From being your own boss to making a good income, managing a painting business can be an exciting and rewarding venture. And this is the best time to start your own painting company! According to recent market reports, the painting industry is currently worth $43 billion and has consistently grown by 4.2% over the last five years. For the most part, it’s a result of a rise in new housing and the increasing value of residential construction. Moreover, technology has pushed the industry even further. Overall, if you are looking for a profitable business idea, starting a painting business could be your path to success.
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A painting business primarily offers interior and exterior painting services to homeowners, individuals, or businesses. also complete specialty and customized projects based on need. More unique painting assignments might require specialized skills, equipment, materials, and additional help to complete. In these scenarios, the painting company would facilitate each aspect of the custom project from start to finish. Skilled technicians are trained to complete different types of painting projects that range from simple to complex.
Unlike other industries, the painting trade is relatively simple to enter, making it an easy choice when starting your own company. It is also a great way to make money, since it is easily scalable. But to achieve that, you need to know the ins and outs of the business from the get go. By committing to an informed and practical plan, you can become a full-time painting business owner whenever you’re ready! However, the whole ordeal starts with setting up the business, and that requires some strategy.
To help you with the task, we have created a comprehensive step-by-step guide specifically for you. In this blog, you will find seven easy steps explaining how to start a painting business. Just follow them and you are all set to become the master of the trade.
1. Create A Business Plan
A clear plan always gives reward. It will serve as the foundation of your business. It’s a roadmap for how to structure, run, and grow your new business. To explain, you will figure out the specifics of your business and discover some unknowns with the help of your business plan software. More specifically, your painting business plan will create a mission for your business that how you will go forward and what are the things you must consider for starting this business. To this end, your business plan must include the following items:
- Executive summary
- Business description
- Market segmentation and analysis
- Sales and Marketing strategy
- Competitive analysis
- Product and services description
- Financial projections
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2. Choose a Name
As a service provider, you need to begin thinking about potential names for your small business. Brainstorm ideas that are both engaging and professional. Since your business name is the first impression that customers will have of your business, you want to choose something memorable that still communicates your value as an organization.You can always go with your formal name, i.e. first and/or last name, name it after a loved one, or go for a generic name. Better yet, try to think outside the box and give a unique, memorable name to your business. This will also help you create your own website going in the future, especially when you try to up your digital marketing efforts. But no matter what name you choose for your business, make sure to look up and confirm that no one else is already using the name. Else, this will be a problem when you try to register your company.
3. Start the Paperwork
Once you have chosen a name for your business, it is time to make things official. To start a painting business, you need to obtain certain licenses, permits, etc. as per local and federal guidelines. This varies depending on your location. In general, there are a few standard items that you need to get covered before you start doing business. Such as:
- Registration as a legal entity (proprietorship, partnership, corporation, or LLC)
- Official business licenses
- Employer Identification Number (EIN)
- Tax related permits
In some regions, you might also need a contractor’s license to operate.
4. Open A Bank Account
When you first open for business, it could be tempting to pay for your expenses out of pocket and to transfer earned income directly into your own account. If you want to become a legitimate business, however, you should aim to separate personal and business-related finances as much as possible. Not only can this step protect you in the event of losses and debt, but it can also create more visibility into how your small business is performing. Moreover, having a separate account will also benefit you in terms of funding. Ask your banking institution about special incentives or offers. Many times, these options are available to help new entrepreneurs make a strong financial foundation. At the same time, you can inquire about a business credit card or a separate line of credit for expenses and startup costs.
5. Develop A Marketing Strategy
Once you establish your business, it is time to get the word out. After all, you will need customers to keep the cash flow coming. Therefore, you must carefully devise a marketing plan. If you are based in a small locality, then putting up billboards or distribute fliers can work for you. You can also print out your painting business cards and pass them around. This way, people will come to know about your company and you can expect some job orders soon. However, this is not going to be sufficient. In today’s age of technology, you need to invest in digital marketing if you want to go big with your company. And the first step towards that goal is to develop your own website. Buy a domain name for yourself, design a logo, and build a website where you can describe your services, offer deals, and post regularly to gain some organic traffic. You should also focus on social media to build a strong brand awareness.
6. Purchase Necessary Equipment
Planning and marketing aside, you will need actual tools and equipment to get the actual job done. The number or type of tools you need depends on the type of your business, i.e. whether you hire technicians and aim for multiple projects at a time or you run the operation on your own. In either case, you will need the following items if you are starting from scratch:
- Extension pole
- 16-foot extension ladder
- One brush per person
- Fluorescent light
- Tool bucket
- Caulk gun
- Drop cloths
- Small fan
- Airless paint sprayer
7. Invest in Digital Tools
Beside the standard equipment, you must own some digital tools such to run your commercial painting company smoothly. They help you automate and simplify your business processes and increase overall efficiency. To further explain, the digital tools would take care of the administrative aspect of your business and free up your time, so that you can focus more on the actual job better. For this purpose, you should consider getting the following digital tools for your painting business:
- Work order management software
- Scheduling and Dispatching software
- Accounting software
- Cloud storage
- Internal communication system
- Invoicing software
- Estimating software
- ERP software
- Digital calendar
- Time tracker
While all these software solutions are almost indispensable to run a business these days, it might look like a lot for a small company that is only starting. However, there is no reason to feel discouraged. We bring you an excellent alternative. Get a field service management software for your painting company.
Now, l if you ask which field service solution is ideal for your business, we would recommend Field Promax. The tailor-made software solution is designed to serve painting businesses of all size. It is easy to use, affordable, and boats the best customer service. But that is not the reason we recommend it. It is the best choice for your business because it is the one-stop solution for all your automation needs. Field Promax offers you all the features mentioned above, and more. For example, it comes with a dedicated mobile application for your field technicians, features a comprehensive dashboard, offers reports and analytics on your performance, and also designed with GPS technology that helps you monitor your technicians’ location in real time.
Also Read : Essential Tips for Estimating And Quoting A Painting Job.
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