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Starting a painting business is one of the most lucrative businesses out there. And the reasons are indeed valid.
First, the demand for home improvement will always stay high, and this business has almost no entry resistance. You do not require hefty funds for setup, qualifications, or even much experience to join it.
So, if you are a beginner looking for how-tos or have always dreamt of opening a successful painting company.
In this blog, we have collected all the information to answer your questions about starting a painting business.
Get all the insights on starting a painting business of your dreams in 2024!
How To Start a Painting Business: Know Before Starting a Painting Business
There will always be a good time to start your own painting business since home improvement and professional painting work are always in demand.
In the US, a painting company earns an average profit of 6000$ or more per month in its own painting business.
So, with the steps and strategies below, you can easily start and scale your business for a profitable return. Stay with us for all the insights about the industry:
1. Learn Professional Painting Skills
Without experience, you can make mistakes that can cost you a lot of money or clients in the long run.
Hence, learning the basics of professional painting is important. You need to provide a satisfactory job to your clients and how to run your business smoothly. It is also a good idea to start by working for someone else who is already in the business so that you can understand how the industry works and get hands-on experience.
2. Register Your New Painting Business and Get a License
If you want your business to operate legally within the country, you must register your business and get the required licenses. This will ensure compliance and save you from trouble down the line.
- Choose a business structure: You can choose from Sole Proprietorship, Corporation, LLP, etc.
- Register your company name: You do not need to worry about naming your business if you can choose from a simple and memorable name. It must appear professional and catchy.
- Get a business license: To operate a business, you must register for the required licenses. There can be various requirements depending on your location and field of work.
3. Get Painting Company Insurance
Getting insurance is a must for a painting company since it deals with liability and worker safety. Accidents can always happen, leading to damages to client property or health-related issues for your workers.
Here are some of the important insurances:
- Health insurance
- Vehicle insurance
- Workers’ compensation
- Business owners’ policy
4. Set Up a Business Bank Account
You need a separate bank account to manage your business finances efficiently.
Keeping your business accounts separate can help you track business income and profits. It also makes bookkeeping easier, leading to easy payment tracking.
You will need documents like:
- Employer identification number (EIN)
- Business documents
- License for operating the business
5. Decide Which Types of Painting Services to Offer
Deciding the right type of services to offer can depend on many factors. You can choose one or multiple services depending on your expertise, your client requirements, area of service, your budget, etc. Whatever services you offer, make sure to offer satisfactory services.
As a painting contractor, you can choose from services like:
- Residential
- Commercial
- Construction
- Metal door painting
- Staining
- Drywall repairs
- Wallpaper removal
- Pressure washing
- Deck reconditioning
- Repaints
6. Purchase Your Painting Equipment
You can only perform a painting job with the right painting equipment in your hand. They are not only the essentials. Having the right tools also makes your work faster, smoother, and more efficient. Many clients might also hire you if you have the right and latest equipment at hand.
For residential painting jobs, you can choose the following tools:
- Paintbrushes
- Paint
- Rollers and paint trays
- Electric rotary hand sander
- Sandpaper
- Painter’s tape
- Scrapers
- Ladders
- Caulking gun
For commercial painting jobs, you need equipment like:
- Triple ladders
- Industrial sanding machines
- Heavy-duty pressure washers
- Electric drill mixers
- Extension poles
- Edging tools
7. Estimate Painting Jobs and Price Your Services
Giving estimates for your painting job according to the requirements of commercial and residential painting clients requires experience and expertise. It is one of the most essential requirements to grow your business and make it profitable.
You need to evaluate the scope of your business and keep your profit margin right at the same time.
To give out the right estimates and quote the right prices, here are some of the points you need to consider for most new painting businesses:
- Make a plan
- Consider the cost of materials used
- Consider the cost of setup for the essential painting equipment
- Inspect the job location and requirements
- Examine the labor required to fulfill the task.
- Determine a markup
8. Get the Best Invoicing Software
With professional business invoicing software, you can easily create professional invoices that will help you land and keep your clients. With a tool like Moon Invoice, you can convert your estimates into invoices directly. You can also use painting invoice templates available from these tools to create invoices easily.
Here’s why Moon Invoice is essential for your painting business:
- Create professional invoices: Your invoices also show the quality of your business, and hence, they can affect your brand image. By sending professional and accurate invoices via mail or print, you can create a lasting impression and get payments sooner.
- Save time and money: Save time and money on creating paper invoices, receipts, estimates, etc.
- Create accurate and consistent invoices: Moon invoice produces accurate invoices for your company.
- Automation: It creates and sends invoices automatically so that you can focus on your painting job.
- Painting invoice templates: Create invoices in just a few clicks.
9. Hire Subcontractors or Employees
You can only operate part of your business. Hence, you need to hire freelancers or full-time employees.
If you require any special skill set to tag you along in some of your projects, you can also hire subcontractors or painting contractors who are experts in the field.
While you hire employees, you need to make sure they know their jobs and are capable of providing high-quality work. You can also arrange training to keep your employees up to date.
10. Brand Your House Painting Business
The image you create for your business is really important in positioning it. You need to create an image that can set you apart from the competition. So you need to ask yourself the following:
What makes you different from your competitors?
Once you have the answer, you must create points to market your business around this idea. Your clients will value your work and specializations once they relate to your brand.
You can also set your business apart by using logos, uniforms, personalized bills and invoices, and company colors.
11. Start Marketing Your Painting Services
Whether it is at the launch of your business to grab customers’ attention or to keep your clients. Make sure to
You can try a few tips like:
- Build a website
- Build an online business
- Use client testimonials to build trust
- List your services in detail
- Use images of previous services
- Use word-of-mouth
- Use flyers, business cards, posters, etc.
Top Reasons to Start a House Painting Business
The painting business is estimated to grow at a rate of 5% between 2020 and 2026., according to the Global Market Insights report.
It is one of the most lucrative businesses you can start. Here are some more reasons to start a house painting business:
1. Low Effort
You can develop painting skills for your business very quickly and with very little effort. It also does not require any additional qualifications. You will also not require extensive training for your employees if you wish to scale your business in the future.
2. Minimal Start-Up Costs
The startup cost for painting businesses is very low compared to other businesses in the home improvement sector. The essential tools required can be acquired cheaply, even for higher quality. It only requires basic equipment like paint brushes, ladders, paint trays and rollers, and safety equipment. These can even be found in any general store near you.
3. Huge Market Size
The requirements for painting businesses are diverse and will always be growing. Home improvement, construction, and such services are required in all areas, and both residential and commercial property owners require these services.
You will also likely face very little competition, depending on the area. The steady demand also makes it a risk-free business option.
4. Profitable and Scalable
Due to the very low overhead cost and maintenance required, a painting business can grow very profitable in just a short duration. All you need to do is market your brand in the right direction, and you will have a steady flow of customers, keeping your business thriving.
It is also relatively easy to scale this business as you can always add a larger area, enter a commercial painting sector, and add a list of new services and employees to cover more projects for your business.
Once you have a running business, you can also employ proper accounting and invoicing tools to bill and receive payments from your customers.
How Much Does it Cost to Start a Painting Business?
It can cover the basics required for your business alongside some scope of expansion as required. Elements like area, business scale, quality of products used, and individual preferences can also factor in the prices of starting your business.
Some of the important factors are:
- Basic equipment cost
- Business registration and licenses
- Insurance costs
- Vehicle and transportation cost
- Marketing costs
- Safety equipments
Final Words
Being your boss can be rewarding, and a painting business is a good start. Launching and maintaining a painting business requires a good strategy. By following these tips and with tools like Moon Invoice by your side, you can start your painting business with ease.
In this blog, we have hopefully answered all your questions about how to start a painting business.
