The prospect of setting up your own painting business can be as terrifying as it is exciting. Being able to work for yourself and doing something that you love is a dream held by many. But it can be daunting — with a lot of uncertainty and worry attached. This article will talk you through the basics of how to set up a painting and decorating business, which can hopefully alleviate some of your concerns.
Develop Your Knowledge
You’re going to run into all sorts of questions and problems on job sites. You don’t need to know all the answers right away. But you want to regularly expand your knowledge on the topic of proper paint application and prepwork. My favorite way to do this is to join lots of Facebook groups for painting contractors. Not just will you get to see painters asking questions about problems they run into, you’ll get to post your own questions. Sometimes after thinking about a problem for a long time, it just takes a fresh set of eyes to find a common-sense solution. So don’t hesitate to reach out to your community of painting contractors for help. Chances are, some of them have dealt with the same problems before. Subscribing to our blog here wouldn’t hurt either!
Understanding Laws and Regulations
All countries have varying laws when it comes to businesses, so you owe it to yourself and your future business plan to check these very carefully before you proceed. Your government will probably have useful information online that can steer you in the right direction in terms of any permits or documentation that you will require to establish your own business.
You should also look closely at industry-specific regulations within your area as you will need to confirm that you’re compliant with those. Painting and decorating is closely linked with the construction industry, and they share very crucial safety laws and protocols that must be adhered to.
Come Up With a Plan
Writing down your business plans can help you stay on track, focused, and motivated.
What’s it going to take to achieve your profit goals? Think about office or shop space, employees, advertising budgets, and equipment or vehicles.
Set yearly goals and ask yourself what will you do to achieve these goals. Also set smaller goals like weekly or monthly goals that will help you reach your yearly goals.
Your plans don’t have to be set in stone. You can change them up as often as you like. At the start, you might find yourself changing them up a lot as you grow and learn more about the painting industry from a business owner’s perspective.
Know Your Budget
Starting a business costs money, and most small business owners go into this game knowing that they will likely find themselves running at a loss for a period before their business starts to become profitable. You will need to keep this in mind when budgeting. You need to allow for your business to lose money for at least the first six to twelve months while you establish a reputation and earn clients. It might be slow going — and you must prepare for this. One of the main reasons small businesses fail is expecting to earn enough money to cover costs sooner. If you place yourself in a position to run at a loss for at least a year, you will be in a strong financial position if you start earning profits before this.
Remember that tools and equipment can break and need servicing. Don’t let equipment failures surprise you or get you off track with your goals.
Find Your Clients
Paid advertising is a good method of getting your name and brand out there, but starting out, it can be more expensive than you think it will be. Social media is a fantastic and free way of spreading the word about your new business. Create business profiles on social media platforms and keep them professional. Always remember to never promise what you cannot deliver. In the small business world, reputation is everything.
Further Reading: is starting a painting business a good idea