When starting your own painting company, you need to take the time to create a written painting business plan. While it won’t be the most exciting part of being an entrepreneur, it is vital to the success of your venture.
We’ve put together a helpful guide so you can dive in and create a business plan that provides direction, attracts investors, and drives results.
Whether this is the first business plan you’ve ever written or you’re looking to improve your skills, follow this guide to navigate the process successfully.
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What Is a Business Plan?
A painting business plan is a document that details your business goals, how you plan to achieve those goals and an estimation of when you expect those goals to be achieved.
Along with focusing on your painting company’s goals, it’s helpful to include other information, such as the painting services you plan to offer, how you will bid on painting jobs and any competitive differentiators that set up a part in the local market.
Think of your business plan as a written outline about your painting company that you can share with other individuals, companies, or investors who want to join your business venture.
Key-takeaway: It is essentially a pitch about why someone would want to be involved with your painting company and how it will benefit them by detailing everything from team structure to financial projections.
Does My Painting Company Need a Business Plan?
Starting a company in the painting trade is an exciting process — but it often comes with a lot of headaches. Even though you may want to dive right in, it’s important to set up your business for success from day one.
Creating a solid business plan is one of the most effective ways to prepare your business for any challenges or obstacles you face.
While a business plan isn’t necessarily a mandatory requirement, it is a step that shouldn’t be glossed over. It’s a valuable tool that you and your leadership team can continue to use to stay focused and on track toward your painting company’s goals.
Not only does a painting company business plan make your vision clear to yourself, as well as possible investors, but provides many additional benefits as well:
Every successful painting company starts with a good foundation. Diving in without a well-thought-out plan might be fine initially, but without concrete goals and important business details sorted out, you’re doing your painting business a disservice.
Creating the core strategy of your painting company will help accelerate your growth because you will have clear benchmarks that need to be met. If you aren’t meeting these benchmarks, you’ll know that your business plan might need to be adjusted.
And on the other hand, you might surpass these benchmarks and be able to reach your goals more quickly because of the clear path you laid out for yourself. Taking the time to create a painting business plan ensures you have a roadmap to success.
Depending on the growth goals you have for your new painting venture, you may need additional funding to achieve them. By creating a solid business plan for your painting company, you’re demonstrating to investors and loan providers that you understand the growth trajectory of your business.
No investor or loan provider will want to invest in a business that isn’t financially stable. Writing up a business plan allows you to share your ideas and goals for your painting company.
As a business owner, you need to be able to make important business decisions. Whether you’re dealing with a major fluctuation of painting leads coming in or facing a worldwide pandemic that shuts down the local market for a few months, you need to be prepared.
A business plan enables you to make strategic business decisions because you will know your most recent forecasting information and trajectory towards your goals. You can be a confident owner of a painting business, knowing that you have a solid business plan in place to back up your decision-making.
Example of a Painting Business Plan PDF
You can open or download our free painting business plan PDF below:
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How to Write a Painting Business Plan
Remember that as the business owner, you get to decide what to and what not to include in your painting business plan. If a section doesn’t make sense for your business or aligns with your growth goals, don’t feel forced to leave it in.
Determine which sections make the most sense for your painting company’s needs. To create a comprehensive business plan, consider including the following sections:
At the beginning of the business plan, you want to provide a short summary of who your painting business is and why it will be successful.
This is where you would provide any company details you have, including your painting company mission statement, leadership team, employees, location(s), service area, and any other basic business details.
Here you will outline who your painting company is and discuss your purpose. What problems do you help your customers solve? What makes you stand out from similar competitors in the market?
What expertise and training does your team of painting contractors have? Use the company description section as a place to brag about yourself a little bit and highlight what makes your painting business stand out from others.
Anyone can say they will become a painting contractor, but you need the numbers to back up that claim. Analyzing your local market and performing competitor research will help uncover your competitors’ strengths and weaknesses.
In doing so, you can determine where you need to excel and how your painting company can outshine the competition. Determine what they are doing well, what they are struggling with, and what you can do better.
Having a clearly defined organizational structure (1) is a crucial aspect of any business — especially if you are looking to get funding or investments. Create an org chart that outlines the company structure, detailing who is in charge of all business operations down to the painting contractors who are out in the field executing the job.
Provide a menu of service offerings that you plan to offer to your customers. Do you plan to offer residential painting? If so, are you focusing on new development jobs led by contractors, or are you appealing to the homeowner crowd? Will you bid on commercial painting leads? Do you only offer single-room paint jobs or whole-home jobs as well? Is your team equipped to handle interior and exterior paint jobs?
Use this section to outline your service offerings and explain how they will benefit your target customer base.
Marketing and Sales
While your painting company’s marketing strategy should be fluid to align with the current market, this section will describe your high-level plan for attracting new business and retaining existing customers.
What is your plan to increase the leads coming in? How do you plan to close those leads and convert them into customers? Is there a strategy to make your existing sales repeat customers?
Provide an insight into the traditional marketing and digital marketing strategies you plan to employ.
If you are asking for funding or plan to in the future, you will need to provide an outline of your funding requirements. Explain how much funding you are requesting and details on how those funds will be distributed and used over the next few years.
Including financial projects for your painting company is an effective way to demonstrate that your business will succeed.
If you are an established company, you can fill out this section with existing income statements or cash flow statements for the last few years to demonstrate your profitability.
Use this section to forecast where you expect the company to be financially five years from now. It can be helpful to break up your projections by quarters so you can easily determine if you are on track to meet your projections.
At the end of your painting business plan, you should add any supporting documents for the information you’ve provided. This can include resumes for your leadership team, licenses, credit histories or bank statements, and other contracts.
Common Questions About a Painting Company Business Plan
What is the purpose of having a painting business plan?
A business plan will help you determine if your painting business idea is viable, increase your chances of success, and secure financing.
What are the parts of a painting company’s business plan?
Executive summary, company description, market analysis, organizational structure, painting services, marketing & sales, funding requests, financial projections, and appendix.
What is an executive summary for a painting company?
An executive summary includes a mission statement, information about the leadership team, and financial goals.