Nothing is certain in life except death, huge taxes, and a paint job or home renovations! You might think this is funny but we all know how true it is. The latter part of the first sentence is good news if you are in the painting business or wish to start your own painting business. If you love home improvement shows or interior design shows you know what a new coat of paint can do for your home.
Are you wondering how to start a house painting business? We are here to help you in that department. This is a great business venture because not everybody has the skill or patience to deal with paint and brush. This means learning how to paint and work in your favour, not only can you run your own painting business but also become your own boss. This will also allow you to fulfil your dreams of becoming an interior designer.
Entering this industry of home renovation or improvement brings a lot of doubts and queries even if you are a professional or a newbie. There are several people in this industry who started out with a handful of brushes, paint, a ladder, and a vehicle to carry all these supplies. Not to pop your bubble but, that is not the right first move. You need a lot more than that to start your painting business like finances for small businesses and licenses to protect your business from any mishaps.
There are a few things to consider before you start a painting business. Before you start any business, you need to think about all the aspects of your niche market. If you are wondering how much does it cost to start a painting business or do you need any licensing before you put on your painter’s cap, we have got you covered. This article will help you set up your own painting business and do a lot more with your creativity.
Table of Contents
Why Should You Start a Painting business?
Not sure about starting your own painting business or why you should start a painting business? There are multiple reasons you should your painting business like getting started with this home renovation business is easy as compared to any other business. The competition is relatively low and one does not require any special qualifications or education to start this business. A lot of the skills required for this business can be learned on the job itself.
This business is also flexible when it comes to working hours or taking up a new project. The initial investment and the overhead costs are low compared to other businesses which is another reason you should think about the painting business as a good venture. If you are a specialized painter, you will certainly hold an edge over the other painters and teh demand will be more for your expertise. The painting business is not dependent on any season, be it any season a house painting job cannot wait this means you will always be in business.
These reasons are a good indication that the painting business is not only profitable but also evergreen and will only keep growing. This is why you should start a painting business of your own.
How to start a painting business
Now that you are convinced and prepped to start your house painting business, you need to know the basics to start a business. There are multiple factors that you need to consider before you start whether or not you have a strategy in place. You need to chalk out a plan that will make your business a success. We have curated a list of business basics that will help you set up your painting business that will bring a structure to your business along with success.
1. Register Your Painting Business
Registering your painting business is of utmost importance. You need to do all the necessary paperwork even if it doesn’t interest you. Cover your assets and save your business from any mishaps, any unprecedented incidents with the IRS, or any sort of legal trouble.
Choose an appropriate business entity as it brings protection against liabilities and tax implications. You can even choose sole proprietorship depending on where you stay which would require no paperwork but also puts you at personal risk. Most painting businesses get an LLC ( Limited Liability Corporation) or LLP ( Limited Liability Partnership). There are other corporations like C-Corp and S-Corp that require more paperwork.
2. Draft a business plan
It is crucial to chalk out a business plan before you start your painting business. A business plan need not be an elaborate affair. It can be as long or short or as simple or complex as you want it to be. A good business plan is one that is flexible and accommodates any changes and grows as your business scales. A good business plan works as a guide to keep you on track with your goals.
3. Purchase insurance and get licenses
Painting businesses are required to be insured and licensed by some municipalities. There are various small business insurances that will keep you and your employees safe in case of any accidents and also give financial support if there arises any legal issue. Choose a policy that best suits you and your business.
To work legally as a painting business you will require a business license. There are different requirements for business licenses based on your location. Make sure you have the appropriate licenses to avoid any legal problems while working in a painting business. You don’t want to incur any penalties for not having the right permits. You can consult a lawyer to work out this part of the business.
4. Set up a business bank account
Once you are legally listed as a business on local and state governments you can go ahead and set up a business checking account. This will help you keep a separate personal and business account. A business bank account is crucial to keep your personal assets safe from any losses or lawsuits faced by your business.
Setting up a business bank account is quite easy these days. Many banks even offer online services. Though many online-only banks do not entertain businesses that are cash-only as they do not offer atm options to deposit cash. If you think you will be dealing with a lot of cash, choose a traditional banking option.
5. Create a Website
These days everything is digital so why not digitize your house painting business as well. Creating a website will certainly help your business reach people in different areas and your reach will increase with a website. Websites are a great place to showcase your previous projects and get new clients.
Websites can be used to advertise your business and tell people about what you do. A good website will help people see your work and also build trust. A website makes people believe that your business is legit.
6. Get an equipment financing loan
This is a good option for anybody who wishes to start a painting business of their own. An equipment finance loan is different from a usual bank term loan. With this loan, you are not required to put up collateral for the capital you need but it rather allows you to borrow money for a specified purchase.
Loan lenders pertaining to equipment loans will want to know what you are looking to buy and the vendor’s price quote. If the lender agrees, you will get a loan of the total amount of the equipment plus you need to repay in a particular time frame along with interest. With this loan, the equipment itself becomes the collateral. In case you can’t repay the loan the lender will sell your equipment.
7. Bid a Paint Job
Bidding a paint job is not an easy task as you might sometimes bid too high or even too low. Your bid should reflect the quality of work you are offering and your professionalism along with a margin that brings profits. Depending on whether the paint job is time-consuming or not you can choose your bid. Other factors like how simple or complicated the painting job is can also determine your bid.
Your bid should also consider the material cost and labour cost involved. If the job is complicated and you require to hire more contractors or laborers that should be included in your bid. Think wisely before you bid on a paint job, as this will determine your clientele.
8. Get Your First Painting Customers
To get your first painting customers, focus on who is your target audience. Depending on that you have to create your advertisements and marketing strategies. Whether you wish to focus on online or offline marketing is important and can change the way you work. Once you get your first customers, give them the best service possible as they become an advertising tool themselves. A happy customer will talk about your business and by word-of-mouth, your business can grow.
9. Paint the house
Finally, after all the basics comes the real job of painting. Always offer the best painting service as that is what will build your credibility and trust from your customers. If you wish to be the best in the business, offer the best service. If you offer the best paint job, there will be people willing to pay a handsome amount for your services.
10. Make a Profit
This painting business itself offers a high-profit margin, even if you do very little to make a profit. To make profits, make sure you take up a good mix of jobs. Focus on new painting jobs as well as renovation jobs. This will ensure you are making a profit.
Mistakes to Avoid
There are some mistakes you can avoid while running a painting business to avoid losses and a bad name for yourself.
1. Hiring Sloppy Painters
Always check the skills of your painters before hiring them. Hiring sloppy painters can ruin your reputation and not bring you any success. Focusing on quality painters is a must.
2. Underbidding Jobs
Avoid underbidding jobs as they show you in a poor light. It also undermines your credibility and skills. It will also cost you a lot more money and demotivate you. You are putting in money, resources, and efforts so why do underbidding jobs?
3. Spending too Much at the Paint Store
One of the things many painting businesses do is spend too much at the paint store. Avoid this mistake. Make a plan before making purchases at teh paint store. Ask for the best quotes from various paint supply vendors before buying anything. You can also buy in bulk to get the best price on your purchase.
How much does it cost to start a painting business?
It costs around $2000 to start a painting business but there are many who have started a painting business with small capital as well.
Conclusion
By now you have a clear idea of how to start a painting business and all the basics related to it. What are you waiting for? Make a plan and paint the town red. It may seem difficult at the beginning but it is a profitable as well as a scalable business idea that will bring you profits and a lot of success.
