Starting a small painting and decorating company is a major milestone in your professional career – albeit an expensive one. From marketing, accounting and insurance to the paint and equipment itself, there are many costs associated with starting a painting business. And this usually comes after years of applying your trade and fulfilling other requirements such as getting your painting license.
Luckily, this guide will show you some cost-effective painting business ideas that could save you money when growing your painting business. Whether you have just started or you’re a seasoned professional, there might be some tips that could help you save some valuable money that can be reinvested into your painting business.
Use free marketing resources
When you’re just starting out, the amount of marketing jargon and social media platforms can be quite overwhelming. But since there are many in a similar situation as you, there are many free resources available targeted at the complete beginner.
You have already jumped online and started your research into bettering your business by reading this blog, so why not take it further and subscribe to some YouTube channels that explain some basic social media marketing techniques?
Social media can be a major channel of new clients for your painting business so consider learning about the value it can add and the money you can save through free marketing resources.
Buy wholesale
From brushes and thinners to ladders and safety equipment, running a professional painting business requires a lot of gear – not to mention the paint!
A lot of this equipment is constantly needed job after next and some of it needs to be replaced after a couple of uses. This can get expensive, especially if you are going to the local hardware store a few times a week.
If this is the case, consider buying wholesale – where buying in bulk comes at a discount price. Not only will this significantly save you money, but it will make you more efficient as you won’t have to be going back and forth getting new gear.
Create an email marketing list
Just like social media, email marketing is another important form of communicating with your customers.
It allows you to keep in contact with old customers while expanding your brand to new and potential customers.
The easiest way to start an email list for your small painting business is to create an incentive to sign up. Offer some discounts for first time customer or a coupon code to make your clients feel like they are a part of your exclusive list.
Organic growth can be tough in the world of marketing, but this is a tried and tested method of engaging and growing your client base at a relatively low cost.
Sort out your business insurance early
Many states require owners of small painting businesses to have insurance coverage. While this varies by location, you will likely need two types of insurance:
- General Liability
- Workers’ Compensation
General Liability insurance* protects businesses against the risk of customer injury and third-party property damage.
Workers’ Compensation insurance* covers employee injuries and illnesses sustained in the workplace. You will typically need to buy this coverage before hiring your first employee, which includes full-time and part-time staff plus subcontractors. You may also require Workers’ Compensation as a sole proprietor in some instances.
While sorting out your business insurance will cost you money, it is often only a fraction compared to the significant financial costs associated with a claim. In that sense, getting business insurance is a small cost that could save you financial ruin in the long run.
Comparing painters’ insurance is easy with BizInsure. Just jump online and get covered in minutes.
