If you are new to the painting business or just looking for a way to gain an edge, you need to have a plan in place. That’s where Brandon Lewis and his company, The Academy for Professional Painting Contractors comes in.
The Academy for Professional Painting Contractors is an online site that caters to re-paint contractors, and is also the publisher of Painter’s Weekly. The Academy for Professional Painting Contractors website offers a program for those in the business and it explains exactly how to run your business efficiently. The website also includes free articles and teaches you things like how to estimate a paint job to give business owners and edge up on their competition.
Running any business is complicated from supplies to employees and marketing, it all takes a lot of time. Most of these businesses also need an infusion of funds at the beginning to pay for supplies and materials. Then there is the advertising and hiring of employees, not to mention getting your business name in front of people. According to the website nerdwallet.com the average cost to paint a 2,500 square foot home is anywhere from $3,000 to $5,000 for the exterior. The inside of that same home can cost roughly between $3700 and $7000 or more. Many factors come into figuring out costs including just basic square footage measurements up to how high the ceilings are and any special conditions in the home.
The other aspect to creating a successful painting business is learning how to estimate a job. Once again there are a lot of variables to take into consideration. For instance if the home hasn’t been painted in a while, prep time will be more expensive, which of course leads to more expense. Lots of woodwork, expensive floors and cabinetry can also create additional prep time as everything has to be carefully covered and taped. The material to be painted will also alter how much paint needs to be used for full coverage. Wood, stucco, brick, drywall, etc. all require different amounts of paint and need to be taken into consideration. Keep in mind that all these little issues when you go into a home can create a huge expense in labor and also a lot of lost time when you’re trying to get to or book your next job. So estimating a job is something you need to take seriously every time so you don’t end up losing money.
The US Bureau of Labor Statistics estimates that painters average around $19.37 per hour which equates to around $40,280. Now keep in mind that these statistics don’t take into account the small business owners that will have a variety of income levels. A well run painting business can easily break six figures depending on the market in which the business is running.
Forbes estimates that 8 out of 10 small businesses fail. This daunting statistic means that having a solid business plan is essential to running a painting business or any sort of business for that matter. Small businesses face having to calculate taxes, watch profit margins, keep insurance plans, have benefits and keep everything in order year after year.
But those statistics don’t mean you should avoid starting a painting business because the upside can be exponentially rewarding. Private business owners can set their own hours, decide on who they want to hire, create a community focused business and take only the jobs they decide on. This kind of freedom can’t be found in corporate America and is one of the many reasons people choose to run their own painting business.