How To Start A Painting Business: 12 Steps For Success in 2024

Sites like Google Earth, Zillo, and Realator.com com will give you an idea of the property’s square footage. It will also allow you to notice additional projects that might need tending to, such as wooden doors, shutters, and guttering. Small Business Administration offers an easy-to-follow tutorial with downloadable templates. These suppliers often stock all the equipment and paint-related products you need to complete a job.

Step #7. Open a business bank account

• If you’re contributing capital to you business out of your personal assets, make sure you clearly document the contribution.
• All those feelings could be right, but you could still be operating at a loss, especially if hiring new employees or taking on more jobs.
• In this blog post, we will cover the best practices for bookkeeping for painters and highlight some of the most common mistakes to avoid.
• For example, if your painting business is sued because paint ruins a client’s hardwood floor.

Though you will want to add a gallery, services pages, etc., over time, don’t overcomplicate your initial site. Stick to a brief home page with the information prospective customers want to see (your licensing and insurance information, services offered and prices) and conclude with a contact form. The information provided on this website (the “Site”) is for general informational purposes only and should not be construed as legal advice. While we strive to ensure the accuracy, validity, and reliability of the information on the Site, we cannot guarantee its completeness or availability. Use of the Site and reliance on any information provided on the Site is solely at your own risk.

Step 12. Hiring Employees for Your Painting Business

• Avoid overpaying on taxes and hours spent sifting through your revenue account and receivables listing by circling back with vendors who owe you money.
• Your bid package is your chance to shine, so don’t underestimate the power of including a comprehensive portfolio that has photos of the team of painters you will be using on the job.
• Rivian’s management shakeup comes just a few days after the company reported its second-quarter delivery and production figures.
• To grow your painting business sustainably, it’s not enough to be a Master Painter, you need to be a master of your cash flow.
• There are no special business licenses at the federal level for painting companies, but it’s always good to check.

Unless you want a really small painting company that just covers your salary, you’ll need employees or subcontractors. Before you start a new painting business, you should probably look at their professional painting work. You might want to consider their franchise business model to make more money painting houses.

Create a Logo & Brand Assets

Painting business plans help you, lenders, and your employees understand the company’s values, unique value propositions, and intended operations. Their painting process is patent protected, so if you want to use their painting equipment you’ll need to buy a Spray-Net franchise. Painters fixate on materials because you can clearly see the numbers on the shelf. However, material costs should be around 15% or less of total job costs. For example, suppose you’ve collected $500,000 in revenue over the course of a year and you spent $5,000 on sundries during the same year. In that case, you can confidently arrive at an average percentage (1%) that you can use to allocate to all future jobs.

Your marketing campaign should hit the target audience with your services, trustworthiness, and contact details. The marketing costs should be finalized beforehand to target the market in a better way. bookkeeping for painters Many marketing platforms, like social media, banners, posters, pamphlets, and billboards, are now present. Painting companies require a lot of word-of-mouth and review marketing to get the ball rolling.

Use your business credit cards for all purchases and you won’t end up with a wallet full of paper receipts to sort through. This also means you can earn rewards and cash back for your spend. Accounting software will also store copies of checks and invoices that you’ve paid.

Software can help you stay organized and get all the information you need much quicker than recording by hand or on a spreadsheet. Once you enable these transaction subtypes for the requisitioning business function, only new requisitions will be subject to budgetary control and encumbrance accounting. Accountants can help with key functions beyond what bookkeepers do. For example, adjusting entries for depreciation expenses or generating reports for business owners. Instead, look into accounting software for your bookkeeping and accounting tasks, and minimize the use of spreadsheets.

DIY Software

It can be difficult to revisit and learn from mistakes that resulted in overspending, but it’s crucial for improvement and identifying recurring errors. Ownership costs include depreciation, insurance, and licenses, while operational costs include fuel and repair expenses. When tracking paint costs, breaking it down by gallons of paint and then cost per gallon is a solid way to set yourself up for accurate tracking. You can also use a more standardized pricing method, such as per square foot or unit pricing.

Managing those three accounts can help determine the amount of cash you need to operate. If you run payroll for your business, you’ll have to manage any changes to payroll, such as tax laws and employee turnover. The taxes due for a particular employee can also change frequently over time.