You need to consider licensing, company registration, licensing
and casual labor. Others are startup
funding, how to estimate a job, equipment and ways to approach clients.
1. Register
the business
Register the business with the secretary of state or
corporate affairs commission. You could register the business yourself by
visiting their office and filing the documentation.
Other ways is to hire an attorney or use online
registration services. Register the business as a sole proprietor or LLC. The
next step is to get an employer identification number EIN.
2. Setup
a bank account
You need to setup a bank account separate from your
personal cash. It do this use your registered company name to open the account.
Make sure the account is a checking account to receive checks and electronic
fund transfer.
3. Licensing
Some states require painting businesses to have an
operational license. Find out from your host state their laws guiding the
enterprise.
Painting has a few risks such as chemical inhalation and
accidental falls from high places. You need appropriate insurance cover for the
business.
4. Painting
equipment
The type of equipment you purchase depends on your
business format. Subcontractors generally use rented equipment or use
outsourced painters. However owing basic painting equipment is beneficial and
saves cost.
You need paint brushes, paint sprayers, sandpaper, and
wire brush. Others are ladders, masking gun, caulk gun, scraper, roller,
buckets and drop cloths. The equipment cost could rang from $600-$2,500
Equipment
- Brushes
- Air paint sprayers
- Sandpaper
- wire brush
- ladders
- masking gun
- caulk gun
- scraper
- roller
- buckets
- drop cloths
5.
Funding and Startup Costs
You
can fund the enterprise with your personal savings. You could approach a micro
finance institution or borrow from friends and family.
Startup
includes registration fees, bank account deposit, insurance fees and securing
an operational license. Other expenditures are transportation, equipment, and
marketing costs. The total startup costs could run from $5000-$15,000.
Total Startup Costs
- equipment-$1500
- license$ 0-$1000
- business registration-$150
- marketing $100-$1000
- insurance-$80-$100 monthly
- transportation-$300 monthly
6.
How to Estimate
Estimating
the properly is very important to the success of your enterprise. The
estimation is done on the cost of paint, transportation and labor costs.
If
you are painting an entire building calculate the interior and exterior to
reach a moderate estimate. Make sure you know the exact price and type of paint
your client wants.
Estimate
the amount of paint needed to do the job including transportation to the site.
Then estimate the amount of labor you need to finish the job.
7.
How to Paint the Building
You
could outsource painters, hire subcontractors or do the work yourself. Another
way is to have your own employees to do the work. We recommend hiring painters
to work alongside you for large project.
Painting
yourself is very hard backbreaking work. The progress of the project would be
slow without any added benefits.
Hiring
employees involves paying monthly salaries even if you have a contract or not.
This is not a sound business plan unless you have regular large scale
contracts. Subcontracting is the easiest formula because the paint company you
hire does all the work.
8.
Marketing
To
reach customers you need lots of networking and advertisement. To reduce
unnecessary expenditure estimate- a workable advertisement budget. Use
newspaper publications, classified websites and social media platforms. Other
ways include traditional printing of flyers, banners and posters.
1.
Startup Funding
2.
Register the Business
3.
Setup a Bank Account
4.
Licensing
5.
Painting Equipment
6.
Estimate the Job
7.
Outsource casual labor to Paint the Building
8.
Marketing
Pros
and Cons of Starting a Home Painting Business
A professional painter is only as good as the last job.
They attract customers through referrals, advertisement and word of mouth.
There are lots of business opportunities for painters in
the real estate market. They could work for home owners, estate developers or
interior decorators.
The job requires lots of physical labor, patience and
precision. A good knowledge of paint composition and prices is beneficial. To operate
favorably in this industry you need to know the pros and cons of the industry.
Pros
and Cons of Starting a Painting Business
Pros
of Painting Business
The startup cost for a paint business is moderate and
could be done as a side gig or pat-time. You can earn good income and there are
franchise opportunities. The painter has other related services such as
property cleaning and wallpaper.
Pros
of Starting a House Painting Business
- Low Startup cost
- Perfect as a Side Gig
- Perfect for part-time or Full- Time
- Earn Good Income
- Lots of Franchise Opportunities
- Lots of Related Services to Offer
- Outsourcing opportunities
- Hire casual staff
Cons
of House Painting Business
You face a hugely competitive market and seasonal work.
You need to purchase lots of equipment to favorably compete. You need business
insurance from accidents, knowledge of paints and safety gear. The job is very
physical and you face lots of health challenges.
Cons
of Running a House Painting Business
- Hugely competitive market
- Transportation and haulage costs
- The work is seasonal
- You need lots of equipment
- You need insurance cover
- Good knowledge of paints
- Regular changes in paint price
- Requires safety gear
- Health related challenges
- Possibility of workplace accident
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