Is A Painting Business Profitable?
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Painting is a great career option for people who like to work with their hands. There are two main employment options for this field — working as an employee of a painting company or starting your own business. If owning your own painting business sounds like a rewarding experience, it’s important to understand if this can be a profitable venture for you.
Is A Painting Business Profitable?
Each year, the painting and decorating services industry generates over $7 billion in revenue. This creates a lot of opportunities for painters looking to start or expand their painting business. To understand how much a painting business can make, you need to examine how painting businesses typically charge their clients.
In most cases, painters charge their clients by square meter. The amount of time may vary depending on the application (interior, exterior, or special material), the number of coats, and whether the paint is being applied manually or with a sprayer. On average, painters will charge around $60 per hour (excluding materials), although this rate can easily reach $100 per hour in major cities.
Total annual revenue can be expected between $115,000 and $200,000. This revenue is before taxes and other expenses. Most painters will take home a salary of approximately $69,000. The most experienced painters can make up to $92,000.
Factors That Increase Or Reduce Profitability For Painters
Painting business owners need to understand the factors that could influence the profitability of their business. Some factors improve profitability while others can reduce your profits.
- Start-Up Costs - The best thing about starting a painting business is the low start-up cost. Most business owners can get started for as little as $2,000. You should be able to achieve profitability within just a couple of months.
- Non-Work Hours - Painters can only charge their clients for the amount of time they spent working on billable jobs. Hours that you spend working on bookkeeping, administrative tasks, and marketing won’t generate revenue. You might need to hire people to help complete these tasks.
- Employees - As your business grows, you may need to hire employees to help complete painting projects or work on office duties. Hiring employees can be very expensive. Be sure to evaluate if there is a financial benefit to hiring these employees.
- Business Expenses - There are costs associated with running a business including taxes, license fees, website maintenance, and utilities. It’s important to monitor these costs to avoid cutting into your profit.
- Tools And Vehicles - Aside from employees, the cost of tools, equipment, and vehicles will likely be your largest expense. Controlling these costs can make a huge difference in the finances of your business.
- Marketing - in order to get customers to paint for, you need to know how to market your painting business. You can learn a few skills yourself to grow your painting business, or you can hire someone to do it for you. Either way, there will be some kind of cost involved which you'll hopefully get back plus some.
- Rework - Your customers expect work to be completed correctly. Any repairs or rework will directly affect the profit of each project. It’s always best to bring your very best to each job.
Business Insurance For Painters
While painting can be a profitable business venture, lawsuits and claims against your business can have serious financial consequences. To protect your business and profits, you should always carry a comprehensive liability insurance policy. Let the experts at upcover walk you through the process. Check out our instant quote generator where you can get an estimate on market-leading insurance in seconds! Simply enter your occupation and expected revenue to get started.