Whether you are an excellent painter that can deliver high-quality uniform results with a few flicks of the wrist or whether you have a passion for improving people’s environments and therefore lives, starting a painting business can be an exciting and profitable endeavor. Running an actual business is very different from just painting your walls or doing favors for your friends, however, and if you are not prepared you can quickly find yourself in hot water. This guide is here to help you understand the different things you need to think about, so you can quickly and easily begin your new life as a professional painter.
#1. Establishing Your Business
Before you are able to start buying any equipment, you will need to make sure that you have all the paperwork and legal incorporation requirements tied up and sorted. There are many steps to setting up your business:
- Pick a name for your business
- Buy a domain – you don’t have to set up your website now, but buying the domain means you will have a relevant domain waiting for you when you decide to have some web presence. Many people lookout for new companies and then quickly buy their domain names, before selling them back at a high price, so it can be important to get this sorted now.
- File LLC paperwork – this is a type of business entity that will protect you against the unlimited risks that come with being a sole proprietor.
- Apply for an Employer Identification Number (EIN) – this is a legal requirement: you will need to file taxes and apply for a business bank account. You can apply for your EIN through the IRS website.
- Open a business bank account – it is never a good idea to mix personal finances with the business for the organization, accounting, and legal purposes.
- Consider applying for a builder’s license – this may or may not be necessary for your state
- Find out what type of insurance you will need. Nowadays, you can get highly specific insurance for your small business’s exact needs.
Do you already own any equipment? If so, you will understandably need to spend less. Your equipment spends also depends on your business model. If you just use sub-contractors, you won’t need to buy any equipment at all (besides that needed for sales and marketing). If you aren’t planning on hiring subcontractors you will likely need to buy:
- Drop cloths
- Airless paint sprayer
- Caulk gun
- Masking gun 5-in-one scraper
- Face masks
For all of your employees.
#3. Marketing Your Business
Marketing your business doesn’t have to involve long and technical campaigns. To begin with, you can start simple and start local. Some methods of spreading the word about your business include:
- Putting flyers up around your neighborhood, which is a great way to spread the word locally and is very cost-effective.
- Creating a Facebook page. This is free to create and is a great way to grow brand awareness.
- Contacting local building companies to see if they would like to partner with you.
- Creating a website, which makes you feel more professional and enables people to learn more about your business.