A painting company can be very profitable business or those who have the resources and discipline to make a go. In this article, we will outline a few steps to help you start your own painting business.
Step 1: Begin by securing a start up of $10,000. If you lack these types of funds, you should look for a silent partner, backer, or apply for a production loan through your local bank. If you are going to a bank, make sure to have your business plan down pat, and to dress in a professional manner.
Step 2: Employee payments, credit card accounts, advertisements, proposals, and expenses should be kept track of on a basic laptop. This will allow you to take care of industry matters on the road or at the job site. In addition, there are many different types of software that will do all of these things for you. local Painting Company Head down to your local computer store and evaluate your options.
Step 3: Head down to your local courthouse and purchase a small business license. Some states require that the company owner purchase a license, whereas others make the contractor pass a series of tests. Check your states business regulations to find out more about your specific requirements.
Step 4: Purchase roughly one million dollars of insurance and cover your truck or can through the same industry. Make sure to use a local company who will take the time to come to the site and view any claim you may have. The more familiar the company is to the clients, the more likely it will be that you get the job.
Step 5: Get in contacts with a business lawyer in regard to becoming incorporated. This serves you by way that if your painting company becomes involved in a law suits, that the other party will not be able to go after your personal assets, only those earned by the corporation.
Step 6: Take a trip over to your local paint supply shop and open credit accounts under the company name. Purchase materials on your card and pay them off each month. This will act as a way to build your company’s credit.
Step 7: Make certain that your dealing has all the tools necessary to complete any task. Some common items include hand tools, extension ladders, inside ladders, and a large number of drop cloths. Pick up additional items where needed.
Of course the motivation to take the plunge and start a company for many people comes from the opportunity to make money. However there are many other reasons why people go into business. Below we look at ten good reasons to start a painting company.
1) Scale of the Painting Industry
The painting industry is currently worth over 20 billion dollars annually and is set to continue to grow well into the future. The sheer size of the market means that opportunities for hard working painters are plentiful.
2) Earnings Prospects
With your own painting business you will have a great opportunity to earn an excellent income for yourself and your family. Even working alone it is possible to break an annual income of $50,000 fairly easily once you start to get regular jobs. And once you scale up to the point where you are working on multiple jobs at one time and have a team of painters working for you, then the sky really is the limit.
3) Work from Home
Many painters run their businesses from home so there is no need to go and lease expensive commercial business premises. There are also some great tax advantages open to those with home offices. Your ability to do this may be affected by local zoning laws though so you must check this out at the local level first.