House painting is one of the most common businesses because everyone requires paint in their homes. There are more than 229,9000 house painting businesses in the U.S, and this will keep on growing.
So, if you are looking to jump into this lucrative market, you are in the right place. Here is your complete guide on starting a house painting business.
The first thing you need is a solid business plan that will determine how you will run your business. Here are a few things you can consider during this step:
The cost of starting a small painting business can be as little as $500. It would be best to have a few equipment and tools to begin the business and then work from there. Once you have all the answers to the above considerations, you can move on to step two.
After the planning phase is complete, the next step of starting a painting company is to form a legal entity. The most common ones you can choose from include a sole proprietorship, limited liability company (LLC), partnership, and corporation. If you opt for a corporation or LLC, it will protect you from personal liability if someone sues your painting business.
Opting for an LLC is the best option as it will protect you from personal liability and ensure that your assets are protected. So, you can choose this option for your painting business and register yourself in no time.
Before opening your painting business to the public, you must register for various federal and state taxes. You will have to apply for an Employer Identification Number (EIN), which you can acquire through the IRS website to register for the taxes. Besides that, the way the government will tax your business will depend on your chosen structure.
Specific taxes apply to each type of business structure, and you can learn more about them through the relevant state department. You can follow the guidelines set out by the government to ensure you meet all taxation rules and regulations.
The fourth step of starting a house painting business is to create a business bank account. Using a business bank account and credit card is crucial to protect your assets. That is because when you mix your business and personal accounts, your assets will be at risk if someone sues your business.
On the other hand, opting for a business credit card will help you build business credit. In the long run, it will help you with financing as you will get better lines of credit, interest rates, and much more. Taking these steps will ensure ease of tax filing and accounting for the business.
It's best to have business insurance, regardless of their industry. The insurance will offer protection to the financial and overall well-being of your business in case of a loss. There are various insurance policies you can choose from for your house painting business.
However, the most critical type of insurance you should get is General Liability Insurance. If you have employees working under you, you will also want to opt for Worker's Compensation Insurance. Besides that, there are many other policies you can search for that will apply to your painting business.
Once you have all the legal and other requirements out of the way, it is time to focus on your marketing when starting a house painting business. The first step you can take is to list your business on Google, as it will allow people in your local region to find your business efficiently. After that, you must create a website for your painting business.
You can use endless resources online to build a professional website for your painting business at a low cost. You can use the website to showcase your portfolio and attract more customers. The key here is to create a responsive and clean website that offers an excellent user experience.
Once your website is live, you can use various tactics to rank high on Google. These include SEO, title tags, keywords, image optimization, tutorials, and much more. The marketing strategy of all businesses must have a mix of these tactics for long-term success.
One of the reasons starting a painting business is so popular is low startup costs. Since you can purchase paint after you've signed a contract with a clientor the client may have already purchased paint, all you'll need to have will be paintbrushes, protective equipment for the home, and the proper licensing and fees.
Therefore, you can start a painting business for less than $500.
That was your complete guide on how to start a painting company. Follow these guidelines, and you will set a foundation for beginning your painting business successfully. After that, you must stay consistent with your marketing practices to make the most of your painting business.
So, what are you waiting for? Follow these steps and make your dreams of starting a house painting business come true. You are just a few steps away from turning your dreams into a reality in no time.