set up a business bank account

Some first-time entrepreneurs mistake using their personal bank accounts for their business. While this might be for practical reasons, you could risk losing your personal assets if things in your company go awry. (3)

Find a bank where you can apply for a business account online and finalize at the physical branch. Consider banks that offer free applications or, if unfeasible, banks with nominal monthly fees. A starting business needs investment, but your budget shouldn’t focus entirely on a bank application. (1)(3)

7. Market your services

Once everything’s ready, the last thing to do is get your services known. Your local area may need a painter for homes or public spaces. Some businesses might require painting for warehouses or office buildings. Advertise yourself to these communities, and you might hit a job or two.

If you have the budget, you can invest in paid marketing campaigns. These ads can reach a wider audience through social media. Target your ads to specific people looking for specific services. (1)

Takeaway

Being a painter is an excellent way to earn money while doing an enjoyable activity. People in many communities benefit from a good paint job for their homes, commercial spaces, and schools. If you love painting and feel contentment in helping others, consider these tips when you decide to turn colors into a career.

References

  1. “Is Starting a Painting Business a Good Idea in 2022?”, Source: https://www.scalebloom.com/is-starting-a-painting-business-a-good-idea/
  2. “What You Need to Know About Opening a House Painting Business”, Source: https://fundbox.com/blog/what-you-need-to-know-about-opening-a-house-painting-business/
  3. “How to Start a Painting Business in 7 Steps”, Source: https://www.nerdwallet.com/article/small-business/how-to-start-a-painting-business
  4. “Your Plan on How to Start a Painting Business”, Source: https://www.simplybusiness.com/simply-u/articles/2019/09/how-to-start-a-painting-business/
  5. “How to start up a painting business”, Source: https://www.startupdonut.co.uk/start-up-business-ideas/types-of-business/how-to-start-up-a-painting-business
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