In 2023, the global market when it comes to the painting industry is expected to grow. It’s been projected that it will rise from $167.04 billion to $235.06 billion, by the time the year 2029 rolls around. In Florida alone, by 2024, the painting industry will amount to around $434.5 million USD.
This means that now is a great time to start your very own painting business. If you want to start a painting business in Florida in 2023, then what do you need to do?
1. Do Your Market Research
First, you’ll need to understand more about the painting industry in Florida, as well as the market you’ll be working in. Your market research can enable you to ask research questions based on the market, that are in line with your overall business objectives. Try to isolate who your target market is. Try to isolate niches that might exist within the industry.
Write down who your major competitors are, as well as what services they offer. Try to find out what clients think of their services as well, through customer reviews and testimonials.
2. Registering Your Business
Before you can register your business, you’ll need to come up with a name for your business. Your business name should be something that’s easily recognizable, as well as memorable. After you’ve picked a name for your business, secure the domain name for that business name as well. This will be the website for your painting business.
While registering your painting business, you’ll need to choose a legal structure for your business. In Florida, painting businesses generally tend to go with forking an LLC. This is because they want to keep their personal assets safe in the case of lawsuits. If you intend to hire any employees for your painting business, then you’ll need to get an EIN as well.
You’ll also need several licenses and permits before you can operate your painting business in Florida. You’ll need zonal permits, a license that allows you to run a general business, a permit pertaining to health and safety, a permit for signage, and more. You’ll also need certain documents, to open your painting business in Florida. These include your EIN, your business license, your certificate of incorporation, and more.
3. The Financial Aspects
It can take anywhere between $10,000 all the way to $100,000, to start running a painting business in Florida. How much you’ll need to spend as startup capital will depend on what kind of equipment you purchase, how many employees you have, and more.
There are also ongoing expenses, associated with running a business, that you should take into account. These ongoing expenses include your utility bills, the cost of buying supplies, paying your employees, etc.
Say you don’t have the startup capital needed to run your painting business, or maybe you’re in sudden need of securing additional finances. If this is the case, then you can approach investors and lenders. Note that investors and lenders are likely to ask you for a business plan, so keep that ready.
Consider investing in painters insurance as well. This is as running a painting business leaves you exposed to certain risk factors. You could find yourself being sued by a client who is unhappy with your work. When you have painters insurance, you gain the coverage needed to protect not just your finances, but your painting business as well. To learn more about painter license requirements in Florida, click here.
4. Setting Up Office
Before you can set up your office, you’ll need to choose the ideal location to for your painting business. Consider how many painting businesses are available in the locality, as well as what the local regulations are. Ensure that the building is accessible to vehicles as well.
As you’re setting up your business, you’ll need to get a van or a truck, that’s large enough to transport all your work equipment. You’ll also need tools for painting, like rollers, brushes, sandpaper, and more. You’ll also need tools that can help you to carry your job out, like a Stanley knife, a step ladder, and other tools.
When you’re ready to open the doors to your painting business, it’s time to hire employees as well. Ensure that you hire painters who are competent, and can represent your painting business well.
5. Launch Your Business
Plan an official launch for your business, to let people in the area know that your painting business is open for business. If you’re on a budget, then you don’t have to opt for a grand party to launch your business. You can instead choose to provide discounted services to people or give them branded marketing collaterals, like pens, mugs, calendars, and even brochures.
Florida is a great place to launch your new painting business in. Before you can officially launch your business however, there are several steps you should go through. You’ll need to choose a business name, register your business, create a business plan, and more. This guide details everything you should do, to launch a successful painting business in Florida in 2023.