The first step in starting any business, not just a painting business, is deciding to go to work for yourself and become your own boss. Once this piece of the puzzle is complete, you can choose between starting a new business of your own or investing in a franchise. After that, the next step is to create a painting business plan for your exciting new endeavor.
If you have selected the latter option, creating a business plan for a painting company like yours will be different than doing so for a business of your own, as there are already systems and strategies in place for the franchise brand.
Benefits of Franchising vs. Starting Your Own Business
Investing in a franchise provides you with access to the resources and reputation of an already established company.
When you start a painting franchise, for instance, you have the opportunity to be a part of every piece of your franchise, from revenue creation and overhead expenses to shaping the customer service experience for your customers and fostering customer loyalty.
Franchising also includes training and support services. For example, one franchise that offers ownership opportunities is Teaberry Painting. Here are the steps to formulating a business plan for your painting company.
House Painting Business Plans
A clear and concise house painting business plan will specifically spell out the mission statement of your franchise company, defining the motivating factors behind your decision to open the business.
By knowing the reasons behind your desire to start a painting franchise, and understanding why you are creating a business plan for your painting company, you will be harnessing the energy you need to move forward as your company is faced with obstacles and challenges along the way.
The Pregame of Your House Painting Business Plan
When starting a house painting business plan, like one for a Teaberry Painting franchise, you must first register your company’s name with the Secretary of State where you live.
Each U.S. state has unique requirements for starting a house painting company. For example, If you choose to set up shop through the creation of an LLC, for instance, the state will provide you with a federal EIN number – or registration number – in order to create a business bank account for tax-related reasons.
Each state will require you to acquire a painting license and insurance plan before allowing you to accept new painting clients. Although every location has different standards, it is relatively standard for a state to require 1 million dollars of general liability insurance, and another $1 million for each work “occurrence.” Workers compensation requirements vary, state to state, as well.
Defining the Services of Your Franchise
The next part of a house painting business plan, before you can market to prospective clients, is deciding where to focus your services. Do you want to handle mostly residential or commercial projects? When contemplating these choices, consider the amount of money that can be generated from each industry sector.
With a Teaberry Painting franchise, your house painting business plan can also consider additional income with “add-on service requests.” Theseservices can be put in place along with the initial painting service; drywall repairs, carpentry services, gutter cleanouts, and window washing are a few examples.
Investing in Your Business Supplies
The next step of your painting business plan will be purchasing supplies for your employees, subcontractors, and customers. If you are planning on using subcontractors, you will not have to invest in as many materials, as your independent contractors already have those items for themselves.
Starting a franchise through Teaberry Painting, your painting business plan will be much easier than opening a new company of your own, as you are advised on what materials are most important at the beginning of your endeavor.
Some examples of supplies needed to start marketing your business to clients are ladders, brushes, rollers, trays, paint spray machines, caulking guns, scrapers, and sandpaper, to name a few key items. Make sure these are included in this part of your painting business plan.
Start Building a Marketing Game Plan
Although companies like Teaberry Painting offer a franchisee training program to help you figure out how to tap into a marketing program effectively, you must still implement their educational services to build community awareness in your area.
Additionally, a business plan for your painting company should include other creative ways to extend your marketing arm by adding more ways to reach customers; social media, email blasts, word of mouth and community events are a few examples.
Create an Operation Plan for Your Business
To own and operate a successful franchise, the next phase of your painting business plan should include projections for sales revenue, cash flow, and income potential for your Teaberry Painting location.
To finalize a business plan for your painting company, consider Teaberry Painting’s powerful operating platform, which provides an easy way to prepare estimates, set up work orders, schedule projects, and build cost analyses.