One of the most in-demand businesses today is the main street painting business. And why not? There are many ongoing home and building constructions today, and even old or existing houses need painting services to maintain appealing exteriors.
According to a statistical report, the paint and coating industry is expected to worth 209.4 billion dollars worldwide because of the increasing construction industry demand. That’s why starting a painting business is for both residential and commercial establishments is a good idea.
In this post, you’ll learn how to start your very own main street painting business. It will serve as your business guide so you can make the right business decision.
Assess and Study the Business Feasibility Locally
Before you even start this business venture, it’s important to conduct a thorough assessment and study of the business feasibility of a painting business in your local area. Remember that even a small painting business would require a long term commitment and understanding of how your potential competitors manage and market their business.
Here are some tips when assessing and studying the feasibility of your prospective painting business:
- Check Your Potential Competitors: Determine the number of competitors in your target area, including how long they have been in the industry and the services they’re offering. In this way, you’ll have an idea of what services to offer and the scope of marketing you have to cover.
- Know the Trends: Determine the trends and innovations in the painting industry and study if your potential competitors are implementing or offering them. You might find the latest niche that nobody has penetrated yet. You’ll discover a unique and new painting business niche that your marketing strategy can focus on to start your painting business.
Talk to Business Experts
Starting a painting business requires in-depth knowledge and understanding of the industry of main street painting. Talking to business experts, like a business consultant, makes a big difference in your success. Don’t hesitate to clarify any doubts or ask questions.
Here are the best places to find and talk to business experts:
- Social Media: Business consultants provide free advice online through their social media fan page, so you can take this opportunity to ask questions for free.
- Paint Manufacturers: Ask questions about the demand for painting products and the general painting industry in your targeted area.
- Main Street Painting Companies: Learn and get relevant information from your potential competitors. Inquire like you’re a customer and ask how they charge their services, and other related questions. It’s also a good idea to compare services checking their websites.
Create a Business Plan
Always remember that every business should have a business plan. A business plan doesn’t only serve as an objective guide to start a business, but also a requirement by financial institutions if you need additional funding. So, how do you create a good painting business plan?
Here are some tips and tricks when creating a good painting business plan:
- Pay Attention to Details: Don’t miss the important details of a good business plan, including the purpose of the business, projected capital and expenses, and your proposed sales and marketing strategies. Also, know how many people you’ll need to run your business (e.g., number of painters and office employees)
- Knowing Your Goal: Start a good business plan by determining your business goals for your painting business. In a piece of paper, create a draft and list your business goals and products or services you’re planning to offer to your clients. Aside from knowing the painting trends, you need to describe how your painting business will differ and stand out from other painting businesses in your intended business area.
- Create a Marketing Plan: Know how you’ll advertise your painting business, such as traditional methods (e.g., newspaper, phone book or directory, or word of mouth), or digital marketing (e.g., social media and content marketing).
Choose a Business Name
Choose a name your startup painting company that will best represent your business. Make sure to use your company name on all methods of communication. Also, you have to register your chosen painting company name with the secretary of state office. All fees vary based on the state you’ll file and register your business.
Choose a Location
Choosing your base of operations requires a lot of thinking because your business location would reflect the influx of clients. You can start a painting business by constructing a shop at home or renting a building. If you’re planning to set up your business outside the home, make sure that there’s enough room for washing brushes, testing and mixing paint color, and equipment storage.
Organize and Get a License for Your Business
Now it’s time to organize, get permits, and to license and insure your painting business.
Here are the things you have to do:
- Get a federal employer identification or FID number at the Internal Revenue Service or IRS website for business tax filing purposes.
- Visit the city government offices to know the requirements for licensing and certification.
- Talk to an insurance agent so you can get your painting business insured.
- Consult a lawyer to help you draft contracts and determine your legal obligations to protect your business before starting offering your painting services.
- Hire an experienced accountant to help you with your financial requirements and obligations, such as preparing financial reports and doing tax paperwork for strict IRS compliance at the end of the year.
Determine the Best Ways to Market Your Business
You must be aware of traditional marketing methods, such as referrals or word-of-mouth, radio broadcasting, or TV ads. However, these marketing techniques can be expensive. So why not take advantage of the power of digital marketing?
Digital marketing includes social media marketing, content marketing, email marketing, video marketing, and other marketing efforts carried out over the Internet. You’ll save a lot of money and reach more customers using these digital marketing strategies.
Now you’re set to start your own painting business. Once you have studied and gathered all the information you need to start a painting business, the next step is to create a business plan. After this, choose your painting business name and obtain the necessary requirements, like insurance, permits, and licenses to kickstart your painting business.