Can a painting business be profitable? Well, if you enjoy painting and do it well, you’re in a great position to start a painting business that has the potential to be very profitable.
Did you know that the search term “painter near me” is searched for over 40,000 times every month? This means that there is plenty of room for painting jobs for your own painting business and many opportunities to make lots of profits.
What’s more, while the local markets vary, the current average price for an interior paint job is $1,670 in the US. For an exterior paint job, homeowners pay an average of $2,624. Remember those are averages, meaning they are skewed down by small jobs such as shutter painting or projects involving just a couple of rooms. Full house painting prices will be much higher.
On average, employed house painters earn $34,000 per year. At the same time, self-employed painters earn an average of $40,540 per year. However, the amount of money you earn if you start your own painting business can fluctuate depending on several factors such as location, types of services you offer, and how good and efficient you are at this job. If you hire employees to do the painting, estimating, and managing, you can make over $250,000 as a painting contractor.
Related Article: How to make over $250,000 as a painting contractor.
When can a painting business be profitable?
There are several reasons why painting is a lucrative business. First of all, the market is huge, and it’s not going anywhere any time soon. There will always be homes that need to be painted. While other businesses might grow and die in a short amount of time, or technology could make them obsolete, house painting isn’t going anywhere.
In addition, competition in this industry is terrible. Many homeowners complain about painting contractors that didn’t show up on time, didn’t finish the job, or even worse, that painter who took their money and ran off with it. So since these are the people you’re competing with, it’s pretty easy to win business if you do your job right, show up on time, and don’t trick your customers.
What’s more, perhaps the best part of it all is that starting your own painting business can cost you less than $1,000. This can, however, depend on the state you’re in and the licensing fees. However, with such a low startup cost, it’s really easy to start making profits as soon as you take your first painting jobs.
Besides all these reasons, for a painting business, it’s also easy to find workers. Remember that competition out there tends to be terrible — and not just in terms of finding customers, but also in terms of keeping employees. So if you pay well and treat workers right, it’s going to be really easy to attract the most skilled painters to work for you.
How to make your painting business more profitable
If you want to make your painting business more profitable, consider offering more services related to painting, such as color consultation, commercial painting services, drywall repair, popcorn ceiling removal, cabinet refinishing, and wallpaper removal, and installation. The more services you offer to your clients, the bigger profits you can make with your business. Good luck!