Creating a Business Plan for Your Painting Company
When starting your own painting company, you need to take the time to create a written painting business plan. While it won’t be the most exciting part of being an entrepreneur, it is vital to the success of your venture. But if this is your first time going out on your own, you might not know how to write your business plan — and that’s perfectly alright!
Writing a business plan for your painting business doesn’t have to be a daunting task. We’ve put together a helpful guide so you can dive in and create a business plan that provides direction, attracts investors, and drives results. Whether this is the first business plan you’ve ever written or you’re looking to improve your skills, follow this guide to successfully navigate the process.
What Is a Business Plan?
Without getting too far into the weeds (we’ll do that later), a business plan is a written document that details your business goals, how you plan to achieve those goals, and an estimation of when you expect those goals to be achieved. Along with focusing on your painting company’s goals, it’s helpful to include other information such as the painting services you plan to offer and any competitive differentiators that set up a part in the local market.
Think of your business plan as a written outline about your painting company that you can share with other individuals, companies, or investors that you want to join your business venture. It is essentially a pitch about why someone would want to be involved with your painting company and how it will benefit them by detailing everything from team structure to financial projections.
Does My Painting Company Need a Business Plan?
Starting a painting company is an exciting process — but it often comes with a lot of headaches. Even though you may want to dive right in, it’s important to set up your business for success from day one. One of the most effective ways to prepare your business for any challenges or obstacles you face is by creating a solid business plan.
While a business plan isn’t necessarily a mandatory requirement, it is a step that shouldn’t be glossed over. It’s a valuable tool that you and your leadership team can continue to use to stay focused and on track towards your painting company’s goals. Not only does it make your vision clear to yourself, as well as possible investors, but provides many additional benefits as well:
Every successful painting company starts with a good foundation. Diving in without a well-thought-out plan might be fine in the beginning, but without concrete goals and important business details sorted out, you’re doing your painting business a disservice. Creating the core strategy of your painting company will help accelerate your growth because you will have clear benchmarks that need to be met. If you aren’t meeting these benchmarks, you’ll know that your business plan might need to be adjusted. And on the other hand, you might surpass these benchmarks and be able to reach your goals more quickly because of the clear path you laid out for yourself. Taking the time to create a painting business plan ensures you have a roadmap to success.
Depending on the growth goals you have for your new painting venture, you may need additional funding to achieve them. By creating a solid business plan for your painting company, you’re demonstrating to investors and loan providers that you understand the growth trajectory of your business. No investor or loan provider is going to want to invest in a business that isn’t financially stable. Writing up a business plan allows you to share your ideas and goals for your painting company.
As a business owner, you need to be able to make important business decisions. Whether you’re dealing with a major fluctuation of painting leads coming in or you’re faced with a worldwide pandemic that shuts down the local market for a few months, you need to be prepared. A business plan enables you to make strategic business decisions because you will be aware of your most recent forecasting information and trajectory towards your goals. You can be a confident owner of a painting business knowing that you have a solid business plan in place to back up your decision-making.
What to Include In Your Painting Business Plan
Keep in mind that as the business owner you get to decide what to and what not to include in your painting business plan. If a section doesn’t make sense for your business or aligns with your growth goals, don’t feel forced to leave it in. Figure out which sections make the most sense for your painting company’s needs. To create a comprehensive business plan, consider including the following sections:
At the beginning of the business plan, you want to provide a short summary of who your painting business is and why it’s going to be successful. This is where you would provide any company details you have, including your mission statement, leadership team, employees, location(s), service area, and any other basic business details.
Here you will outline who your painting company is and discuss your purpose. What problems do you help your customers solve? What makes you stand out from similar competitors in the market? What expertise and training does your team of painting contractors have? Use the company description section as a place to brag about yourself a little bit and highlight what makes your painting business stand out from others.
Anyone can say they’re going to start a successful painting business, but you need the numbers to back up that claim. Analyzing your local market and performing competitor research will help you uncover your competitor’s strengths and weaknesses. In doing so, you can determine where you need to excel and how your painting company can outshine the competition. Determine what they are doing well, what they are struggling with, and what you can do better.
Having a clearly defined organizational structure is a crucial aspect of any business — especially if you are looking to get funding or an investment. Create an org chart that outlines the company structure, detailing who is in charge of all business operations down to the painting contractors who are out in the field executing the job.
Provide a menu of service offerings that you plan to offer to your customers. Do you plan to offer residential painting? If so, are you focusing on new development jobs led by contractors or are you appealing to the homeowner crowd? Will you offer painting services to commercial buildings? Do you only offer single room paint jobs or whole-home jobs as well? Is your team equipped to handle interior and exterior paint jobs? Use this section to outline your service offerings and explain how they will benefit your target customer base.
Marketing and Sales
While your painting company’s marketing strategy should be fluid to align with the current market, this section will describe your high-level plan of attracting new business and retaining existing customers. What is your plan to increase the leads coming in? How do you plan to close those leads and convert them into customers? Is there a strategy to make your existing sales repeat customers? Provide any insight into the marketing strategies you plan to employ.
If you are asking for funding or plan to in the future, you will need to provide an outline of your funding requirements. Explain how much funding you are requesting and details how those funds will be distributed and used over the next few years.
Including financial projects for your painting company is an effective way to demonstrate that your business will succeed. If you are an established company, you can fill out this section with existing income statements or cash flow statements for the last few years to demonstrate your profitability.
Use this section to forecast where you expect the company to be financially five years from now. It can be helpful to break up your projections by quarters so you can easily determine if you are on track to meet your projections.
At the end of your painting business plan, you should add any supporting documents for the information you’ve provided. This can include resumes for your leadership team, licenses, credit histories or bank statements, and other contracts.