Why Start A Painting Business?
The house painting industry earns over $38 billion annually. According to Google Trends, the search term, “painters near me”, is at a all time high at over 40,000 search queries each month. So there is plenty of room to start your own painting business and make lots of profits.
Want to Know How to Start a Painting Business?
Starting a painting company is relatively simple. It takes hard work and dedication but the upfront cost is minimal. Helping property owners re-create their space is fulfilling and profitable. Some of the benefits you can experience when you start your own painting business include:
- You can start as a part-time business
- It’s rather inexpensive to start-up
- Earn profit immediately
- Franchising opportunities
What are the costs involved in opening a house painting business?
Your local Small Business Administration office can provide information about the cost of becoming licensed, bonded and insured in your area. The initial investment for the necessary equipment to begin a small interior house painting business can be as little as $500. At minimum, you will need the following items:
- An 8’-12’ ladder
- Rollers, trays, and high-quality brushes of various sizes
- Drop cloths to protect carpets and furniture
- A caulking gun for replacing cracked or missing window caulking
- A masking gun to tape windows quickly
- A scraper for removing cracked or peeling paint
- A wire brush for creating an even surface
- A few sheets of 60 to 80 grit sandpaper to smooth out rough surfaces
What are the ongoing expenses for a house painting business?
The cost of remaining licensed, bonded and insured are among the ongoing expenses for a house painting business. Other on-going expenses include painting equipment, transportation, and advertising. Many business expenses are tax-deductible, so including payment for the services of a qualified tax accountant in your operating budget is a wise investment.
Who is the target market?
Preferred customers are people who know what they want and have the funds on hand to pay for your services in providing it. It is unwise to sign a contract with a potential customer who is still vacillating between two or three almost-but-not-quite-perfect shades of apricot. If you plan to offer a payment plan to increase business, potential clients should undergo a thorough employment and credit check.
How does a house painting business make money?
Customers are charged according to the size of the job, its degree of difficulty, the amount of equipment and the level of expertise required to complete it. Intricate brushwork on the eaves of a two-story home requires more equipment, time, and expertise than rolling paint onto a flat indoor surface. Since exterior painting can be seasonal, interior painting jobs are often scheduled for winter months to ensure a steady flow of income throughout the year.
How much can you charge customers?
The amount you can charge is based on a number of factors. When calculating an estimate, it’s important to factor in the cost of materials, transportation, and ongoing expenses in addition to the size of the area to be painted. Additional considerations include whether the walls are textured and how much trim is involved. Your profit margin is based on the accuracy of your estimates.
How to promote & market a house painting business
Creating a company website is an important step in establishing a new business. There a number of sites that enable small businesses to build a professional website quickly and easily at no cost. Ideally, your website should include a portfolio of your best work. Nothing demonstrates pride in workmanship like great before-and-after photos.
How to keep customers coming back
Social media is an effective promotional tool. Twitter’s analytics can track responses to online sales promotions. Creating a Facebook page can keep you connected with satisfied customers who can help you attract new ones. Targeted advertising in real estate magazines and joining the chamber of commerce are also worthwhile investments in learning which neighborhoods would be the most receptive to flyers offering special sales promotions.