How to Start a Professional Painting Company

If you are considering how to start a painting company of your own then you should look at these suggestions to give you a good start on a new business.

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Business Plan

Business plans can contain as much information or as little as you see fit to draw up. However, the more details about a new business that you address the better off you will be in the long run. A business plan is an overview of your new business from the start to intended goals of two to five years from now.

It should include such information as startup capital, equipment purchases/leasing, building rentals and profit and loss estimates. Determine if you will operate as an individual or have plans to hire employees and if so how many do you forecast.

Government Forms

As with any new business, there will be plenty of forms to fill out so you have everything legally documented and set up correctly. Of course, you will need a cleaver business name for official government documents and any other forms of communication regarding the business will be associated with this business name.

State and local governments will want you to identify your new painting business as a sole proprietor, corporation or a limited liability corporation. Plan to do a bit of research to determine your best options for these legal concerns.

Most states are going to require filling out forms for a business license. The business name will have to be registered for the state you are doing business in and a tax number will be required for the federal government.

Accounting

Open a business bank account at a bank of your choosing. The will require the tax ID and business name that you have already established. Whether you intend to use it immediately or not it is a good idea to establish lines of credit.

Contact an accountant to keep records and file taxes. Alternatively, be prepared to keep all the records for your painting company yourself using a simple record keeping software program.

Open business accounts at a couple of paint stores or wholesale operations where you plan to conduct purchases for paint and supplies.

Capital

Your business plan should have already addressed start up capital and where it will be obtained. Now that you have all the legal paperwork out of the way, you can put your plans into effect for working capital. New painting businesses might obtain capital from cash on hand, lines of credit, bank loans or a business partner.

Purchase/Lease Equipment

With start up capital determined, you will have to purchase transportation, painting equipment and possibly lease a storefront or a warehouse. A list of start up equipment requirements and future expansion concepts would be a great way to get organized.

Marketing the Painting Company

Much like the business plan you created you will also need a detailed marketing plan. Consider some of these questions to get started. Where will you advertise your new painting business? What budget do you have to work with for advertising? Be ready to present interested customers with a portfolio of painting jobs with photos as a marketing tool. Every business must have professional business cards for prospective clients.

Acquire Insurance for the Painting Company

Now that you have attended to the most important details of the new painting company, you will need to purchase liability insurance for the business. It is a good idea to hire a local company if possible, be sure, and get bonded.

Employees

When you first start a painting company, it is possible you will not hire any employees. When or if you are ready to hire employees make sure you hire professionals that provide quality work representing you business interests.