Starting a new business is always complicated. If you are pondering over which one to start, the painting business is a good one. Painting businesses are almost always in demand and this industry has grown a lot in the past decade. One of the reasons is that home and office renovations are inevitable. The low startup costs are a plus point. You can start a painting business with a budget as low as $500.
This brief guide will help you in starting a painting business:
Know the prospects of the business:
Before starting, it is necessary to make sure whether a painting business can be a success for you. Ask other successful painters in your area what they think of the market. Ask questions like is there enough room for you in the painting market of your area? Or is there any unfilled niche? What is the position of the real estate market and construction business in the area?
Evaluate the prospects and possibilities properly. Be optimistic, but realistic. Once you have a deep understanding of the opportunities in your market, only then invest time, money, and effort into it.
Plan your business:
Once you have decided to start your own painting business, the next step is to make a business plan. I know it may sound hard. But it isn’t. A small amount of time and energy in planning your business startup will go a long way in helping you afterward. Here, the first step i.e. understanding the market will help you. The better you understand the market of your area, the better you can plan.
This will give a roadmap to build your business and maintain it once it acquires pace. You may not have time for this once your business gets running. But if you already have a plan, you can update it with time.
Get your business registered:
It is an important step that may require some complicated paperwork. But don’t worry. Through your government’s website or local trade organization’s help, you can know how to get your business registered and can easily get it done.
Depending on the laws of your area, you may also need a license to work as a professional in the painting market. Get one if needed.
Open a business account and get insured:
These are crucial requirements for a business. A business account will make your business transactions and finances easy for you. An insurance can help you in case of damages or losses.
You can find different options to finance your business in the beginning. You can get an equipment financing loan or a small business term loan. Another option is to get a 0% Introductory Business Credit Card. You can find details of these options on the internet.
Invest in equipment:
Aside from the amount spent on getting your business registered and licensed, equipment is the only real startup cost of your business. You will need ladders, brushes, rollers, sprayers, paint, drop cloths, tape, transportation, etc. You don’t have to spend a lot on these things right away in the beginning. Starting with only the necessary items and building the business from it is also a good option.
Finding good partners:
Look for such real estate companies, construction contractors, and other businesses in your area which are most influential with your target customers. Contact them and try to make a partnership with them. This will also help you market your business.
Create talking points and study business concepts:
Talking points like ‘what makes you better than other painting companies in the area’, will help you convince your potential customers to hire you while studying business concepts and strategies will make you innovative and creative in ideas helping you grow your business.
Some extra tips:
- Set clear rates.
- Follow up with prospects. People usually take some time to decide which company or painter to hire. So don’t give up early on them.
- Stay in touch with your customers.
- Build a portfolio.
- Invest in marketing your business.
Hope you find this brief guide on how to start a painting business helpful and beneficial.