Startup Costs: $2,000 – $10,000
Home Based: Can be operated from home.
Part Time: Can be operated part-time.
Franchises Available?
No
Online Operation?
No
THE BRIEF
A fresh coat of new paint on a home interior never gets old; there’s always a new color trend to try, or the latest technique written up in the shelter magazines. And the look is so fresh. But few homeowners beyond their college years want to do the heavy lifting here themselves. Too much of a mess! Too many potential mistakes that could permanently mar a beautiful wall or piece of woodwork!
“Painters work indoors and outdoors in many different work environments,” notes the Bureau of Labor Statistics. “Painting is physically demanding and requires a lot of bending, kneeling, reaching, and climbing.” And for entrepreneurs going into this profession the pay may be stable but not particularly highly compensated: The BLS reports that in 2018, the median pay was $38,940 or $18.72 an hour, though these figures may be conservative.
ASK THE PROS
How much money can you make?
“That depends on how much money you want to make. I know some buys in the industry who make up to $1 million annually though $250,000 to $500,000 is more typical” (out of which employee painters, typically three per company, are paid) — Lawrence Gbolo, professional painter, owner of Bolo Clean
What are the startup costs?
“$10,000, to buy a vehicle, buy commercial insurance, a city/state contractor’s license, business liability insurance and workers compensation” — Lawrence Gbolo
What kind of experience do you need to have?
“You need to work as a painter for a couple of years so you gain experience and knowledge of the industry. Or you can just be the business owner and hire painters to work for you You have to learn the legal aspects of the job, like permits, workers compensation, contract. There is a labor skill set and an administrative skill set” — Lawrence Gbolo, professional painter
What’s the most importat thing to know about this business?
“You have to understand the product you sell, the competition. You have to have fire in the belly. That’s the key to success” — Lawrence Gbolo