As an entrepreneur, are you planning to start your painting business this year?
But confused about how to start, and how much it cost?
Don’t worry; we have highlighted the fundamental concepts on how to start a painting business that will clear all your doubts.
So, let’s get started.
Table of Contents
Basics of the Painting Business
A painting business is a unique approach that allows you to make more money and enhance the painting business productivity.
A painting business is completely scalable as it allows you to deal with any business size and that too with fewer startup costs.
The primary goal of the painting business is to:
- Improve the appearance of a building
- Protect building from water damage, insects, mould, and other corrosion
How to Start a Painting Business in 2021? [7 Steps]
1 – Register Your Business Name
The first step you need to perform for starting a painting business is giving a valuable and professional name to your business. Your business name must be catchy and memorable so that anyone can easily remember it in this competitive world.
You need to contact the Secretary of State or government to register the name. You have to select the type of business entity like limited liability corporation (LLC) or limited liability partnership (LLP).
You can also opt for other corporation types like S-Corps and C-Corps that typically require more paperwork and need to file your taxes separately from your return.
So, just upload the legal documents in the portal, and you are good to go with your new business.
2 – Select the Best Services and Clientele That You Want to Include
To start your painting business, you need to familiarize yourself with the local market and identify the list of clients you need. It will help you to enhance your branding and concentrate more on business models.
Generally, there are two client categories that take place in painting businesses: Residential painting and Commercial painting.
- Residential clients follow a relatively simple process where the house painters usually perform the job, meet the clients, build strong relationships, and get paid instantly. These clients do not need painting work frequently. They can easily wait for five to six years for recurring work.
- Commercial clients typically deal with painting services that are relatively complex and huge as compared to house painting. Such clients can be either small business or large enterprises. For commercial clients, it’s quite easy to get recurring work in a year. You can also get bigger painting projects too. Often, there are many painting services available in the market that work the best for a painter. One of the best tips to consider is providing the services as per the client’s demand.
What happens when your business does not offer the client’s service needs?
You can share the referrals to them about the painting companies or a personal, professional painter that can provide them with the services.
3 – Apply For Business License and Insurance
Once your business is ready with the list of service offerings, you can get a business license. By having a business license, small business owners can perform professional painting work legally.
However, there are some other things that a business owner can do for the painting business.
- Order business cards
- File LLC paperwork
- File for an Employer Identification Number (EIN)
- Bank account opening
- Verify whether s builder’s license is required or not
- Buy general liability insurance
Apart from the business license, you need to opt for business insurance. Nowadays, in this competitive world, you will come across many insurance companies, providing a list of insurance policies that you might need to select the best one.
Why Do You Need Business Insurance?
In case of an accident on the job premises, the business insurance covers you and your employees/customers with financial support. However, it ultimately depends on your package policy that you select from the list of options available.
4 – Purchase Essential Painting Materials
To get started with your successful painting businesses, few factors need to be considered before purchasing any painting materials.
- Do you possess your equipment?
- Are you going to opt for employment or going to work for yourself?
- Have you decided on the specific budget in your business plan?
- Will you use employees or subcontractors?
If you plan to use a subcontractor position, then you do not need to buy any equipment or vehicles. Just you need marketing and sales materials that can benefit your business. On the other hand, if you opt to use employees, then it becomes mandatory for you to create a checklist of essential painting equipment to purchase.
Generally, for your potential house painting business, you need to get the following materials:
- Paint sprayers
- Brushes rollers
- Caulk and masking guns
- Drop cloths
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5 – Set Up a Business Bank Account
To manage your financial situation, a business owner must have to open a business account separately for personal and office work. Because there is more risk of losing personal assets if your business goes sued.
The most exciting part is that it is easy to set up a business bank account. Nowadays, brick-and-mortar banks are available that follow online processes. Various online-only business banks are available that make your account in online mode.
6 – Hire Painters
For starting a home painting business, it becomes quite obvious for you to hire employees or painters to enhance user experience and business performance to a great extent.
The primary goal of homeowners and building owners is to provide a great way to make their surfaces with more attractive paints, thereby improving the appearance quality work.
Using resources, they can quickly gear problematic areas and work with a challenging project that includes potential wall repair or wallpaper removal. They can gain painting business profits for you to make money by orchestrating the process behind it.
7 – Marketing Plan for Your Business
Marketing is one of the essential keys that provide an interactive way to get new customers quickly. This works only for homeowners that deal with basic painting needs, limiting repeat business.
Generally, there are various marketing ways through which you can enhance your customer service and business performance. Some of the best practices to target the market are mentioned below:
- Social media platforms like Facebook, Pinterest, Instagram
- Online marketing tools like Yelp, Angie’s List, Craigslist
- Print advertising
- Direct mail process on the company website
- Handing out business cards
Moreover, the business owners can also opt for referral programs and marketing materials that encourage more clients to use their services on a large scale.
Based on the type and marketing volume being performed, the total marketing costs vary. In addition to it, the business owners can eventually save the high cost of hiring a professional marketing person by completing the marketing process independently.
Top Reasons to Start a Painting Business
1 – Simple and Easy to Learn
A painting business is something simple and easy to understand, especially for someone possessing limited business skills. So, one does not need to have any expertise in performing a paint job and becoming a professional painter.
Generally, there are many states where you just need a license from the painting contractor to paint your house. On the other hand, you’ll find some states where you even do not have to file for a license application.
Being the paint company owner, it becomes your prime responsibility to help the employees get the direct job.
You can easily gain expertise in essential skills that lead to a successful painting company if you can answer the following questions:
- What prep work needs to be done?
- What are the essential materials that need to be used?
- What will you do to provide customer satisfaction?
2 – Minimal Start-Up Costs
For any business, the primary goal of business owners is to grab profit as quickly as possible. To get into action, they need to work hard from the beginning, purchase low-cost equipment, build an impressive business plan, and many more.
However, for some industries, it can take months or years to grab a business profit. Whereas in the case of the painting industry, start-up costs are extremely slow. It means that you can start with nothing and turn into more profit with fewer clients.
3 – Huge Market Size
A huge market is one of the biggest and primary reasons for starting a painting business. Generally, several painting job types are available in the market from where you can enhance your business performance.
You have multiple options to select your specialized service area:
- Residential interior
- Exterior painting
- New construction painting
- Residential painting for builders
Apart from this residential painting, there are also commercial painting jobs available:
- Apartment buildings
- Industrial facilities
- Building construction
The most exciting part to note is that it’s not just an extensive market but also a recurring market.
4 – Profitable
One of the primary goals of small business owners is to gain more profit. The same is the case with the painting industries as it possesses huge high-profit margins.
It’s quite apparent that your painting company gains comfortable profit margins, no matter whether it is related to commercial, residential, or industrial painting. It helps fulfill your bottom line and generate more revenue quickly.
For starting your painting business, you just need to make sure that it possesses a mixture of jobs to gain more profits.
The Pros and Cons of Starting a Painting Business
- Minimal startup expenses: You can quickly start your painting business. It does not involve any heavy machinery or high-tech equipment, and even no need to rent a warehouse or large office space.
- No high-level education required: For starting a new business, a business owner or painter does not require any specific degree. The only thing the painters must have is a good working experience.
- More chances of the franchise: In the painting company, you can quickly grab all the advantages of the well-defined brand and expert business model by providing a franchise. With a franchise, you get everything you need by just spending some money.
- Easy to identify target audience: Homeowners, construction-based companies, builders, landlords, and even rental property managers are easily identified without extensive marketing research.
- Ease in hiring and training employees: Compared to other industries, the training industry deals with an easy process to hire employees without more complex training experience.
- More chances of good income: Once your house painting business is well-established, you can gain insights to earn more income as expected.
- Provides specialized services: Apart from the standard painting services, a professional painting company offers additional services like faux painting, wallpapers, special finished, and even historically authentic painting.
- Stiff competition: In this competitive world, you will come across many painting businesses that provide different painting services. You need to push more to include the service utterly different from other businesses.
- Requires physical work: It’s quite apparent that for painting either residential or commercial buildings, the painter must have good health to perform painting jobs.
- Employee liability issues: As a business owner, it becomes your sole responsibility to consider the liability for every damage or injury caused to employees/painters during the job.
- More chances of seasonal fluctuations: A painting industry affects more as the season changes. So, a painting company’s business owner needs to make sure about every season and assign a painting contractor or an employee to paint the job.
How to Get Customers for a Painting Business? [Tips & Tricks]
Now, it’s a hard time to grab more and more customers from your new painting business. But how?
To answer this question, a business owner needs to follow the tips mentioned below. There are two possible ways through which you can get customers: Physical tools and digital tools.
- Lawn signs: It is a simple approach to share brand awareness of services easily to large areas. Just put the company logo, service offering, and other eye-catching details to gain more potential customer base and money.
- Truck graphics: You can enhance customer engagement by providing company names and information by passing by the truck. Someone in need of painting can view the service offering and contact for further paint jobs without visiting a paint store.
- Flyers: To achieve brand awareness in the local areas, flyers are the best option, including detailed company information. You can put the flyers with heavy foot traffic or placing in mailboxes to direct the people about the service offering.
- Creating a professional website: A website is a powerful tool that allows users to view your company’s complete information. You can use interactive and eye-catching pages of your portfolios to enhance customer engagement.
- SEO: SEO is the leading platform that allows you to keep your website on top pages of Google search results. It is possible if you apply relevant keywords and headings related to specific pages or websites.
- Additional marketing tools: As a part of SEO, you can opt for different marketing strategies in your business plan. The leading options are Facebook ads, landing pages, directories (Google, LinkedIn, and Indeed), and Google My Business.
After having a look at the basic details about the painting business, we have come up with a few frequently asked questions based on it.
Yes, it’s the best idea to start a house painting business because it is simple to enter into business and with minor challenges.
The costing depends on your business requirements like equipment, low-budget route, licensing, insurance, and others that reflect your local economy.
A painting business is more profitable as you can easily start with a lower budget, no additional resource needed, and you can easily gain more outcomes.
An entrepreneur, on average, can make or charge up to $15 per hour. However, it depends on experience, the painter’s choice of doing tasks, working practice, knowledge, and the total number of rooms to complete on a day.
Trust me; it’s going to be a rewarding experience for you if you make your hands dirty on painting. You need to have a good amount of cash flow and a little bit of paperwork; you are good to go with your new impressive business.
With the perfect business structure, legal license, insurance, and marketing strategy, you’ll be ready to get your paint rollers.