The painting and decorating business can be lucrative if you are interested in interior design. In most cases, painters and decorators are hired as general contractors and are paid per home decorating project. Since painting and decorating occur on location, have adequate insurance to cover potential mishaps.
Seasonal Work
Painting and decorating businesses tend to be seasonal in their demands and workloads. Exterior paint jobs must be performed under appropriate weather conditions, so rainy, cold and winter weather can limit the number of available projects. Additionally, homeowners and business owners often use tax refunds in the spring for interior and exterior improvements. As a result, you might have a heavy workload in the spring and summer but see a reduction in demand for your painting and decorating services during late fall and winter.
Scheduling Conflicts
Since the painting and decorating business requires you to be onsite to complete your assignments, scheduling work time with clients can be difficult. Some homeowners have erratic schedules and many businesses have limited hours of operation. Schedule one or two projects at a time to avoid scheduling conflicts.
Price Quotes
The painting and decorating business is only profitable when you can establish an acceptable price quote with a customer. Pricing a project too high can cause another contractor to underbid you and win the client's business. Pricing the project too low can decrease your profits and limit the amount you can spend on labor and supplies. Establishing a price quote with a customer requires researching current prices for similar projects. Visiting a home improvement or hardware store to get prices for supplies and labor helps you create a price quote that is acceptable to you and your client.
Insurance
As a painter or home decorator, buy insurance that covers any potential damages related to the project. Many homeowners and business owners hire only painters and decorators who are bonded or who have sufficient insurance to cover paint spills, damage, injury or loss. Without adequate insurance, you are putting yourself at risk for lawsuits that could damage your reputation or deplete your finances.
