The painting industry is booming- having experienced significant growth over the last decade. Luckily for those looking to start a painting business, people will always want to renovate their properties at one time or another- and most don't want to do the dirty work themselves.
Whether someone is a seasoned professional with years of experience considering going out on their own- or an entrepreneur looking to create a business in a new area- understanding how to start a painting business is crucial.
This guide covers the most important considerations and necessities for anyone thinking of launching their own painting company- from initial planning and preparation to ongoing strategy to ensure success. Blue Collar Websites can also help guide you through how to start a handyman business.
Things to Consider Before Starting Your Own Painting Business
Before looking at the logistics of starting a painting business, it pays to think about the steps to be taken in preparation. There are a few things to think about before getting to the point of launching a company that will make a difference in those early days.
Research the Local Market
The more people know about the market they want to break into, the better their chance of succeeding. Researching statistics, patterns, prices, and trends for painting services in a specific area gives potential new business owners a better picture of what they need to do to achieve their goals- and become a genuine competitor.
Look into past and ongoing projects, explore trends among commercial and residential painting clients, and learn as much as possible about other painting businesses in the area.
Arrange Personal and Professional Finances
It costs money to set up a business. Between paying for the license and insurance and buying the equipment needed to begin, there can be significant upfront costs. Managing the financial side of things is an essential part of starting and running a company.
Working out the figures before starting a painting business gives the owner time to decide what- if any- financial support they need, and how much they can afford to pay to get started. It also helps with the business plan, as they get a better idea of how much income the business needs to generate to make the endeavor profitable.
Plan the Business
Having a business plan is a must. As the saying goes, "Fail to prepare; prepare to fail". It may be a cliché, but it is also true. Diving in without sufficient planning and a clear idea of business structure makes for a messy start for any business.
Think about goals, budgets, and logistics- and plan what the launch and trajectory should look like. This matters even if the new business owner does not intend to apply for a business loan.
Look Into the Rules and Regulations for Painting Businesses in the Relevant Area
Every state has slightly different rules regarding new businesses and tradesperson licensing. It is important to find out exactly what is required before moving forward with any plans. Setting up a business without the relevant permissions, documents, and insurance could be a costly error.
Make Sure All Skills are Up to Standard
People will- and do- pay good money for professional house painting skills. However, a lack of actual skills is a surefire way to lose the trust of your community and drive away future clients.
Painters who have been working in the industry for a long time and now want to start a painting business themselves are likely confident in their abilities- but it pays to refresh any training and have the most up-to-date qualifications. The same applies to anyone else they plan to bring with them.
Not every business owner plans to do the painting themselves. If that is the case, it is important to know who they will be contracting or hiring- and to ensure that the quality of work represents the standards they want to achieve.
10 Steps to Starting a Painting Business
There is an opportunity to be grasped in the painting industry. Once the initial research and planning are complete, the next stage is taking the leap and working for yourself as the owner of a painting business.
Here is an overview of how to start a painting business in 10 steps.
1: Register Your Business Officially
Before doing anything else, an individual must register their business legally. The first part is picking a company name, and then deciding what business structure to register under. There are three main options:
Sole proprietorship (the person owns and operates their business alone and has full control)
Partnership (two or more self-employed individuals open and operate the business together)
Limited liability company (where the business has higher risk- usually due to larger size- and the owner wants to protect themself from personal liability exposure)
They can then apply for a business license and register their business. Usually, this is done online- but the exact procedure varies between states and countries.
2: Get Business Insurance
Insurance is an essential safety net for businesses that protects owners and employees. In the painting industry, insurance policies may cover injury, property damage, losses, and more.
Some types of insurance coverage that are useful for painting businesses include:
Liability insurance (for financial cover in case of accident or injury on the job- and to pay for damage to customer property in case of a claim)
Commercial property insurance (for financial support if company equipment or premises are damaged or stolen)
Workers compensation insurance (to cover costs if an employee is injured at work)
Commercial vehicle insurance (covers work vehicle in the event of a collision or any other damage)
Opening a business without sufficient insurance is risky and potentially illegal, depending on where it is based. Make this an early priority when getting set up. Bundles are often available for painting businesses and other trades.
3: Set Up a Business Bank Account
Handling business finances through a personal account can get pretty messy, which is why it is crucial to set up a business bank account before trading begins.
Doing so keeps personal assets separate from professional ones, and makes accounting much easier. If the owner plans to incorporate the business, having a business bank account is a legal requirement.
4: Choose What Services to Offer
Choosing what painting services to offer is another big step. Some companies keep it very general- others focus on a certain area and make it their selling point. Think about what can be offered to a high standard, and avoid committing to too much too soon.
Will it be a house painting business, or will the key focus be commercial painting clients? It could be both or include some specialized painting skills that are not offered by other companies in the area. Whatever direction the new owner plans on taking, they should have a clear plan before they launch.
5: Purchase the Equipment Needed to Run the Business
Stocking up on painting equipment can be an expensive task in the early days of a new business, so it is important to work out what is required and what budget is available.
Some of the general equipment needed includes:
Rollers
Paint trays
A mix of brush sizes
Painters tape
Tarps
Ladders
Sandpaper and scrapers
Commercial painting may need a few other things, such as industrial primer and pressure washers. Bear in mind that specialist equipment like paint sprayers can be rented when needed, rather than splashing out limited early funds for something that may not be used very often.
Purchase the essentials and build a versatile kit to get things started. More equipment can be added later as more clients pay for work.
6: Decide on a Business Software Package
Business management software is a game changer. Modern companies use these programs to seamlessly manage their operations, finances, and schedules- amongst other things.
There are plenty of budget-friendly solutions- some are even free. You don't have to spend much, but having something to streamline the day-to-day is advisable.
7: Research and Set Prices
Setting prices is not as simple as just picking numbers. It involves careful planning of profit margin goals and value for money for clients. New businesses need to be competitive- but they also need to recover expenses incurred during the setup process.
There is a lot to think about, and it helps to research what other companies charge for similar services. Consider the actual cost to the business and how much profit would make it worthwhile.
Painting contractors are in high demand, and clients pay good money for professional house painting skills. That said, charging too much can drive good business away. Charging too little can lead people to question the quality, so it is crucial to find a balance.
8: Establish an Online Presence
Setting up a website properly is arguably as important as the business itself. Without a website, people can't explore the services on offer and learn more about the company. People rely on websites to help them find the right painters, and not having one is detrimental to success.
The prospect of creating a website can be daunting, which is why so many people hire a web designer to do it for them. Blue Collar Websites works specifically with tradespeople- including painters- to build and customize excellent websites that are easy to manage. Perhaps, consider web design for painters when establishing an online presence.
As well as launching a website, new painting companies should use social media platforms to increase engagement with local communities (a.k.a. potential clients). It makes it easier to communicate and connect with people who may want to use their services.
9: Hire Employees and Subcontractors Where Necessary
Depending on how a person wants to run their business, they may need to hire employees or subcontractors. Unless they can offer all services on their own- and run the entire business on the side- they are going to need some help.
Unsure where hiring or contracting is best? Think about the business needs and budgets. Is there enough money for full-time employees? Can the workload be handled without permanent help? What are the subcontracting laws, and are there services that require a specialist?
Spend time finding the best fit, and make sure the correct procedures are in place for hiring and insurance.
10: Find Your Customers
All that remains is to find clients and start earning money. Invest time and money into an early marketing strategy- and network as much as possible to get the company name out there. Advertise services locally and online- using social media platforms to reach a wide audience quickly and cost-effectively.
Sometimes, getting the first customer is the hardest part, but it is an exciting milestone for any new painting business. Think about using existing connections to get over the first hurdle, and offering special deals for the first few clients.
Five Top Tips for Running and Maintaining a Successful Painting Company
Getting started is one thing, but running a successful painting business long-term is something else entirely. A strong start goes a long way, but knowing what to prioritize going forward can be make or break.
Here are five top tips for new painting businesses that want to ensure they stick around long enough to make a difference in the industry.
Make Online Presence a Priority
The 21st Century is powered by the internet. Failure to capitalize on the online market often equates to failure to succeed. People simply do not trust businesses (especially trade-related businesses) that they can't find online. A poor online presence is not much better than no presence at all, as it does not inspire trust in viewers.
Most people look online first these days when searching for services, and it is the business that shines on the search engines and shows engagement with their audience that most easily attracts new clients.
Painting customers who search for a company to trust with their property renovation want evidence that the business is reliable, and a strong online presence is an excellent way to provide it.
A company website says a lot about a business. Investing time and money to ensure people can find, access, and easily navigate the site is vital for success. Ensuring the website is clear, communicative, and user-friendly is just as important.
Blue Collar Websites specializes in building and maintaining websites for trade companies and is a valuable addition to any new painting business.
Maintain a Strong Marketing Strategy
It is not enough to simply exist as a new painting business and wait for calls to come in. Digital marketing is an invaluable tool in the modern world and has far greater reach potential than local paper ads.
Utilizing the possibilities of digital marketing strategies helps bring attention to a company and get the business name out there. Emails, social media platforms, and website banners are just some ways to boost interaction and engagement with would-be customers.
Ask for Feedback from Happy Customers
Small business owners rely heavily on word of mouth, and there are few things more important to a new business than reviews and testimonies from happy clients. Ask customers to leave ratings and comments on the Google My Business page and other trusted sites- and use those comments to promote services.
Five-star ratings are worth their weight in gold. Get enough of them, and the hunt for new customers becomes much easier.
Establish a Competitive Edge
While many painting jobs are pretty similar, the people providing the services are not. A point of difference helps a company stand out and gives them an advantage over their competitors.
Being proud and vocal about what makes their business different helps professional painters get the attention of potential customers- and, more importantly, get the contract.
Look for Gaps in the Market and Strive to Fill Them
As popular as a service painting may be, it is still a highly competitive industry. Knowing what is lacking in a certain area and finding a way to provide what others cannot can set up new business owners for a strong start- and lasting success if they do it right.
Whether it is commercial painting, specialist textures, or specific property types that don't have great representation where a potential new business plans to operate- identifying the gap and filling it creates a lot of opportunities. Blue Collar Websites also has insight on how to start an electrical business.
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Final Thoughts
Running your own business can be life-changing- providing the freedom to work for yourself and make your own professional decisions. That said, there is a lot to think about before starting a painting business- and many things to continuously manage as the company progresses.
It is a great time to start a painting business, but only if the person making the move has the right tools and information to get them started. One of the most important elements of any new business is an appealing, user-friendly, and high-ranking website- something Blue Collar Websites can help bring to life.
Learn more about building and managing an online business site with Blue Collar Websites, and take a vital step toward long-term success for your new painting business.
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