Looking to set up your own painting business with minimum investment? Setting up your own business is exciting as well as challenging. Close consideration of finances, licenses, insurance, and other aspects of running the business as well as thorough planning is required before starting a business. According to an estimate, Australians spend between $3,000 and $5,000 to start a small business. By planning ahead and streamlining your expenses, it is possible to minimize the cost of setting up your painting business.
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Here are the steps to follow to set up your own painting business at a low cost:
Before you launch your business, you must obtain the necessary qualification and training. To be a qualified painter, you need to complete a Certificate III in Painting and Decorating course from a Registered Training Organisation, a TAFE institution (Technical and Further Education), or an apprenticeship. If you plan to work at construction sites, you must obtain a White Card from a Registered Training Organisation. Being qualified can help you secure government funding for your business while enabling you to expand your business and work more professionally.
A detailed business plan helps you better define your business goals, your business direction, costs involved, marketing plan and other action steps. The plan gives you better control over the business and helps you learn about the many challenges that you need to address. The Australian government website has business plan templates that you can use. You can also take the help of free government services to start, plan, and grow your business. These services offer workshops, general advice, events, seminars and can also connect you to a coach.
You need to get an ABN (Australian Business Number) number that is an eleven-digit unique number for your business. Although not compulsory, ABN helps you claim GST credits, energy grants credits and avoid tax on payments received. For sole traders or individuals, ABN is free of cost.
Your startup company will also need a business name that costs between $35 and $82, where $35 is the cost for registering the business name for a period of one year and $82 is the cost for three years.
Licensing is mandatory if you do business worth more than $1,000 in NSW or more than $3,300 in Queensland. There is no fee for getting a license that is valid for one year.
Your business plan should contain details of how many people you are looking to hire. Based on the location, the annual salary can vary between $69,477 and $89,846 in Australia.
To minimize costs, you can operate alone as the sole employee initially till your business picks up.
Research the cost of painting tools and equipment that you need. Generally, the equipment takes up about 40 percent of your business budget.
As a sole trader, you can work from home to avoid the costs related to the rents of business premises.
Getting new customers is key to expanding your business and having a digital presence is important to reach out to as many customers as you can. Some of the low cost or free avenues for advertising that you can consider include:
As a small business owner, you have a responsibility to ensure the safety of your suppliers, customers and their property. Even when you exercise the utmost caution, there is always the risk of your clients sustaining injuries due to an accident or their property getting damaged as a result of your professional services. In this event, your client can file a public liability claim against you.
Legal fees and settlement costs can set you back significantly if you do not have the right type of insurance. Public Liability insurance is designed to give you financial protection against such claims, enabling you to grow your business with minimal expenditure. Visit BizCover to know more about Public Liability insurance for your painting business.
www.abnaustralia.com.au. (n.d.). Price List | ABN Australia. [online] Available at: https://www.abnaustralia.com.au/support/full-price-list.
QuickBooks. (2018). The Cost Of Starting A Small Business In Australia | QuickBooks Australia. [online] Available at: https://quickbooks.intuit.com/au/resources/starting-a-new-business/the-cost-of-starting-a-small-business-in-australia/ [Accessed 9 Sep. 2020]
Business.gov.au. (2019). How to develop your business plan | business.gov.au. [online] Available at: https://www.business.gov.au/Planning/Business-plans/How-to-develop-your-business-plan.
Hall, C. (2019). How much does it cost to start a business in Australia? [online] Honcho. Available at https://www.honcho.com.au/how-much-does-it-cost-to-start-a-business-in-australia/#:~:text=On%20average%2C%20Australians%20can%20spend [Accessed 9 Sep. 2020].
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