Starting your own painting business and Why it is the right business for you!

Unlike other big business industries which take off for a certain period of time before vanishing as quick as they showed up, the home improvement industry is somewhat evergreen and has been a major market ever since humans decided they want more than just a roof over their heads. Since the coronavirus pandemic has liftend, the home improvement business has taken off like never before. And this is at a time when no one though the industry could get even bigger. While it might sound a bit counter intuitive, the home improvement industry is not related to the home building industries’ decline. People will always look to renovate homes, be it old or be it new. And this is why home improvements are still big hits during the prime time slots.

If you have watched enough of these shows, you will also know that no home improvement is close to complete without a fresh coat of paint. Just being good at your job will take you far, but there are more important things to running a successful business. We will look into those details a bit further on in this article. But here is why you should really consider getting in to the painting industry:

Being your own boss without sacrificing creativity:

For those of you who have tried starting your own business before, you will know how notoriously difficult it is to maintain passion while becoming increasingly capitalistic. Industries that allow for extended creativity are either extremely top heavy or just have no more room for growth. Starting a hand crafted mats business might sound like a good creative business opportunity, but the market for that is super niche and might never be enough for you to make it your primary source of income. 

The painting or home renovation industry is the only remarkable outlier. Unlike what reality television shows will tell you, most customers will leave it up to you to jazz up their homes with minimal suggestions. This means their entire homes become your living canvas and you can express yourself without having to listen to a boss hovering over your head like an eagle.

The market is huge and unstaurated:

The size of the home renovation industry has steadily increased over the last 100 years, and the market only seems to expand as more and more apartment complexes are taking over traditional homes. This means it is becoming increasingly more difficult for larger conglomerates to maintain business outlets and work quality over their business area. This, along with the C.o.v.i.d 19 pandemic means that people are much likelier to subscribe to local businesses for their renovation requirements. 

Not only are local contractors better at listening to their customers, they can also focus on individual jobs better and create better output at a more efficient pace according to customer taste. And to top that off, painters have a reputation of not showing up on time or just defaulting on the advance due to other commitments. This means there is always a desperate customer waiting for anyone free to just get their renovations done in time.

Overall, the painting business is potentially extremely profitable. And due to the way the industry has developed over the past few decades, the profit margins are very very high. These margins allow your business to stay afloat during desperate times when the cash inflow is not that great. You can also undercut your competition to create a foothold in the local market which you can use as your base to expand or grow.

But how do I get started?

Staring a business is all about understanding it first. This means you should be able to pull off a job if your workers do not show up or understand the work and investment that goes in to your business. Lucky for you, painting is a job that is somewhat easy to learn. Unlike other industries where you will need to spend years learning the skill, you can start bringing in leads in the painting business almost from day one. That being said, there are a few prerequisites to starting your own venture. Here is aquick checklist to go through: 

Register your company:

If you want to start small, it is completely okay to take freelance work without a separate business or tax identity. However, this makes registration and taxation that much more difficult and you will need to register before going big. If you want to start a company rather than a small business, register your company as an LLC as this will allow you to generate separate taxation reports for your business and personal expenses. 

Get Insurance:

Hazards are part of any job. These hazards may range from professional accidents or personal injury. Either way, it is a good idea to make sure that you have financial backup if things go wrong. It is strongly recommended to get general liability and business insurance if you are registering as a corpration as this will protect you from significant changes in the market. 

Generate Leads:

Generating leads is perhaps the most intuitive part of getting started with any business. Lead generation has many strategies. From door to door marketing to online boosting, you will need to find potential customers and market your product to them well to ensure success. And one of the most effective ways of attracting potential customers to your company or business is called the SEO (Search Engine Optimization) strategy which allows your website to show up higher on Google search results for specific keywords. 

Research:

Like most other things in life, success in the home renovation industry is all about how well you get the facts via market, competitor and business research. Find what your competition is doing well and replicate that while improving in areas where they fail. Knowing your market will not only give you an edge over the competition, it will also boost your own confidence.

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