Find a Rewarding Painting Job
If you or a loved one has been considering a change in career, then starting a painting company may be something to consider. Starting a painting company is very simple and can be started with one employee, you. Painters, especially professional painters, are always in demand and earn a decent paycheck. Most professional painters initially focus only on residential or commercial painting jobs. Those who have been in the business longer usually do both types of painting jobs.
Professional painters average between 35k-50k a year depending on the area they service, with an average hourly rate of $19 an hour. Research into the market also indicates that the industry is very stable, which is hard to come by in most other construction markets. Becoming a painter also comes with the added benefits of being away from a desk, Zoom meetings, and can just as easily be made into a side job to help with bills.
What You Need to Start Your Painting Business
Paint and painting skills are obviously going to be very necessary components needed to starting a new painting venture, but there are other business components that must be obtained in order to get the business up and running. One of the main things is to make sure the business is legal to operate in your state and area. To do this the proper papers and permits are needed. Your local Clerk of Courts offices can help you register for your local area and state. You must also register the business with the IRS. As a startup business you can select from the following tax entities:
With this type you are limited, as the owner, in the liability of your company. In the event you are sued, only the business assets are considered. Your personal accounts are left alone. This type also allows the owner to hire employees or bring on partners.
Many small startups do not believe they qualify as a corporation but corporations can be made up of just one person. The S-Corp tax type gives you the most flexibility overall. The flexibility comes in your ability to hire employees, take maximum tax deductions, hire contractors, and qualify for tax credits. In a lawsuit your personal accounts are mainly exempt from the case. Since there are a lot of benefits to this option there is also a lot of paperwork to fill out as well, but most states have online registration that makes things much simpler and quicker.
This type has less deductions overall but much less paperwork to do. A sole proprietorship may be for those who do not care to flip through legal documents for hours. With that said, it is the type that pays the most in taxes. Something to keep in mind with this tax entity is that your personal finances could be targets as well as your business finances, should you ever be sued.
Considerations Before Becoming a Professional Painter
Many people have painted their own home but this does not always translate into a professional paint job. There are a few considerations to keep in mind when deciding whether or not to pursue this career. Many professionals will tell you painting is half the battle, the other half is keeping happy clients. Most clients will not just want a singular room painted but usually several, or they may want varying textures, stains, and finishes. Not only will there be multiple rooms or offices to paint but also high places such as ceilings and exteriors. So, if you have a fear of heights you will be limiting the range of jobs you will be able to take. However, if you can get a small crew of other people, and rent the needed equipment, then these issues and considerations are less problematic.
How Much Does It Cost to Start Your Own Painting Business?
You can start up your own painting company with as little as $500, plus or minus a few dollars for price differences in different states. Here is a rough break down of the things needed to for a small business on a meager budget:
- Business Registry-100$
- Website- 50$
- Liability Insurance-100$
- Registry on relevant sites-100$
- Contractors license (some states require that you have one to be able to register your company)
The contractor’s license pricing varies from state to state and is not required in all states. Websites can be built for almost nothing and many programs and such as GoDaddy and SquareSpace, have free versions.
Start your Painting Business without Equipment
Since many clients will expect to pay some sort of down payment to you before you start work, you can utilize this money to rent any equipment or materials you may need. A good rule of thumb to follow is to charge 25% upfront so you can cover job expenses. Since the overhead is so low it is not impossible to start making decent money very quick with this kind of work
How to Get Your Clients
As your painting skills and reputation grow you will start to accumulate reviews on Yelp, Angies list and other similar sites. This is how many clients find painters. Social media also helps by showcasing your business and work for others to actually see and make decisions based on their own opinions. Good sites to put yourself onto for getting clientele are: