Starting Your Own House Painting Business
A good long-range problem to have when you start a house painting business is too much work. Until that day comes, you’ll need to rewind to the beginning and make sure you do the right things to put your business on the path to having healthy profits and plentiful leads.
The house painting business is one of the few startup opportunities that doesn’t come with a long list of mandatory prerequisites, such as a fancy office setup with the latest state-of-the-art equipment, a college degree, deep professional knowledge, impressive personal connections, or a large bank account. It’s also a business that will rarely limit you; indeed, you can choose to target broad or niche markets, such as apartment buildings, newer homes or condominiums, or smaller office buildings.
Bankrolling your new idea doesn’t have to be a burden, provided you follow these broad strokes on how to start a painting business.
An early issue for you to tackle is how you will legally classify your business. You can choose from a host of types, including sole proprietorship, corporation, and partnership.
Each classification comes with its own set of pros and cons, based on a business owner’s needs; however, you shouldn’t take this decision lightly, because the tax implications of certain types can cost you a lot of money. Sole proprietorship may be an ideal option since it will cost the least amount initially in many states.
EIN, Licenses, and Permits
EIN. The IRS issues new business owners what is called an employment identification number, also known as a taxpayer identification number or a federal tax identification number.
You must obtain that important tax-related credential from the IRS by visiting one of its offices or applying directly online. You can’t service any clients until you first obtain your EIN.
Licenses and permits. States have multiple licenses, such as city and county business licenses, and permits that you may need to obtain before you can start operating.
You can check to see what your state requires of you by visiting the SBA or by visiting Painter Choice, which has up-to-date information about licensing requirements for painting contractors.
To move into this new phase of your life, you’ll need to register your business, which is a simple, short process that should take you less time than it takes for you to order and pick up your coffee at Starbucks.
When you register your business, be prepared to include what you intend to call it and where you intend to have it located, among other details. The location may be a key factor where local zoning laws prohibit certain places from serving as business facilities, including certain private homes.
To learn where to go to get registered, you can conduct a simple online search on “business registration” – or more precisely “business registration” plus your state’s name, so you can be directed to search results specific to your area.
The secretary of state’s office is generally the main contact, and the Small Business Administration is also a key source of information for new small-business owners looking for guidance for setting up a business.
The United States can be a litigious country, which makes getting suitable insurance paramount, and in fact, some jurisdictions will require it from you.
There are all kinds to consider, such as vehicle, home-based business, and business interruption-related insurances, but comprehensive general liability insurance should be a must. If you hire workers, workers’ compensation insurance should also be on the must-purchase list.
Ask friends and family for good insurance agent referrals or try to learn which insurance companies your key competitors are using, because those companies might work best for you as well.
When you created your business plan, full of optimism, enthusiasm, and ideas about how to start a painting business, you likely included all the tools and equipment you’ll need to complete various types of projects.
That includes paints, brushes, ladders, trays, and breathing masks. Unless you rely on subcontractors and their equipment, make sure you always have access to these essentials, whether you rent them or buy them outright, since your crew can’t perform without them.
Who you hire to do the work is the most important to-do item on your list. Don’t settle on just anybody because they’re cheap. Ideally, you want to hire crew members who know how to work quickly, cleanly, and professionally.
You’re looking for those who have found ways to blast through the prep work, so they can get onto the main event. You’re looking for those who understand how to use the various painting tools well, such as the air sprayers, without much guidance.
As one of the most blue-collar types of businesses, it’s easy for virtually anyone to learn how to start a painting business. It’s possible to quickly set up shop and start making money – even in year one.
For your house painting business to be profitable, make sure you follow the previously discussed pointers and stay within the law by complying with whatever federal and state agencies require of you. If you follow this advice, you’ll be a happy business owner.