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Solid startup Plan

3K views 14 replies 8 participants last post by  bikerboy 
#1 ·
Hey all, thanks for the great info on this forum. I have had a 1 man operation for several years with no real growth. I've been focused on decorative finishes, and haven't been able to hedge a spot among a clientele that demands this type of work, at least not with consistency.

So essentially I'm starting over...no more frills, just want a solid painting business, and am willing to sacrifice my own ego for long term growth. I love working with people and feel that i have a good shot at this if i set it up right.

So here are a couple of questions i have for you guys:

1. Who should I talk to first, CPA, finacial adviser, business planner?

2. I have no financial cushion, do I need a loan?
 
#2 ·
#3 ·
2. I have no financial cushion, do I need a loan?
You should consider working another job until your business grows, if you want steady cash flow.
 
#4 ·
The information I provide is only for the soul purpose of stimulating some other ideas as to how you may want to go. A testimony can go along ways:

I never started with a loan.

I worked for a painting business that turned over interior apartments only.

After 6 months of this, the painting business I worked for, agreed to help me start my own business.

After all was said and done, I sub'd from this painting business for 4 years. It took me this long to figure out that I would not make more than $60k gross per year and $60k was turning over 2-4 units per day. I was tired and hated the color off-white. So, I jumped the boat. I put an ad in the yellow pages book. And a couple months later I found craigslist.com and posted free ads there for the next year until someone put me on Angieslist.com, then I babied that one for a while. Now, through the craigslist, angieslist constructionmonitor.com and my Superb SW Rep, Jamie, I have secured me a good clientel.

It hasn't been easy and I have had help along the way (support from PDCA and other painters in the area). But one thing I haven't done is get a loan. I have had to work hard for the money and pay for things with cash. The only loan (credit) I can think of is in the form of my SW account.

Here I am today with a great business partner and no debt.

Equipement, can be baught at SW and put on your account interest free and paid off in 3 months or longer if you wish. I baught all my pumps on a payment plan at SW. If you do get a loan, I wouldn't start with much more than $5000. That should be enough for the essentials, but then again, this is just my opinion and experience. It took about $6000 for me to get all legal with the state (Oregon isn't cheap). Tools were bought as we made profit. Money management is key here. :)

Again, this is just something to consider or juggle the mind. Nothing set in stone here. ;)

J
 
#5 ·
Hey all, thanks for the great info on this forum. I have had a 1 man operation for several years with no real growth. I've been focused on decorative finishes, and haven't been able to hedge a spot among a clientele that demands this type of work, at least not with consistency.

So essentially I'm starting over...no more frills, just want a solid painting business, and am willing to sacrifice my own ego for long term growth. I love working with people and feel that i have a good shot at this if i set it up right.

So here are a couple of questions i have for you guys:

1. Who should I talk to first, CPA, finacial adviser, business planner?

2. I have no financial cushion, do I need a loan?
It's a long long road
with many a winding turn
which leads to
who knows where..........But, listen to these guys. Every one of them have been at square one. You also may wanna get The E Myth book by Michael Gerber, here is a review http://www.profitadvisors.com/emyth.shtml
 
#6 ·
If I had to start all over today, here is what I would do:

1. Read everything on Paint Talk relating to business. I might have to give up sleeping for a few days, but it would be worth it.
2. Identify where I want to be in 1 year. For example, what kind of revenue, what kind of profit, what kind of income. And then I'd identify how I would accomplish this.
3. Invest $500 in marketing-- signs, business cards, web site, and fliers/ door hangers. The bulk of the money would go into fliers/ door hangers and I would hand them out myself.
4. Learn to sell at the right price, which implies that I know what the right price is.
5. Develop some simple systems for the basics of the business. Such as, how will I prep an exterior job, how will I prep an interior job, etc. I would include some admin issues as well. And I would put this in writing.

If I did these 5 things I would be light years ahead of where I was when I started. In fact, I would probably be at year 10 within 1 year.

Brian Phillips
 
#8 ·
Thanks!

I've been reading alot of posts on this forum in the last 48 hours, and was getting very overwhelmed. I want to do everything i can for myself and my family, but have been trying to do everything by instinct until now... I can definetely get together that advertising campaign very soon and start peddling. Thanks again, and I'm sure to be a regular:thumbsup:
 
#14 ·
well since you are a new member you will not be able to private message me. So here is my email, makdecorating @ yahoo.com no spaces.
Good start! Find a good contractor to work for and be HONEST about the relationship. Tell them you are here to learn and move on. Do not try to develop relationships with their cleints or employees. Pick their brain and be honest. I'm sure after your on your own and if you do good work you will be able to sub work from these guys as well. I've had several sneaky little pricks try to steal customers and employees while absorbing everthing they could from me.

Read all of Brian's posts. While some of it may be hard to do you will need to be in the right business frame of mind all of the time.
 
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