You don’t necessarily need a college degree, a bunch of money in the bank or even painting business experience to start something that could become the next major success. However, you do need a strong plan and the drive to see it through.
If you’re here, odds are you already have the drive, but you might not know how to start building your painting empire.
That why we are here.
1. Evaluate yourself.
Let’s start with the most basic question: Why do you want to start a painting business? Use this question to guide what kind of painting business you want to start. If you want extra money, maybe you should start a side hustle. If you want more freedom, maybe it’s time to leave your 9-to-5 job and start something new.Once you have the reason, start asking yourself even more questions to help you figure out the type of painting business you should start, and if you have what it takes.
What skills do you have?
Where does your passion lie?
Where is your area of expertise?
How much can you afford to spend, knowing that many painting businesses fail?
How much capital do you need?
What sort of lifestyle do you want to live?
Are you even ready to be an entrepreneur?
Be brutally honest with your answers. This will create a foundation for everything you do moving forward, so it’s better to know the truth now than later.
2. Do market research.
Is anyone else already doing what you want to start doing? If not, is there a good reason why?
Start researching your potential rivals or partners within the market by using this guide. It breaks down the objectives you need to complete with your research and the methods you can use to do just that. For example, you can conduct interviews by telephone or face to face. You can also offer surveys or questionnaires that ask questions like “What factors do you consider when purchasing this product or service?” and “What areas would you suggest for improvement?”
Just as importantly, it explains three of the most common mistakes people make when starting their market research, which are:
Using only secondary research.
Using only online resources.
Surveying only the people you know.
3. Make it official.
Get all of the legal aspects out of the way early. That way, you don’t have to worry about someone taking your big idea, screwing you over in a partnership or suing you for something you never saw coming. A quick checklist of things to shore up might include:
Business structure (LLC, corporation or a partnership, to name a few.)
Register your painting business
Federal tax ID
State tax ID
Permits (more on permits here)
Necessary bank account
Trademarks, copyrights or patents
While some things you can do on your own, it’s best to consult with a lawyer when starting out, so you can make sure you’ve covered everything that you need.
4. Write your painting business plan.
A painting business plan is a written description of how your painting business will evolve from when it starts to the finish product.
Here’s what we suggest should be in your painting business plan:
Title page. Start with name the name of your painting business, which is harder than it sounds. This article can help you avoid common mistakes when picking.
Executive summary. This is a high-level summary of what the plan includes, often touching on the company description, the problem the painting business is solving, the solution and why now. (Here’s what you should include in the summary and how you can make it appeal to investors.)
Business description. What kind of painting business do you want to start? What does your industry look like? What will it look like in the future?
Market strategies. What is your target market, and how can you best sell to that market?
Competitive analysis. What are the strengths and weakness of your competitors? How will you beat them?
Design and development plan. What is your product or service and how will it develop? Then, create a budget for that product or service.
Operations and management plan. How does the painting business function on a daily basis?
Finance factors. Where is the money coming from? When? How? What sort of projections should you create and what should you take into consideration?
For each question, you can spend between one to three pages. Keep in mind, the painting business plan is a living, breathing document and as time goes on and your painting business matures, you will be updating it.
5. Finance your painting business.
There are a ton of different ways to get the resources you need to start your painting business. Angel investor Martin Zwilling, whose painting business Startup Professionals provides services and products for startups and small painting businesses, recommends 10 of the most reliable ways to fund your painting business. Take a look and consider your own resources, circumstances and life state to figure out which one works best for you.
Fund your startup yourself. Bootstrapping your painting business might take longer, but the good part is that you control your own destiny (and equity).
Pitch your needs to friends and family. It can be hard to separate painting business from personal relationships, but if you’re considering asking for a loan, here’s a resource you can use to make it as straightforward as possible.
Request a small-painting business grant. Start by checking out our guide to small-painting business grants. Then, head over to Grants.gov, which is a searchable, online directory of more than 1,000 federal grant programs. It might be a long process, but it doesn’t cost you any equity.
Start a crowdfunding campaign online. Sometimes power is in numbers, and a bunch of small investments can add up to something major. If you think your painting business might be a fit for something like Kickstarter or Indiegogo, you should read up on 10 of the best-crowdfunded painting businesses ever or check out the most popular crowdfunding websites.
Apply to local angel investor groups. Online platforms such as Gust and AngelList and local networking can help you find potential investors who relate to your industry and passion.
Solicit venture capital investors. VCs typically look for big opportunities from proven teams that need a million dollars or more, so you should have some traction before approaching them.
Join a startup incubator or accelerator. These companies are designed to help new or startup painting businesses get to the next level. Most provide free resources, including office facilities and consulting, along with networking opportunities and pitch events. Some, also provide seed funding as well.
Negotiate an advance from a strategic partner or customer. If someone wants your product or service bad enough to pay for it, there’s a chance they’ll want it bad enough to fund it, too. Variations on this theme include early licensing or white-labeling agreements.
Trade equity or services for startup help. For example, you could support a computer system for office tenants in exchange for free office space. You might not get paid for this, but you won’t have to pay for an office, either, and a penny saved is a penny earned.
Seek a bank loan or line of credit. Here are 10 questions you should ask before applying for a bank loan, including whether you will qualify. If you do meet the requirements, a good place to start for loan opportunities is the Small Business Administration.
6. Start building your team.
To scale your painting business, you are going to need to hand off responsibilities to other people. You need a team.
Whether you need a partner, employee or freelancer, these three tips can help you find a good fit:
State your goals clearly. Make sure everyone understands the vision and their role within that mission at the very start.
Follow hiring protocols. When starting the hiring process you need to take a lot of things into consideration, from screening people to asking the right questions and having the proper forms. Here is a more in-depth guide to help you.
Establish a strong company culture. What makes a great culture? What are some of the building blocks? You can see our list of 10 examples of companies with great cultures, but keep in mind that you don’t need to have Google’s crazy office space to instill a positive atmosphere. That’s because a great culture is more about respecting and empowering employees through multiple channels, including training and mentorship, than it is about decor or ping-pong tables. In fact, office perks can turn out to be more like traps than real benefits.
7. Start getting some sales.
No matter your product or industry, your painting business’s future is going to depend on revenue and sales. Steve Jobs knew this — it’s why, when he was starting Apple, he spent day after day calling investors from his garage.
There are a ton of different sales strategies and techniques you can employ, but here are four tenets to live by:
Listen. “When you listen to your clients/customers, you find out what they want and need, and how to make that happen,” says investor and entrepreneur John Rampton.
Ask for a commitment, but don’t be pushy about it. You can’t be too shy to ask for a next step or to close a sale, but you also can’t make customers feel as though you’re forcing them into a sale.
Don’t be afraid of hearing “no.” As former door-to-door salesman (and now co-founder of software business Pipedrive) Timo Rein said, “Most people are too polite. They let you make your pitch even if they have no interest in buying. And that’s a problem of its own. Time is your most important resource.”
Make it a priority. As entrepreneurial wizard Gary Vaynerchuk said, “Actually creating revenue, and running a profitable business, is a good strategy for business.
But how do you actually make those sales? Start by identifying targets who want your services.
12. Grow your painting business.
There are a million different ways to grow. You could acquire another painting business, start targeting a new market, expand your offerings and more. But, no growth plan will matter if you don’t have the two key attributes that all growing companies have in common.
First, they have a plan to market themselves. They use social media effectively through organic, influencer or paid campaigns. They have an email list and know how to use it. They understand exactly who they need to target — either online or off — with their marketing campaigns.
Then, once they have a new customer, they understand how to retain them. You’ve probably heard many people state that the easiest customer to sell to is the one you already have. Your existing customers have already signed up for your email list, added their credit card information to your website and tested what you have to offer. In doing so, they’re starting a relationship with you and your brand. Help them feel as good about that relationship as possible.
Start by utilizing these strategies, which include investing in your customer service and getting personal, but realize your work will never be done. You’ll constantly be competing for these customers in the marketplace, and you can never simply rest on your laurels. Keep researching the market, hiring good people and making a superior product and you’ll be on your way to building the empire you always dreamed about.
How much does it cost to open your own franchise?
Are painting companies profitable?
How much is a Five Star Painting Franchise?
|Liquid Capital Required:||$50,000|
|Total Investment:||$69,700 – $179,250|
Is painting a good business to start?
How much do painters make?
How much money can you make owning a painting business?
How can I start a painting business with no money?
- Register your company – $100.
- Create a website – Free.
- Get insurance – $100 per month.
- Painting equipment – Free (I’ll explain later)
- Bid for jobs.
- Getting your first painting customer – $100.
- Make a profit.
Is painting a good trade?
Is a franchise a good investment?
Is it hard to start a painting business?
How can I promote my painting business?
- Door-to-door marketing. When starting out as a painter, door-to-door marketing is the best way to start. …
- Referrals. Referrals have lifted many painters to success in this business. …
- Lead providers. …
- Lawn signs. …
- Lead groups. …
- Use flyer drops. …
- Online advertising. …
- Use co-op advertising.