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Old 10-25-2014, 08:52 AM   #1
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Default New member, painting business goal??

Hey guys, I'm new to the forums and wanted to give you a run down on my future goals on running a painting business. I figured with all the professionals on here that's been through the grind and came out successful, you could give me some tips, suggestions or just tell me I'm stupid. Here's my backstory...I'm 41 yrs old and from the Midwest. I'm currently employed full time as a police officer and have been for 18 yrs! My span of control for supervising is roughly between 7-12 people. I love my job and I'm known as a really good boss. I make a pretty good income, salary wise plus the extra off-duty security work I do I can sometimes top six figures.

However, this isn't forever and I figure while I'm still in good [COLOR=blue !important][COLOR=blue !important]shape[/COLOR][/COLOR] and healthy I should start preparing for the future. When I start pondering, I always revert to being a painter and running a small but successful business. I've been painting since I was 16 with my dad, then my uncle. My dad found extra income by getting hooked up with a nice residential apartment building management company and he started painting apartments. He would drag my butt with him after school. Over the years I got pretty good at it and he made a lot of extra cash. I then started painting with my uncle who is still in the trade today and is quite successful at it. I've helped him on several projects over the years with residential as well as commercial.

Working with him I also learned another useful trade....tile work! My uncle now does a lot of remodels, tile work and paint. When talking to him he says the painting is good but also says when he gets a painting gig, next thing he knows he's doing a bathroom remodel or basement remodel. I ventured in the "flipping homes" business with just my wife. We completed 6 flips and that was enough for me since I couldn't find any help and working 3rd shift and remodeling houses got to be a little overboard.

I feel like I've got the skills, drive, savings and professionalism to start a painting business. Although I'm realistic and know that there's so much more I need to learn. My plan is to venture part-time by myself doing interior repaints for now. (remember, I have a full time job and not eligible to retire for another 7 years!). Build my customer base, work my contacts, get acclimated with the local supply stores and slowly learn as much as I can during this time. The goal would be to have all these things ready to go and on course so when I'm close to retirement, I can hire 2-4 quality people to help me succeed on this journey. Plus, extra income is always nice. .

The area I'm in isn't really saturated with painters, so I believe there is plenty room to grow.

Any helpful advise or constructive criticism would be helpful.

Thanks guys!

- James
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Old 10-25-2014, 09:05 AM   #2
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Welcome to the group. I have a couple of friends who are fellow police officers and in the trades, one a carpenter one a handyman. Both like you work full time and do this part time, trying to get ready for retirement.

You already have the experience painting, or some experience. It will be a bit tricky for you to start out, working nights then painting all day will wipe you out. Hiring help is probably the hardest part of painting, finding experienced people or finding the right people to train.
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Old 10-25-2014, 09:26 AM   #3
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Thanks. I still paint when my neighbors, co-workers and family and friends come calling. I now work 1st shift and not nights. (I've got enough seniority that I can pick my own shift.) I work a 4/2 schedule so the majority of my off time is during the week. I only get the weekends off once every six weeks. Hiring people is definitely the trick. One bad hire can set you way back or destroy what you've worked hard for, but one good hire can take your business to another level.
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Old 10-25-2014, 10:22 AM   #4
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Welcome James!
Another, longer response will follow later - I still need my morning coffee.

Dan
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Old 10-25-2014, 01:30 PM   #5
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I read like two paragraphs.....100k....keep doing what your doing.....retire, take that good pension and go hunting for months at a time like my dad!!
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Old 10-25-2014, 02:11 PM   #6
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Quote:
Originally Posted by richmondpainting View Post
I read like two paragraphs.....100k....keep doing what your doing.....retire, take that good pension and go hunting for months at a time like my dad!!
Maybe he wants....something bigger.

But seriously, I can see this as a viable approach. I see more and more people looking at changing jobs after one career and it has a lot of advantages over the more traditional approach. It can keep you moderately active and engaged with other people, issues that seem to come up with a lot of people who take the other route. As the OP mentioned, a little extra income doesn't hurt either.
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Old 10-26-2014, 12:15 AM   #7
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Thanks for the comments guys! I figure that I could retire at age 48! Which quite honestly is too young. Most guys I know in law enforcement retire and go right back to work as a bus driver, security, bailiff or P.I., for the extra $$. I can't see myself doing that!

I'll be done with all the government bureaucracy crap for sure! Painting is a trade I really enjoy doing so I figure I have have 7 years to build up, get things going and ultimately managing a small crew as a profitable small business. But as Richmond said, I'll have plenty of time to hunt as well! Don't think there's nothing better than working for yourself doing something you enjoy doing!! 😊

Is there a good market for just interior or just start there and work my way to exterior and or commercial? What's your thoughts??
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Old 11-08-2014, 11:22 AM   #8
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Truthfully I don't have the best track record with part time painters. With that said planning for your future is important.
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Old 11-08-2014, 06:14 PM   #9
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If you got a good thing going I would focus on building up income generating assets like rental property rather than starting a painting business. You can use your skills to keep them up.
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Old 11-08-2014, 11:04 PM   #10
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So isn't it illegal to be working and not paying taxes on that?
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Old 11-09-2014, 10:00 AM   #11
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I'd encourage anyone to pursue what they had an interest or passion for.

As far as James' arrangement, having a full time government job with a pension, benefits, and a quicker retirement eligibility, give's him the best of both worlds. What better scenario then to be drawing a pension while nurturing a small business. And, as far as building a part time painting business for full time operation in retirement, I don't think you'll require much more investment now other then perhaps a logo and web design, some reading on small business management, and a manageable referral base.

However, from the perspective of a painter whose lively hood, for thirty years, has been yanking five gallon buckets around, climbing all sorts of equipment, and grinding down shoulder and neck joints while rolling ceiling and walls, don't expect the fifty one year old James to perform as well as the forty one year old James. But I'm sure your enthusiasm and limited industry exposure, including the wear and tear, will offset that.

Good luck!

Last edited by CApainter; 11-09-2014 at 10:13 AM.. Reason: got my tenses mixed up.
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Old 11-09-2014, 10:44 AM   #12
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So isn't it illegal to be working and not paying taxes on that?
Did I miss something? Where did that come up?
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Old 11-12-2014, 04:58 AM   #13
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Quote:
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Did I miss something? Where did that come up?
OH, I might have misunderstood his part time starting out painting as side work. May be that it's all through the legit licensed company.
My bad.
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Old 11-13-2014, 08:06 AM   #14
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welcome
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