Starting a painting business or any business for that matter is a lot of work and it’s a decision that shouldn’t be taken lightly. Unfortunately, starting a painting business isn’t for everyone. Even if you are a great painter, you may not have what it takes to run your own painting business. This article will highlight some of the difficult aspects of running a painting business so you can see if it’s something you are ready to handle.
You Must Wear Many Hats
As a painting business owner you are required to wear many hats. You are not only responsible for the actual painting but now you are responsible for every aspect of the business. This is a lot of extra work to take on and can often be too much for some people to handle. However, if you can handle the additional roles and the added stress that can sometimes arises from taking on so many roles, you may just have what it takes to run a successful painting business. One that can create much more wealth than you could create alone as a painter.
As the owner of a painting business, you will be required to take on tasks such as marketing, customer service, billing, collecting payment, handling disputes, legal tasks such as setting up a business structure, book keeping, taxes, getting insurance, and more. Is this something you’re looking forward to? Probably not, but as a business owner myself, I can definitely say that it’s worth it to take on these tasks to enjoy the benefits of a successful painting business. Be prepared to do a whole lot more than just show up and paint.
Do You Have Any Working Capital?
Although you don’t really need much money to get started (I started with hardly anything), it definitely helps to have some working capital to get you going. Cash flow problems are the number one reason why most businesses fail. If you don’t have cash flow to pay the bills, you can’t stick around as a business. It’s plain and simple, you need money to keep your business going. Can you handle going a week without any jobs? It might happen and it’s very likely to happen when you are just starting out. I highly suggest staying at your current job for a little longer and saving up some capital to get your painting business started. That doesn’t mean it can’t be done by simply quitting your job today and starting a painting company tomorrow, however, you are adding a lot of unnecessary stress to the situation. If you have a family that depends on you, you’ll need to put them first and think about their well being first and foremost. If you are young and single, you’ll be able to take on a bit more risk.
Why Do You Want To Own Your Own Painting Company?
You should really sit down and think about this question. Why do you really want to own your own painting company? Is it to have more money? More time? More freedom? It’s good to know why you are considering this. This will be your driving force that keeps you going through the hard times (Hint: There will be hard times).
Can You Handle Stressful Situations?
You really need to ask yourself if you can handle stressful situations. It’s not easy starting a painting business and there will be added stress on you on a daily basis until you can get things steady. If you can’t handle stress, you’ll have a hard time making it through those tough times. If you look at these stressful times as nothing more than petty hurdles on the track to success then you’re in a good position. If they scare you, beware.
Do You Understand The Business?
There’s no doubt, you will learn a lot in the process of starting your own painting business, but do you have some kind of understanding of the business right now? Have you worked as a painter for quite some time? Remember, there is a lot more to do than just showing up and painting. Have you seen other parts of this business ran? These things will help you out in starting your own business. If you are currently working as a painter. I highly recommend starting to look at the business differently. Start looking at your employers painting business as your own and see if you can soak up any good information on how the business is run. Try to see the different processes that make up a painting business. It might be tough to do this if you are just showing up and painting but keep your ears open and your eyes peeled. You may learn a thing or two.
Just Do It!
If you’ve made it this far and I didn’t scare you away then you’re in good shape. Congratulations! You can plan as much as possible and try to have all your ducks in order but at some point you’ll just have to go for it and start the business. If this is something that you really want and you are driven to succeed in it, just go for it. There will be many people that will tell you don’t do it or it’s a foolish idea (Many of which are family members) but you’ll just have to put their comments aside. They’re looking out for you but their just scared for you. Don’t blame them. Many of them have never started a business so they don’t know the joys, freedom, and money making potential that a business has to offer.
If this is something you really want, dive in and just do it! I look forward to hearing about your success!
