It takes practice, precision, and patience to do a good paint job, and because it's so time-intensive, many homeowners are looking to outsource the painting of their homes, both inside and out, to a professional painter.
If you enjoy painting and do it well, you are in a great position to start a painting business that has the potential to be very profitable. However, that doesn't necessarily mean it's time to quit your job and launch one.
Is Starting a Painting Business a Good Idea?
Painting may be an old industry, but it's still a growing one. Government statistics indicate that the employment of painters is expected grow by 6 percent by 2028, which is the average for all occupations.
As long as the construction industry remains strong, there will always be a need for painting businesses. Currently, the industry creates nearly $1.3 trillion worth of structures each year in the United States and employs around 7 million workers.
It is relatively easy to start a painting business due to low materials costs and no need for special education or training. However, there are a few pros and cons you should consider before starting your own painting business.
The Pros of Starting a Painting Business
Along with being able to create a business around an activity you enjoy doing, there are a number of other benefits you may enjoy starting a painting business.
The fact that it is easy to start one makes it ideal for those seeking part-time income, and startup costs are minimal.
You also have the potential to make a good income once your business is established, and once you're rolling you can be fun and creative, exploring specializing options like faux painting, special finishes, and historically authentic painting services.
If your business is successful, you can explore franchising opportunities, or you could offer related services like wallpapering to boost your income. And you can diversify your income sources by targeting homeowners, builders, landlords, and interior designers rather than just focus on one type of client.
The Cons of Starting a Painting Business
However, there are some significant drawbacks as well. For one thing, it's very physical work and requires that you be in good health. And if you are in good health, it may eventually cause bad health from the manual labor over a period of time.
There's a lot of competition in this industry because it is so easy to get into. You'll need to paint exceptionally well to stand out and perhaps offer cut-rate prices to attract business, which may make it hard to earn a decent living.
The work is often seasonal, so weather can affect how much money you make, and there may be long periods of time when you cannot work at all.
The health of the economy may play a role. If there's a significant economic downturn, or even just a downturn in the construction industry, the people who normally hire you may scale back their spending and do some of the work you offer themselves.
And even though it's an easy business to get into with little experience necessary, you do need to take care of things like a business license, insurance, and bonding, and you'll need to purchase items like painting tools, ladders, brushes and more.