Now that 2020 is in full swing, you may also be more inclined to achieve your financial goals. Part of it means taking risks and looking for new ways to broaden your horizons. For some of you, this can be done by opening a new store. After working for your boss for so many years, you may now want to be your own boss. There is nothing wrong with this dream. The challenging part also has to do with deciding which company to start.
Today companies appear on the left and right. If you’re an entrepreneur trying to enter the market, this can be a challenge. However, this article is intended to help you further, as you can start a business type that is a profitable investment. This is a painting business.
Home or commercial paintings are a good choice for a variety of reasons. Read below to learn more.
- It’s easy to get started
You can open a painting business, even if you currently have minimal experience. You can also start part-time. Compared to other companies, starting a painting business is an easy way. To give you an overview, you will find one here Step-by-step instructions for starting a painting business::
- First, go back to the basics and learn about painting. Before you really get started with a painting business, it is worth learning the basics first. You don’t want to make mistakes that cost you your hard-earned money. Although getting started is relatively easy, you still need to have excellent skills and techniques to be competitive in the industry.
The best way to learn the ropes of painting is to choose educational or training opportunities, such as seminars that can give you practical experience.
- Familiarize yourself with the market you want to address. As with any other company, you need to examine your target market. This way you have a clearer idea of what branding is and what you can do to achieve it.
Common examples of the market you may want to reach are commercial painting requests or private customers. Yes, you can also opt for both goals. But if you’re still starting out, you’ll need to pick one to help you master your technique.
If you also choose the specific customers you want to target, you can go one step further by focusing on mastering the services you have to better reach your target market.
- Get your business in order. Never start a business without going through all the necessary legal documents. You may be able to work without problems for a certain amount of time, but this does not mean that you are not in conflict with the law. When you’ve used up all of your efforts and resources to open your business, the last thing you want to do is break the legal boundaries that you need to comply with.
The three most important things that are crucial in the beginning are your company name, your location and your foundation details.
- Hire an accountant and open a commercial bank account. An essential part of opening a business also has to do with the taxes you have to pay. Therefore, you also need to have an accountant and a separate bank account.
Never mix your company’s accounts with those of your personal transactions. Otherwise, it will be so much more difficult for you and your accountant to examine the flow of your transactions. Having a separate bank account also makes it easier for you to make financial decisions related to your business. This would include decisions about hiring, advertising, and buying new equipment, for example.
- Buy the materials and equipment you need. When you start using materials and equipment for the first time, you don’t necessarily have to buy as many products. You can even just start with the basics. This includes a small truck, fall plates, brushes, rollers, trays, a ladder and the like.
You don’t even need a supply of paint to save more start-up costs. You just have to contact the paint supplier. Then ask them to provide you with samples or catalogs of the paint options from these suppliers. If you have a customer, just show them the examples so they can choose from options. Only when you have made a final decision do you buy the amount of paint needed for the job.
- Price your work and materials. Don’t expect to overestimate your workforce and materials as you’re still a relatively new company. Start with cheaper prices. This way you can win more customers even if you are new to the industry.
- It is a business with high demand
Everything that has to do with real estate will generally always be a good and very popular business. This includes both residential buildings and commercial buildings. Usually, Homeowners are always looking for new ways to renovate or renovate certain areas of their homes. If you move to a new home, the space will also need to be renovated more. So you will always find homeowners who will be your customers, for both large and small projects.
Commercial real estate does not fall far behind either. Companies are also always looking to improve their business premises. Finally, good-looking business premises and offices can help increase the profitability potential.
All of this means that there will always be someone looking for a painter in every season. There is always work for you and your team.
- The start-up costs are minimal
Starting a painting business is also not that expensive. In fact, it is one of the cheapest companies anyone can start. If you have little capital, a painting business is an excellent opportunity for you to realize your entrepreneurial dreams.
With a painting business, you may not need a stationary office to get started, which can help you lower your start-up costs. You can start your business from home first. Then, as you grow or expand, you can think about opening your physical store.
Instead of investing in an office for now, you can also opt for a website. This is cheaper, but it also has the same results as a retail store. In today’s digital marketing world, a corporate website is an excellent marketing tool. In addition, you can present everything you have to offer to a wider market, since your reach with the Internet is not limited to your location per se.
- It’s a fun place to work
Every day in your painting business never gets boring. Every project is a brand new experience, especially since you have different customer needs. Don’t expect repetitive and monotonous working days. Since every customer has their own color choices and needs, your working days will always be fun. This gives you something new and different that you can expect at work every day. Especially if you really love painting, you will love your job and earn a good income at the same time.
- It doesn’t need expensive advertising
As mentioned in this article, you may not even have to spend as much on advertising your painting business. You just need to focus on building an effective website. If your website delivers, this is already a perfect advertising strategy.
In addition to your website itself, word of mouth also works wonders for your type of business. If a customer is happy with the work you have done at home, they will likely recommend you to other people they know. Therefore, you should focus more on building excellent relationships with your customers. Not only is this free of charge, it also helps you to win a new number of loyal customers.
None of this means that starting a painting business will be a walk in the park. Yes, it’s easier and cheaper to start than any other company, but that doesn’t mean you can just relax and unwind. To be successful in the painting industry, you also need to balance practice, patience, and precision. In this way, your company remains competitive. More importantly, you can take advantage of all the other benefits listed above. The foundation of a painting business has a very high profit potential. So don’t take this for granted.