Painting Contractor Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Painting Contractor Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start an Painting Contractor business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
Your Business Planning Package will be immediately emailed to you after you make your purchase.
Product Specifications (please see images below):
People are always going to require painting of exterior and interior parts of their homes and buildings. As such, painting contractors often used in order to provide this service to the general public as well as to businesses. The barriers to entry for a new painting contracting business are very low. Any individual can pretty much hold themselves out as a professional painter, and the licensure requirements by these businesses is somewhat minimal. During times of economic recession, it should be noted that many painting contractors to experience a decline in the revenues given the fact that many homeowners will simply do their own in-home painting. However, in areas where there is a significant amount of wealth as well as higher incomes – these businesses tend to fare well during times of economic discord. The startup costs associated with the new painting contractor are relatively low and range anywhere from $10,000 all the way to about $50,000 depending on how many vehicles are going to be purchased in conjunction with operations. The gross margins generated from services rendered are typically is around 90% is a substantial amount of independently contracted labor is being used in conjunction with rendering the services to the general public.
If an individual is to raise capital in order to launch a new painting contracting business in a business plan should be developed. This business plan should feature a three-year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page. As it relates to industry research, there are approximately 310,000 businesses that operate as professional contracting services for painting within the United States. Each of these businesses generally about $40 billion in revenue and provide jobs for 500,000 people. Within the business plan, it is imperative that a full-scale demographic analysis is developed especially given that many of the services are rendered specifically to homeowners. The entrepreneur should look at annual household income, annual family income, average home value, population size, population density, and how much the average person is willing to spend on having the interior of their own painted. Typically, most painting contracting jobs generate approximately $500 to $5,000 depending on scope and scale of the service rendered. Within the business plan, an analysis of the competitors in the market should be included as well. This includes not only looking at other companies and hold themselves out as painting contractors, but also freelancers that do this on individualized basis. All of this information can be difficult to source, there are a number of online portals that can provide this information to an entrepreneur.
A painting contractor marketing plan also needs to be developed, this is one of the more important aspects of the overall business planning process given the high level of competition associated with painting contractors. An expansive online presence should be developed to showcase previous work completed, preliminary pricing information, hours of operation, locations serviced, and other information pertinent to painting contracting business. It is especially important that the painting contractor to have a specialized portion of the website showcases the reviews of work that has been previously done by either the owner or is the business as a whole. A presence on social media platforms including Facebook, Twitter, Google+, and Instagram is also very important given that many people now search for local service people through the Internet as well as social media platforms.
One of the nice things about maintaining a profile on the popular social networking website is that reviews can be left which will increase the trustworthiness of the business over substantial period of time. Additionally, many people now ask friends, family, and colleagues for recommendations via social media pages. As such, maintaining a profile on these platforms will allow the painting contractor to be easily found when individuals are making recommendations for local service providers. The ongoing expense for maintaining a profile on any given social media page is extremely low.
At the onset of operations, many painting contractors will engage in a broad-based traditional marketing campaign which includes the use of taking out ads in local newspapers the distribution of flyers to homeowners. This is an important method of marketing although it is somewhat expensive. Additionally, many painting contractors will seek to develop ongoing relationships with general contractors, real estate developers, property flippers, and other entities that frequent have a need for both interior and exterior painting. These relationships are very important given that they will allow the business owner to have an ongoing stream of work on a regular basis. Once these relationships are established, the ongoing need for marketing to these general contractors is somewhat low.
A painting contractor SWOT analysis should be produced as well. As it relates to strengths, painting contractors operate with very strong gross margins and have low start up costs. The ongoing expenses relating to maintaining a painting contracting business are somewhat low.
For weaknesses, these businesses are usually in direct competition with a number of other service providers on an ongoing basis. As such, the painting contractor must develop an extremely strong reputation in order to ensure they can be quickly found by people that need interior and exterior painting services. This is one of the biggest ongoing issues associated with owning and operating the contracting business.
For opportunities, many painting contractors will seek to expand their operations by acquiring additional vehicles while concurrently hiring additional painting staff that can render a greater number of services to the general public. This is primarily the only way in which these businesses are able to grow over a five-year period. Additionally, some painting contractors will require existing businesses that are already in operation.
There is nothing that is going to change about the painting contracting industry. Although there have been some improvements regarding the technology associated with paint production as well as paint application, it still requires a human being get up on ladders and place paint on walls, ceilings, and other surfaces. These businesses tended to okay during times of economic recession, and the demand for services remains relatively inelastic in most life economic climates.