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Starting your own painting business is similar to starting any other business. Identify a need for this service in your area, look at the potential profitability, and determine if you are qualified to be productive in this market. Once you’ve decided to go forward, choosing a business name is your next move. Be creative, but show that you’re serious. The common trick of starting your business with the letter ‘A’ so you’re first in the phone book is something to consider, but don’t let this dictate your choice. Choose a name that’s easy to remember and that will stand out wherever you advertise.
How to Start Your Own Painting Business
Develop a business plan outlining the specifics as well as the goals of your painting business. Include a budget for supplies, payroll, advertising, and insurance along with projections for future growth. If you need a loan to get your business off the ground, a well thought out business plan will carry a lot of weight with your banker. Be sure to be realistic about your profit projections, including the cost of paint and painting supplies, time estimates for average jobs, equipment costs, and advertising expenses.
Get a business license. Having as license is necessary for tax and insurance purposes, as well as product and supply discounts.
Purchase business insurance. This may include worker’s compensation as well as general liability. Your bank will also have specific insurance requirements if you get a loan, so check with your banker for details.
Advertise your painting business online and in your local paper. Personally contact home builders and other painting contractors in your area to let them know you are available.
Make a portfolio of your work. Painting references will go a long way towards helping you develop connections. Before and after pictures of rooms and homes that you’ve painted will showcase your abilities and offer confidence to prospective clients. Keep your portfolio updated throughout the life of your business. You may also wish to create a brochure from the pictures as advertising for your painting business.
Open a contractor account with several local paint supply stores. Purchasing supplies will be an ongoing part of your business, so getting the best price for your paint and other paraphernalia is crucial to your success. You will likely need your business license in order to set up these accounts.
Offer to subcontract for other painting contractors while you build your business.
Don't under budget your supplies, add a margin for price increases when bidding on a distant project.