Are painting businesses still profitable?
Well, let’s look at 6 tips and facts that will tell us everything we need to know.
Tip 1:
Painting businesses are definitely profitable, just look at the online yellow pages, and you’ll see lots of painting companies, both large and small.
Obviously, if there’s so many people painting, then that must mean there are a lot of people making money with painting, otherwise, they wouldn’t be painting!
It’s the old 80-20 rule that applies to so many aspects of life- 20 percent of the painters make a great living, while the other 80 percent struggle to make a dollar.
Tip 2:
Some painting companies also offer additional services for generating some different revenue sources.
For example, some painting companies will go beyond the traditional scope of painting, and offer things like mural painting and more artistic painting solutions for interiors and exteriors.
Tip 3:
Take advantage of other painting companies and their well-established painting employees. Sometimes, taking advantage of subcontractors can help increase profit margins and lower stress levels.
It’s much easier to manage projects with subcontractors sometimes because you can just deal directly with their project manager or the owner of the other company.
Tip 4:
When thinking about why some painting companies are not profitable, think about what it is that they’re not willing to do.
Unfortunately, working hard isn’t enough to be successful in the painting business. Of course, working extremely hard is bound to make you some money, but it’s not going to be enough to get you to the top of the game.
Some painting companies are more confident in their business skills, and they’re more willing to make investments where they need to be made. You need to think about your painting business from different perspectives, it’s not just about the actual painting job, there are aspects of the business side that need to be taken care of as well.
For example, it’s almost impossible to grow as a painting company, or any company for that matter, if you’re not taking your marketing seriously. That doesn’t necessarily need to mean that you’re spending thousands of dollars a month on advertising, but it does mean that you have to be doing your due diligence, and making sure that you’re asking for referrals and reviews. If you’ve already completed a job for someone, and they’re happy, then chances are they’re either willing to give you referrals to other people that they might know, or they’re willing to leave you a good Google review for your job well done.
Tip 5:
One of the most important things that you can learn how to do if you’re thinking about getting into the painting business, is learning how to give accurate, and profitable estimates.
Suppose you don’t know how to estimate accurately simple foolproof methods for making a profit every time. In that case, I know from experience that not estimating jobs the right way or being lazy.
It has cost me money more than a few times to grow a large painting company. Or just a one or two-person operation.
If you don’t do thorough estimating, you will bite the bullet somewhere, especially on bigger jobs.
Tip 6:
Like I mentioned earlier, not knowing how to get jobs is just as critical. Many times, you can get golden referrals. But not all the time. Once you know how to estimate and advertise professionally, you can grow your company and make as much money as you dare to dream. This is a business, and like with most businesses, all you have to do is practice, learn, and implement, and you’ll be successful.
