In today’s modern world, running a business can be an incredible income stream for you and your family. This is especially true if you capitalize on your skills and generate a good profit from them. For instance, if you have a passion for painting and you’re good at it, it’s an excellent idea to start your own painting business.
Since a painting project involves a lot of patience, practice, and accuracy, many people consider hiring a professional painting service for their homes and other properties. For this reason, your painting business has excellent potential to grow and become profitable. However, just like other undertakings, establishing a painting business comes with several considerations.
So, if you’re planning to put up your own painting company, here’s what you need to know to get you started.
Painting Business: What Is It And How It Can Be A Great Business Venture?
With the increasing number of clients who prefer to outsource their painting job to experienced painters, starting a painting business can be a perfect idea. Primarily, a painting business refers to a company that offers professional services for residential and commercial purposes.
Whether it’s a residential house, office buildings, schools, hotels, and many more, a painting service can help make these properties look good and presentable. After all, painting is one of the most common improvements that can transform a space into a more inviting and cozier one.
Moreover, putting up a painting business has a lot of advantages. These might include:
- The startup expenses aren’t costly – You can always start as a small company with you and a few people as professional painters. You just need to buy the painting supplies and materials, and you can offer a quality painting service to clients in your area.
- It’s easy to get off the ground and make a good income – With fewer business requirements, it’s easy to get started with a painting business, and once it’s established, it can provide you with a good flow of income.
- It allows you to be creative – If you want to offer the painting service by yourself, you’ll have the opportunity to be creative in your craft and share that creativity with your clients.
- It lets you specialize in different types of painting – Having your own painting business gives you the upper hand to specialize in services like special finishes, authentic painting, and many more.
- It covers a wide range of target clients – Unlike other businesses, being a painting business owner allows you to target a variety of clients. You can work with homeowners, interior designers, business owners, and even home builders. This means you’ll have higher chances of earning more profits in the long run.
Painting Business: The Step-By-Step Guide For Starting From Scratch
As mentioned, a painting business can be a lucrative source of income. However, the startup process requires you to spend some time, money, energy, and resources to make things work. And to roll your way toward success, you need proper planning and preparation.
Below is the step-by-step guide for starting your own painting business:
Learn The Basics
Practically speaking, anyone who wants to become a painting business owner should know the basics before getting started. Although joining the painting industry isn’t a complicated process, it’s best to understand the ins and outs of any business operation. Despite your love for painting, you still have lots of things to learn before diving in.
To do this, you can work for other professional painters out there to familiarize everything. While you can learn how to manage a painting business on the Internet, working for someone can give you some real insights and hands-on experience necessary for building your business without any hassle.
Also, if you want to grow into a successful painting business owner someday, asking assistance from a company like Main Street Painting can be a perfect idea. They offer programs that help individuals like you learn the basics and master the painting skills they need to become a great entrepreneur in your time.
Decide Who You Want To Become Clients
To stand out in the market, you need to target the right clients for your business. Doing so can help improve your branding along the way by paying attention to your business plan and learning how your cash flow works.
Generally, a painting business can cover two types of clientele, such as residential and commercial clients. While you can both target these clients, it’s essential to determine who you want to offer your painting services to.
For instance, if you focus on residential painting clients, you can get paid right away and they can call you back for another job if they’re satisfied with your work performance. On the other hand, if you want bigger projects and more income, dealing with commercial painting clients can be the right choice.
Prepare And Comply With All The Paperwork And Licensing Requirements
Now that you have a client base to focus on, the next step is to get your painting business in order by preparing all the paperwork and complying with the licensing requirements. To streamline this process, below are the steps to follow from the very beginning:
- Choose the right business name – You might be asking why picking the proper business name is crucial. Well, the primary reason is to attract new leads and convert them to loyal customers. When choosing a name for your business, be sure it’s easy to spell and not difficult to pronounce or remember. That way, you can make your painting company stand out from the competitors.
- Register your business with your local government – Starting a painting business means you need to ask your local government’s approval before you can operate. For this reason, make sure to register your business with the government and get established as an LLC. By being an LLC business entity, you’re able to protect your company against any personal liability in case it’s sued. To begin the paperwork, you can check the requirements necessary to complete your business registration.
- Get an Employer Identification Number (EIN) – Once you’re done with your business registration, you also have to file for an EIN, which servers as your social security number. This number, for instance, is essential for filing taxes and getting a bank account.
When it comes to putting up a painting business, you’re required to purchase general liability insurance and worker’s compensation. These insurance options can be your protection in case something terrible happens while working.
Primarily, general liability insurance can be used to safeguard you in the event someone files a lawsuit against you. On the other hand, worker’s compensation can be used to ensure injuries sustained by people working for your company. However, it’s important to know that purchasing insurance can be costly.
Get A Bank Account And Hire A Good Accountant
Running a painting business means you have profits that keep running. That said, it’s best to open a bank account for your company use. Doing so can help you keep your company finances distinct and separate from your personal expenses. Not only that but having a business bank account can also streamline your bookkeeping process and make it easy for you to monitor your cash flow.
Moreover, handling the finances of your business can be a complicated job. Even if you think you can do accounting and bookkeeping by yourself, it’s best to have a trustworthy accountant on your side to save yourself a lot of time and resources.
Buy Painting Equipment And Other Related Supplies
Of course, you can’t operate your painting business without the necessary supplies and equipment. If you hire employees, you have to purchase all the materials required to complete a painting job. These might include:
- Drop cloths
- Paint sprayers
- Masking guns
- Caulk guns
- Wire brushes and many more
Given these painting tools and materials, you really need to set aside a considerable amount of budget to buy everything. However, if you want to reduce the amount spent on the materials, you can opt to outsource sub-contractors who will perform the painting job for you. They’ll provide the equipment on their own, and the only thing you’ll do is to negotiate with the clients and do color samples for them.
Price Your Labor And Services
The next step is the pricing of your labor and painting services. This is one of the most crucial aspects of establishing a business because any wrong decision on the prices can affect your company. For example, undercharging your services can prevent you from making money, and overcharging, on the other hand, can decrease your chances of closing a deal.
Because of these circumstances, you should always take pricing seriously. To do this, you need to determine the amount of money you want to earn on an hourly basis and the amount of time a painting job might take. By doing so, you can come up with reasonable pricing for your painting services.
Do Marketing And Networking
To finally get your painting business off the ground, you should start marketing and networking to build your client base. With the age of the Internet today, establishing an online presence is important. You can do this by having a good website, getting listed on online business directories, and being active on social media.
When it comes to networking, you can use the different social media channels to engage with
your prospects and clients, and expand your reach over time. Also, joining networking groups such as Facebook and other platforms can be an excellent idea to jumpstart your painting business.
With the step-by-step guide presented above, it goes to show that starting your own painting business is never easy. However, by keeping these tips in mind, you can ensure your business will start in the right direction.