If you are thinking of starting a painting business, it’s important to understand how much this type of business makes. You also want to get a clear picture of what it will take to succeed in the painting industry, especially when it comes to running your business well. You need to have a solid plan for everything including marketing, accounting and sales as well as the specific details of running your painting company.
Most painters who give up on their businesses do so because they earn less as owners than they did as journeyman painters at the time they started the business. That’s a big deal and is often the result of not building the business side correctly. This can include things like not having a streamlined sales process or not knowing how to manage and motivate a painting crew effectively.
It is also not uncommon for the cash river in a painting company to dry up and you find yourself struggling to buy supplies, pay employees or even make insurance and tax payments. The reason is that painting jobs may take longer than expected, and it can be weeks or even months before customers settle their invoices.
Most experienced painters price their work based on a per square foot rate and a fixed price that includes labor, materials, business costs and a 15% profit margin. This will make it easier for you to compare your pricing with competitors and establish what is typical in your area. However, some painters prefer to work on a per job basis and do not use a fixed price. If you are going to use a per job model, it is important to create a strong proposal that sets clear expectations for your clients and minimizes any surprises or issues.