A fresh coat of paint can do wonders in transforming not just the interior of your house but is also inevitable in lifting your mood to a more joyful state. But how many do have the patience to take the brush and do the job of their own? Not many for sure! That’s where you can go absolutely rocking with your well-set painting business. It offers a great opportunity to unleash your creative talent and designer soul by improving the interiors of houses and filling in colors in the lives of many.
But just like any other business enterprise, starting a painting business may bring out plenty of doubts and questions. Hence, to answer all your queries and help you understand how to start a painting business, we have come up with the below guide.
Before proceeding to the further sections, let’s give you a brief idea about the scope of work of a painting business.
What services does the painting business offer?
Providing interior and exterior painting services to individual, homeowners or business owners are one of the prime responsibilities of the painting business. The range of work depends upon the skill and experience of the technicians which decides your service types. Moreover, depending upon the requirements of the clients, one may need to customize the services as well. Besides, there are few additional tasks involved as well, like
- Prepping the wall
- Surface maintenance and protection
- Maintaining ventilation
- Cleaning up areas
Well, let’s also give you an idea about the various types of painting businesses to help you sort out your preferred option.
Types of a painting business
Deciding your specified niche before starting a painting business helps to fine-tune the entire process. Here are some of the various categories of painting business:
- Residential: Residential painting includes both interior and exterior coverage for both new and existing construction.
- Commercial: This type of painting service caters to larger areas of commercial properties and provides full painting coverage of the entire space.
- Industrial: It involves large construction-related projects including civil engineering projects as well, like roadways, bridges, public areas, etc.
- Specialty design: This offers unique and creative pieces of art for interior design and other similar projects.
Despite the fact that starting a painting business triggers your creative minds, you might look for other solid reasons before investing in it. Here’s why you should go for it if you have an inclination towards this type of business!
Why should you start a painting business?
There are a plethora of reasons why you may feel interested in how to start a painting business. Moreover, it offers low start-up costs and will help you get paid as per your skill set.
- Starting your own business is always beneficial as you get to be your own boss.
- This sector unveils your creative and self-expressive side to help you gain great assignments to flourish your business.
- Does not require rigorous training and certification procedures, hence there isn’t any barrier to the entry to start this business.
- Requires low-cost equipment which eventually lowers your overhead cost.
- Helps you learn about basics management and business operation and allows you to offer employment to other skilled laborers.
- The painting business is in great demand in the real estate market. It offers around 500,00 employment and has high growth potential.
- Moreover, clients pay well enough for specialized tasks, thereby helping you earn decent revenue.
So, let’s begin with the steps of setting up your painting business!
How to start a painting business in a few simple steps?
Are you eager to turn your interest into a new career? Then, you must have the knowledge of the nitty-gritty details of the steps of initiating a painting business. Take a look!
Draft a business plan:
Start off with an effective business plan. Create and establish a solid business plan and strategy to empower your business roadmap to keep it afloat.
Give a professional name to your business:
Being a service provider it is vital that you name your business. Besides, naming your business helps you to reach out to your customers easily and helps them to communicate with you as well. Avoid keeping names that are legally trademarked. Hence, you need a bit of extra homework on this.
Get your business registered:
Getting the business proposal in your head is not the end. The real game starts from here. You need to register your business for which you need to decide your company structure. Choose the right kind of business entity to avoid legal complications. It can be an LLP, LLC, Sole Proprietor, or even Corporation.
Get the licensing and tax work done:
Once you have decided on your business structure paying the administrative or legal fees is an inevitable part of keeping your business in existence. Submit essential documents to get your business license (if required) and EIN from the IRS for simplifying the taxation process.
Purchase insurance to secure your business:
Depending upon the state of business operation you need to get your business insured. States like Texas, demand worker’s compensation insurance from employers. This helps to safeguard both the employer and the employee from any physical or legal accidents.
Set your business finance and secure funding:
Once your business is official with the local government you need to manage your finances tactfully. Open a separate business account to keep your personal assets secluded. This will prevent your assets from running into losses if a business downturn occurs.
Moreover, secure your funding sources by the following methods:
- Equipment financing loan: it allows you to borrow a specific amount for purchasing a particular item, unlike usual bank term loans.
- Business term loan: Great option for business owners with a strong loan repayment record, but may not be feasible for newcomers.
- 0% business credit card: You can implement this to avail no interest as long as you use the card for your business.
Set up a professional business website:
Design a professional business website to highlight your portfolio to your prospective clients. Display your contact details and other required information so that one can reach out easily.
A marketing campaign to draw more clients:
Marketing strategies are as important as business plans. Once you plan to open a business you need to plan out your marketing agendas to have a strong grip of the market.
Hire staff :
It may not be possible to cover everything single-handedly. Hence, recruit experienced and skilled professionals to get your job done seamlessly and make your business more organized.
Now, as you know the steps of starting a painting business, get hold of your business finances as well, with Billbooks. Here’s how you can do that!
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Check out our other articles on invoicing and estimate made for the painting business for better understanding.
Finally, let’s sum it up!
- Design up strong policies to secure your business.
- Implement an effective expense tracking mechanism to monitor your cash flow.
- Register and secure your business to safeguard your enterprise from legal implications.
- Build effective marketing strategies to reach out to more prospective clients seamlessly.
- Get the tax paperwork done beforehand to avoid last moment rush.
- Hire experienced professionals to manage your business effortlessly.
So here you go! Take your first baby steps into this new business arena with the above blueprint and go ahead to achieve the heights of success.