There are few sure positives in life other than death, taxes, and the inevitable inevitability of house renovations. However, if you long enough to watch home renovation shows long enough you will eventually see that a new coat of paint really can do wonders for even a run down home. This may be news to you, but when I was growing up it was common practice to repaint a home every three years or so. I remember going on vacation and having to stay in an all dorm room style apartment for the better part of two years because I had such terrible credit. I am not complaining.
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So now you know what I am talking about, now how to start a painting business with a small business term loan. Here are some tips to help you get started. First, find a place for your business that has room to grow. It does not have to be fancy, just something you enjoy doing. A small condo, a loft, an older home, or even a warehouse can work well. Find a place that you like and see how you like working there.
Second, get your supplies together. You need some basic tools for any type of painting job and a small truck is perfect for this. Also make sure you take along a paint mixer and brushes to make mixing your colorants a breeze. Make sure to take some pictures to show potential clients of how your work looks. It is always good to be more than a photographer. I have been approached several times by people who want a professional looking photo on their wall thanks to my "tattooed" nails.
How to Start a Painting Business - What You Need to Know About Starting a Painting Business
Third, get insurance for your equipment. Most painting businesses do not operate solely on their own but need to hire painting employees such as carpenters and painters. It is important to have proper coverage for these employees in case of injury or theft.
Fourth, make sure your painting company has all of its painting equipment in good repair. You are just getting started and your business may go out of business before you know it. You do not want to spend money on painting equipment that will not work. Some equipment, such as a roller and air compressor, should be inspected regularly. Another way to avoid expenses is to compare prices between several paint companies before you buy.
Fifth, get a business plan together. This will be a very helpful guide for your business. It includes a mission statement, marketing strategies, and financial projection. It is also advisable to get a second copy of this plan so that you can make any changes before you purchase insurance, equipment financing, or any other items.
Sixth, when you have a good business plan in hand, start looking for good painting jobs. It might be tempting to complete the cheapest job you find first, but it may not be the best choice for your new business. You can learn how to start a painting business through books, research, or by attending trade schools.
Seventh, once you have started a house-painting business, you will probably feel it is important to keep it going. Start a financial cushion for your business by saving up. Do not put all of your savings into the house painting business. Put some aside first, to avoid running into financial trouble when the economy goes through a rough patch.
How to start a painting business is not hard if you have a clear direction and goal in mind. For example, many people start their own painting services business by offering house cleaning services to people who need to get their homes cleaned. If you offer home cleaning services, you should choose your clients carefully. Clients who have children should take special care not to offer you their children's old toys as house cleaning products. Clients with pets will also be cautious about using products that may harm their pets.
The next step on how to start a painting business is finding a lender. A lender will provide you with a loan for your business bank account. A relatively low down payment is usually required in order to qualify for a loan. You should apply for a loan from a number of local lenders in order to find out who offers the best terms.
One way to succeed in the home painting business is to offer competitive prices to your clients. Low prices attract customers, and they will in turn drive up your profits. It is not difficult to start a painting service business either. Many homeowners are interested in doing house painting jobs because it is an easy way to make extra money at home. The homeowners are willing to pay a little more than they would for a typical home improvement job in order to save time and effort.
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