f you have an eye for design, enjoy working with your hands and are looking for the perfect entrepreneurial opportunity, a painting and decorating business might be for you. The painting and decorating industry is an ideal start-up for individuals with limited funding. You can begin slowly by volunteering your time painting or decorating local businesses, which enables you to gain the necessary experience and samples you will need for your portfolio.
When you are ready to start your own business, you can operate using minimal supplies, and a borrowed, or personal vehicle, while you raise your initial funding.
Your start-up needs will vary depending on the services you plan to offer. For instance, you may decide to expand upon your training and focus your efforts on one niche market. The painting and decorating industry is a broad specialty with a wide variety of services you can offer clients. If you wanted to enter a niche market, you could specialise in anything from remodelling and decorative painting to restoration. Once you have decided the direction you would like to take with your business, you can take your creative talents to the next level and begin the process. The following information will walk you through the steps you will need to make your vision a reality.
Write Up a Business Plan
A business plan acts as a guide for your business, which outlines your goals and details how you plan to achieve them. This document should contain what you expect to spend, as well as any income, targeted demographics, and your marketing plan. When you are creating your business plan, it may be helpful to research your competition to see what they specialise in and decide how you can set yourself apart. A correctly executed business plan will not only help you meet your goals, but it will also act as a roadmap to your success.
Register your Business
When you start your own business in the United Kingdom, you must choose a structure to operate under. Most businesses in the UK are either sole traders, limited companies, or partnerships. If you are working for yourself, you must register as ‘self-employed.’ The next step involves registering your business. The simplest way to do this would be to register as a ‘sole trader.’ If you prefer, you have the option of registering your business as a limited company, or a partnership as well.
Insurance should always be a consideration when starting a business, and in the UK, motor and liability insurance is required by law. When it comes to opening a painting and decorating business, it is always smart to obtain additional insurance to protect yourself in case you damage something in a client’s home. You may also want to consider property, flood, business income, and commercial umbrella insurance. Additionally, if you have any employees working for you, it is a good idea to obtain employers’ liability insurance. You should consult an insurance agent during this process to ensure you are working within the law and protecting yourself against all possibilities. The Painting and Decorating Association has a wealth of insurance and other small business resources available for entrepreneurs.