Starting a Painting Business A Complete Guide WorkWave


How to keep books for a painting business

As a painting business owner, there’s no boss to oversee your work each day or hold you to a schedule. You need to be self-motivated and constantly aware of the time to ensure you meet deadlines. What’s more, as the business owner, you need to have a firm understanding of timing to accurately price painting jobs.

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The scope of the job tends to be significant in commercial painting. There are several reasons why you should start a painting business. Having a social media presence is pretty important in today’s market.

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Automating the tedium streamlines bookkeeping, yes, but you’ll still be involved. For example, your new tool may suggest pairing certain receipts to various expenses, but you must still approve those regularly. So set aside a time at the end of each week (or a few times each week) to review your app’s work and look over your financial reports. Today, most cloud-based solutions integrate with other software tools for harmonious work. An example of that is making sure your billing or invoicing software and bookkeeping software sync up.

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  • You might opt to focus on a specific niche as an exterior painting contractor or interior painting contractor.
  • You can bill clients for the paint or include those materials in your pricing.
  • Many freelancers and small-business owners will be required to file quarterly tax documents accompanied by estimated tax payments.
  • A more advanced art book for those who want to learn an academic approach to painting.
  • Be sure to add SEO-optimized content so that people will find you on a Google search.

You’ll want to do more research to understand whether a painting business will be successful in your area. Keep meticulous records of income, expenses, taxes, and insurance (including liability and, if applicable, auto insurance for company vehicles). Understand bookkeeping for painters your cash flow, manage your finances wisely, and consider using software or professional advice to stay on top of your financial health. As soon as your company starts accepting or spending money, you should open a business checking account.

  • You might choose to work with people in a certain age group or who make a certain income.
  • Most areas will require a business license for you to do professional painting work legally.
  • Remember to regularly update your filing system and purge outdated documents to prevent clutter and confusion.
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  • Underpromising and overdelivering and always putting your best foot forward are essential for success.

A lot of contractor business owners make this mistake, but you can avoid it. Instead of pricing reactively, use your business plan to calculate exactly how much you need to make the profit you’ve outlined for each year. Use market and competitor research to ensure people are willing to pay what you charge for the standard of service you offer, and never sell yourself short. There are some compelling opportunities to get the cash you need, though—primarily through loans and zero-interest credit cards. Here are your options for what you can borrow in order to start your painting business.

This means you won’t have to necessarily spend as much on staff as you would for more skilled tradespeople. Granted, this may not be true for every market, but the national average salary for painters is almost $38,000 versus a plumber’s salary, which is just above $57,000. Here are five reasons why starting a painting business might appeal to you.

Learn basic bookkeeping concepts

How to keep books for a painting business

Step #8. Get painting business insurance

Determine how your customers will pay you

How to keep books for a painting business

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