By 2022, the painting industry is expected to be valued at some 209.4 billion dollars globally.
Are you thinking Of starting a painting business? Hopefully, this will point you in the right direction towards success.
Painting as A Career: Is It Worth It?
For some, painting started as a summer job. Others picked it up from friends and family. The painting industry is one of the very few careers, where how you started doesn’t really matter.
In this career path, there are a few options that are open to you. You could work as an employee with a business owner. Your job would be simple, just applying paint to walls as you get directions from the business owner.
As a subcontractor in the painting industry, you would get jobs and assign people to do them while getting paid for supervision. The top-level is the level of the business owner where you make need a mix of skills.
As a business owner, you make budgets, schedules, contracts, and work on customer service. Of all three, contractors are the most sort after. However, business owners make the most profit.
How Much Do House Painters Make?
Depending on the environment, the prices may differ, but for house painters in Louisville, KY, the average annual salary starts at $37,960. This estimate is based on an 18.25 dollars per hour pay and a 40 hours per week schedule.
9 Steps to Starting Your painting Business
To start a business successfully in painting, here are some steps that can guide you.
1. Have A Plan
Having a plan is arguably the most crucial step in starting any business. A good business plan would help you see the necessary specifics of your business.
Through the plan, you might also uncover some hidden truths about the business. In general, your painting business plan should discuss your business name, costs, target market.
Your business name is equally as important as the business plan itself. Your choice of name should be one that is unique, calls attention, and is easy to remember.
As the ideas for naming comes to you, you should immediately check if the domain name is still available. If it is, you should secure it as soon you can before someone else picks it up.
You’ll need up to 500 dollars for equipment. Your target market should be those who know what they want, and they can pay for it conveniently.
2. Define The Legal Framework
The next step for you would be to decide what legal business structure you want to run. There are many options to pick from. You could choose to be a cooperation, a limited liability company, or a ‘doing business as’ business.
For most people, the LLC is the best shot. A single person can form it, and it’s simple. You can consult the services of a registered agent to be sure that you comply with relevant laws and that your privacy is not compromised.
3. Brand Definition
It would be best if you defined the brand of your business with clarity. Your brand is the public perception of your business and what it is.
You will need to build a strong brand by employing the right marketing strategies. A good brand will help you stand out and make your customers come back for more.
4. Register For Taxes
You should register to pay for a range of taxes. Usually, you would be required to pay for both federal and state taxes before you can start a business.
You’ll be required to have an Employer’s Identification Number (EIN). You can obtain it for free and with ease from the IRS website, by mail or fax.
5. Obtain All Required Licenses
To prevent heavy sanctions or even a total shutdown of your business, you’ll need to obtain all the required licenses required for your business as mandated by the government.
For house painters in Louisville, KY, in addition to the permits and licenses, you should also meet labor safety requirements.
You must comply with all the regulations as they are for your safety. Also, you might want to get a service agreement upfront for your jobs.
It will help you meet the customer’s expectations beforehand. It will also help you reduce risks of legal disputes. You can consult a business lawyer to draft a simple agreement for you.
6. Open A Business Account
To protect your assets, you must separate your finances from that of your business. If your business gets sued, you stand a risk of losing everything you have (your car, house, etc.), if your business and personal accounts are the same.
It will also help you tidy your accounts efficiently as well as file for tax properly.
You should also get a personalized credit card for your business. By doing this, all of your business spendings would be in one place.
Your business would also have a well-built credit history. It would be useful for you whenever you want to borrow money
Depending on the size of your business, you might not need coverage. However, you must get one.
For large size businesses where you would need to employ people, you will be required by law in some states to have one.
As you spend money and earn money in the business, you must prepare the accounts alongside. By doing it from the onset, you will have clear insights into the financial performance of your business.
9. Build An Online Presence
You need to leverage social media to get more people to know about your business. Your website should also be well designed so that it is inviting.
Now that you know everything that it takes to become successful in terms of starting your own painting business, it is time to take a step. Start where you are, and you can make a fortune from the company.