It takes time to build a successful business of any type. Luckily for those wishing to get into commercial painting, there is a lot of demand.
If you have the money to invest and some talent as well, then you’re already ahead of the game in building a business. Here are some steps to putting together your own business as a commercial painter.
1. Picking a Name
If you have a name for your business already in mind, you might want to run it by some friends and get their opinions on it. Things you want to ask about are whether it’s easy for them to remember and whether the name makes it clear what you do. Both are important factors for helping increase your number of clients.
2. Research your Competitors in the Area
Look around your area for other painting business and research what they charge for their services. You want to make your prices compete with theirs, but remember these next two tips well. If you make your prices lower than theirs to entice customers, you won’t make enough of profit. But on the other hand, if you make your prices too high, no one will hire you. The bottom line is that you have to find the balance of cheap and expensive for your pricing.
3. Carefully Prepare all of the Necessary Paperwork
Make sure you have all the proper licenses and paperwork required for your business to be considered legal. Also, make sure that you know all of the taxes you and your business are obligated to pay, and what’s expected of you during the tax season. It’s also a good idea at this point to find a good liability insurance provider (some would argue that it’s vital in fact). It will help with any trouble you may encounter while working on other people’s property.
4. Open a New Bank Account in Your Business’ Name
Find a bank that you trust and apply with them for a business oriented credit card. If you deem it important, also request a line of credit as well. It will help with starting costs immensely.
5. Window Shop for the Best Pricing for Your Equipment
Find suppliers that you would like to work with, whether it’s because of good pricing or it’s because of good business policy. Once you have suppliers, buy the needed equipment and make sure you don’t exceed your budget.
6. Never Bite off More Than You Can Chew, so to speak
If you accept so much work that you can’t help but let some of your clientele down, you’ll only hurt your reputation. If your business begins to thrive, think about hiring assistants to help with the workload.
Follow all these steps, and you’ll have a head start towards being a successful painting entrepreneur!