From creating a business plan to estimating your first project, we’ll walk you through the essentials of starting a painting company.
Are you thinking of getting into the painting industry? Wonderful! There has never been a better time to launch a painting company. The industry is currently worth $43 billion, and it has consistently grown by 4.2% over the last five years.
But the tricky (yet rewarding part) lies in actually launching and setting your business up for success. What paperwork will you need? How can you build your team? How will you get your first customer? We are here to answer these questions. So, let's dive into all the steps you need to take to kickstart your painting business
Before you start a venture of this magnitude, you will want to pause and reflect. Business ownership is exciting, but it is also a long-term commitment. Try to spend some time on this decision-making process. It could greatly improve your likelihood of success.
Below are a few questions you can consider before getting down to business.
Owning your painting business is great, but it is not for everyone. You have to put yourself out there, and sometimes, that means getting rejected. Are you willing to knock on doors to generate leads for your business? Do you have the grit to keep going if you give your first ten estimates and do not close a single deal?
Your area of service could either make or break your business. This is especially true if you want to focus on providing either residential or commercial painting services.
For example, as a residential painter, certain factors can affect the kind of projects you get. Calculate the average age of homes, quantity of homes, and median home value before you begin. If the average age of homes is 15+ years, there is a higher risk of harmful chemicals such as asbestos or lead paint. This will increase the difficulty of completing these painting jobs and decrease your margins.
Take an honest look at your finances. Can your business stay financially viable if you take more time to generate a profit?
There are a lot of variables that define how much it will cost you to get started. Some start-up costs involve licenses, insurance, workers' compensation, and more. You can refer to this guide for a detailed breakdown of the costs required.
Be objective about your current knowledge of painting services. Do you already have painting expertise? If not, do you plan to go through training?
If you are a novice in this field, don't worry! One of the advantages of the painting business is the ease of learning the trade. You do not require any formal degree, and you can always learn on the job.
In fact, at Hoist, we are making it simple even for first-timers to own a painting business. Apart from the tools needed to run the business, we provide our partners with an extensive training guide. This self-serve curriculum covers everything from painting to business ownership and more.
Once you have done the self-assessment, it is time to get down to work. Here is everything you need to prepare for success.
They say failing to plan is planning to fail. And it is true! Business owners need a roadmap to follow and to guide their company. Here are a few essential components to include in your business plan:
Remember, a business plan is also necessary when securing a loan. The bank requires this document to understand the kind of business you want to set up as well as its viability.
When launching a business, there’s always some paperwork involved to establish the legal tax entity with your state.
Getting all the necessary documentation can be time-consuming and confusing. But it’s a necessary part of becoming a business owner. At Hoist, you can reach out to our community of coaches to efficiently overcome these hurdles. Our experts can offer guidance on the legal and operational aspects of your business.
A well-designed and optimized website is one of your most important marketing assets. It establishes authority and makes it easier for customers to find your business. If you’re creating your website on your own, you will need to:
Even with these options at hand, the whole process might seem too expensive or confusing. At Hoist, we arm our partners with the ability to create a beautiful site or landing page in the most seamless way.
One of the features we offer through our platform is a powerful landing page builder. Choose from three pre-designed and SEO-optimized templates to create your website in minutes. You can modify the text, images, and even structure of your design template and customize it. That’s not all! Our landing page builder also has a lot of domain customization capabilities. So, you can go ahead and choose the domain you want.
Investing in painting equipment can be expensive, but it can pay dividends once you’re up and running. Here’s a checklist of the initial painting equipment you’ll need for your company:
If you plan on working with subcontractor crews, they often bring their own equipment. This reduces your costs, and you will just have to purchase paint and other materials.
Now that you have done all the hard work, it’s time to find clients. This is the fun part. Here are some of the most common marketing techniques that’ll help you land your first painting gig in no time.
To put these worries to rest, we provide our business partners with an improved lead gen service. Known as the Hoist Home Field Advantage, it is a guaranteed way to get high-intent leads. Simply let us know how many appointments you require. Our dedicated team then finds multiple prospects across platforms like Google, Yelp, and Thumbtack, to name a few. We schedule them right on your calendar without you having to lift a finger. The best part is you do not have to shell out money on disinterested leads. You only pay on the day of the estimate appointment.
To make a profitable business, you must learn how to properly estimate your gigs. Determining how much to charge for a painting job can be a challenge for beginners. Here are things to take into account when billing your client:
Once you have calculated all these things, add your markup to estimate how much the project will cost. Want a more comprehensive understanding of the process? Follow our step-by-step guide and you will be producing compelling estimates in no time.
After you arrive at your bid, you will have to present it to your client. We at Hoist have partnered with PaintScout to help all our business owners provide estimates easily. Owners can now utilize this powerful estimating tool to propose profitable prices and close more deals.
There are always pitfalls when you’re starting a new venture. It is always best to recognize and get ahead of them before they spell bad news. Look out for these common mistakes when running your business.
Starting a business in a competitive field like painting can seem challenging. But, it does not have to be. There is an easier way to set up your painting business - in just 30 days!
That’s right. We at Hoist provide you with all you need to launch and run your venture successfully. From training to customer management and other tools, we offer an end-to-end solution for all your business needs. Get in touch with our expert team today to learn more about how Hoist works.
We're Hoist. We help entrepreneurs successfully run and grow painting businesses. Learn about how to build your company by following along on Instagram and Linkedin.
Say goodbye to the 9-5 hustle. Here is a curated list of some of the easiest businesses you can start to become your own boss.
The essential guide to the type of licenses or permits your business needs.
Establish your business in the painting world with the right licenses and certifications. Know the nuances of becoming a professional house painter and achieving success in this rewarding industry