Looking to implement your talent for painting into a lucrative business? Starting a new venture requires careful planning of logistics and finances. Avoid taking a hit to your bank account by following these 5 tips for saving your dough.
5. Hire Subcontractors
There is some debate over whether or not residential painting companies should hire subcontractors. This debate has its own merits, and opinions are certainly divided. However, with a subcontractor, they bring in their own tools and materials, whereas with employees, you must be the one to supply the everything. If you hire subcontractors, this cuts down on a lot of the initial costs. For more information on the differences between employees and subcontractors, you can check out this page.
4. Join Local Networking and Trade Groups
In your area, there’s unquestionably plenty of trade groups and business networks that you can join. This is something to look into, because the right network can be immensely profitable because you can rely on them for profitable referrals and leads, as well as the chance to learn from those who have succeeded in your industry. With their knowledge, you can emulate their successes. All in all, building a solid network allows you to learn quite a bit. It allows you to have people that you can rely on to find leads and gather referrals, without the heavy cost of marketing.
3. Market Using the Internet
Use the Internet to market your business. We recommend doing physical advertising as well, but at the start, try to use the Internet as much as you can. These platforms and various forms of marketing are so inexpensive and so easy to use. You can easily set up a Google Business page and a website, providing service pages that inform your potential customers of what you do and why they should hire you. This is the big thing. If you’d like information that goes more in-depth, you can check out our article on online marketing right here.
2. Rent Transportation – Rather Than Purchasing It
Purchasing transportation is a big risk these days, and there isn’t much incentive to do so when the rental options for small businesses happen to be so affordable. We’ve found Flex Fleet Rental to be the best rental option on the market. Set up an account, then order the trucks you need. They take them to your site, and pick them up. They’re incredibly affordable and super simple. We highly recommend their excellent service, and one of the main reasons is because they are specifically geared towards small businesses who need fast, affordable options for transportation.
1. Budget and Plan Accordingly
This is the big one. Before you do anything in business, it’s best to have a plan. An idea that allows you to know where you want to go and your end goal. Every step has to have a purpose. But more than that, you need to understand what budget you’ll require for your dream, rather than what you think you might need. This entails time and research, but it is essential, and it will ensure that you save money while starting your residential painting company.
