A lot goes into running a business. In the painting and decorating field, you not only have to worry about the financial aspects, but the artistic and design side of the business as well. It is important to inspire your customers with your artistic abilities, but still meet their needs. To be successful, you need to consider all factors that go into running a new decorating company.
Determine your business type. Before advertising, decide whether your painting and decorating company will specialise in corporate projects or residential properties. Find out which type of business is needed within the area. If there is a higher demand for corporate painting and decorating firms, then target those customers over residential clients.
Keep your books in order. Use professional software or hire professional help if your business can front the cost for it. Ensure that software you use can predict profit margins and estimated expenses and incomes, and handle payroll and general invoicing. Remember that you will have expenses such as paint, brushes and general decor equipment that needs to be factored into each estimate you provide. Use software like PaintCOST, QuickBooks, or Peachtree to help you keep your finances straight and provide accurate estimates.
Set monthly, quarterly and annual goals for your company. Ensure the goals include income, staffing, client counts and creating a well-stocked inventory.
Develop an image and reputation for your company. Use branding and logos to draw customers. Being in the painting and decorating industry, your logo should be artistic and relevant to the work you do. Earn a good reputation by pleasing current and past customers so you can develop a good list of references.
Understand your competition. Look at your competitors' pricing, client types, strengths and weaknesses. Compare yourself to competitors that offer similar services or work within specific industries like residential versus commercial.
Promote your company. Use free advertising that local news firms offer online or services such as Craigslist. Distribute flyers throughout neighbourhoods and commercial business parks to showcase your business. Put company information or logos on company vehicles and create a company website for potential customers to find you and get more information. Include galleries of previous paint or decor jobs so clients can see the potential of your work.
Look into buying wholesale. As a paint and decor company, you will have to make a lot of purchases in large quantities. Look into companies that offer painting supplies and even decorative items at wholesale discount prices, rather than retail. This will bring your costs down and increase profit margins per job.