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In any start-up, regardless of the type of business from creating something to servicing, two components are critical. First, adequate cash to purchase 'tools of the trade' (in your case, painting supplies) and sufficient cash to pay all living expenses without any income for at least 2-3 months 'roughly' and expect to start slowly. Second and in a way more important, create a business identifier that can differentiate you from other small painting businesses and then market who you are and what you’re offering by advertising, personal contacts and any creative ways to get the word out. Some businesses, like painters, can be viewed as commodities, where price is the main differentiation between you and other market participants (competitors). Think, who am I, what am I going to do and how do I get there, what makes you different and unique amongst other small painting businesses and then leverage it! Perhaps your background could help! And, last but not least, always develop a 3+ year business forecasting model and cash flow projection before you begin. Plan, plan and plan, seriously!!!! Enjoy.
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I own a painting company in the US so not sure how much of this relates to your area. If you decide to get going you will need to figure out the licensing requirements, etc.
I imagine a google search to your local government website will help you find what you need to know.
A phone chat with a good lawyer, accountant, and insurance agent should help you fill in the gaps of what you need to get going.
Some questions you might ask those professionals:
What kind of business license do you need? Do you need a state and local license?
What kind of contracting license(if any) do you need? In the states we have trade designations and Class A, B, C, depending on the business revenue and job size. (i.e. a class C contractor cannot do jobs over $7500, etc).
Do you have to prove certain net worth requirements to get incorporated or licensed?
How much does General Liability insurance cost? What about Worker's Comp Insurance?
How big do you intend your business to get and what corporate structure makes the most sense? Again - not sure how Canada's corporate structures work, but a lawyer could help with this.
To build on what Peter said though - starting a painting company is easy, the REAL question is who do you want to be? how do you want to grow? how will you price yourself? how will you monitor costs? who are your clients going to be? etc etc.
I imagine a google search to your local government website will help you find what you need to know.
A phone chat with a good lawyer, accountant, and insurance agent should help you fill in the gaps of what you need to get going.
Some questions you might ask those professionals:
What kind of business license do you need? Do you need a state and local license?
What kind of contracting license(if any) do you need? In the states we have trade designations and Class A, B, C, depending on the business revenue and job size. (i.e. a class C contractor cannot do jobs over $7500, etc).
Do you have to prove certain net worth requirements to get incorporated or licensed?
How much does General Liability insurance cost? What about Worker's Comp Insurance?
How big do you intend your business to get and what corporate structure makes the most sense? Again - not sure how Canada's corporate structures work, but a lawyer could help with this.
To build on what Peter said though - starting a painting company is easy, the REAL question is who do you want to be? how do you want to grow? how will you price yourself? how will you monitor costs? who are your clients going to be? etc etc.
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I agrees with Peter. Having the right market intelligence will not only provides you an opportunity to start healthy but also a consistent performance and hence the desired growth. 'Always have a Plan-B in mind'.