Construction is an expansive industry that’s made up of many trades and specializations, opening a lot of opportunities for professionals to explore their career options. While most professionals dive into the general contracting business and sub-construction, many are also dipping their toes into specialized construction areas for more niche services and less competition. One of the forefront trades is painting, and it’s continuing to grow as the years pass.
With Gen Z entering the corporate scene, there has been a lot of attention to aesthetics and designs— traditional building designs are getting increasingly obsolete and for good reasons. Modernity is now the trend, and construction, despite being known as one of the oldest and traditional industries in the world, is not free from innovation and advancement. Painting is one of the construction trades evolving fast as the design trends change, becoming one of the most in demand.
Suppose you’re a general contractor considering expanding your construction business. In that case, a painting professional who wants to grow what you’ve built so far or an investor looking for a niche venture to put your money on— this article is for you.
What is a Painting Business, and How Do You Plan for One?
Before you dive into the nitty gritty such as tools and colors you can choose from as you start this new business, there are important details that you need to establish to build a concrete plan. Just like any other business, in or out of construction, if your fail to plan, then you plan to fail.
Now, here is a step-by-step guide on how you can start a painting business without any background knowledge.
1. Define Painting Business
- What kind of painting business are you planning to build?
- What painting services will you offer?
- What is the demographic of your target market?
Before you start with any technicalities, you must establish what kind of painting company you will be. This should also include all the painting services you will offer, the type of projects you will focus on, the paintings you specialize in, and your potential clients. By being able to answer the three questions above, you will have a concise plan as you move through your planning phase, which will ensure a successful planning business even before you start.
2. Describe Your Painting Business
Now that you have established the big ‘what’ of your painting business, you can focus on your business plan’s details. You can do this by creating an executive summary of your business that you will repeatedly refer to when applying for permits, introducing your business to clients, and even presenting to investors who want to invest in your company. Here are the items that you should tick off when making a business description:
- Business name
- Company logo
- Office address and contact information
- – Overview of your business
- – Services you offer to clients
- Long-term goals
- Mission, vision, objectives, or goals of your company
- Core values
- Target market and communication strategy
- What differentiates you from other painting businesses?
By detailing your business in this executive summary that will become the heart of your plan, you will have a better chance of a successful painting business.
3. Perform a Market Research
Once you’ve decided on the type of painting services you would like to provide, the next step you will do is market research. This research aims to identify the potential customers’ needs so that you can tailor your services to their wants. Some ways you can conduct this research are through the following methods:
- Interviews
- Surveys
- Focus groups
After you have gathered enough data, you will need to analyze and identify patterns and trends of our business growth.
Another market research you can do is a competitor scan, where you will get a comparison of other painting businesses near your area, within your demographic group, those at the top in the painting industry, and the construction dispatching and scheduling software they use for their business. Through this, you can strategize your market and pricing accordingly and ensure that you are on the same playing field.
4. Set Short-Term and Long-term Business Goals
As a business, you cannot freestyle your way to success – you need to establish goals to serve as your pillars and milestones to ensure that you are in the right direction toward success. A goal in your painting business will keep you on track and motivate you and your team to monitor your progress as you work toward your vision.
Use the SMART (specific, measurable, achievable, relevant, time-bound) technique in making your goals so they can be realistic and not ideal. Some common business goals include:
– Increasing level of customer satisfaction by 10% by next quarter
- Doubling your sales for a certain product by next month
- Adding five clients every month for the rest of the year
List your goals, relay them to your team, and remind them occasionally to ensure they will not forget them. These also serve as a good measuring stick – “Will this business action/decision lead me closer to my bigger company goal?”
Another help you can incorporate in your goal setting is the tools that you will adapt in your company to reach them. A construction dispatching and scheduling software will help automate some of your processes, schedule your milestones, and track your progress to ensure further success in reaching them.
5. Create a Marketing Strategy
Now that you have established important parameters for your painting business, you can market it to the public. It’s now the time to research your target, determine the most effective communication strategy to reach them and consider channels to connect to your potential clients.
Some of the marketing strategies you can apply to your new painting business are the following:
- Print advertising
- Online Marketing
- Word-of-mouth marketing
- Connections
Once you have a painting marketing plan, you must apply it and track your results to check what is working and what needs to be changed. As you stay more in the industry, however, happy clients are your best marketing strategy. Their repeat business and referrals will earn you more jobs in the future, so keep this in mind.
6. Make a Production Plan
- What supplies will you need for your business?
- Where are you going to get your tools and materials?
- What will be the ordering frequency?
The next step in your planning will be developing a production plan. This part of your planning will help you outline the steps that you will do to complete a painting job from start to finish. This will also incorporate how long each task will be completed, which can become a baseline for all the project timelines that you will do moving forward.
A good construction dispatching and scheduling software will not only help you manage your inventory levels but also help you manage your team’s productivity. You can schedule your painting tasks, track inventory levels, and see your overall productivity in one digital platform.
7. Create a Financial Plan
Lastly, this part of your planning will cover the capital needed to start your business, your expected operational expenses (OpEx), and your financial projections in a specific timeline.
A painting financial plan will help you determine how much money you will go in and out of your accounting books. It will also help you estimate your profit margin and when you are expected to hit it in a certain number of sales.
You must collect necessary information about the prices of products and labor, your prospective clients, and the money you anticipate bringing in before you can make a financial plan. As soon as you have the details in the form of financial statements, it’s time to formulate a financial and pricing strategy.
And now, you’re ready to open your business.
Key Takeaway
If you are considering starting a painting contracting business alone, we hope this article gives you a clearer picture of how to start it and what to expect. The painting industry can be a satisfying and rewarding venture but requires extensive planning and perseverance to succeed. Also, remember that growing a painting business will take time. If you are starting a painting company or want to grow your current painting, consider Pro Crew Schedule.
Pro Crew Schedule is a construction dispatching and scheduling software that can help you schedule jobs, track inventory, amplify productivity, and improve overall operations. Pro Crew Schedule also offers cloud technology, a good way to stay updated on your painting business and run smoothly even if you’re away.
If you are curious about painting and are a hard worker, you have the tools to start a painting business. Start your 30-day free trial and experience how this construction dispatching software helps your business.
