5 Tips for Building a Business Plan for a Successful Painting Franchise
Elliott Fudge, writer
Published at 29/09/2021, Updated on 04/05/2022 , Reading time: 4 min
Starting a painting franchise sounds like a dream opportunity for many aspiring franchisees. But early on in the process, you’ll need to put together a business plan setting out the stall on your new business. But how exactly do you build a business plan that really stands out?
Painters and home decorators are some of the most in-demand tradespeople in the country. With so many people deciding now is the perfect time to spruce up their homes, getting a fresh coat of paint has proven to be a popular way of redecorating a home.
This makes starting a painting franchise an exciting and profitable business opportunity for new and aspiring franchisees. But in overcoming one of the first hurdles of starting your own painting franchise, how can future franchisees put together a sharp and well-thought out business plan?
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Building a business plan for a painting franchise
A business plan sets out your plan for your new painting franchise. There are always a number of key details that need to be included in every business plan, and these will usually be:
- An executive summary
- A business description
- Product/service descriptions
- A management summary
- Some market analysis
- Operational details
- Sales and marketing plans
- Business premises plans
- Financial projections and needs
Beyond just these essential details, you will want to include a few more sector-specific details. So, here are 5 key tips for building a business plan for a painting franchise.
1. Include your range of services
One of the keys to getting a successful business going is to find a good or service that you can specialise in. So, if you’re ambitious about the future of your painting franchise, make sure you include not just your basic services, but even some of the smaller, niche services you intend to offer.
Set these details out early and you’ll be able to quickly incorporate feedback, take on guidance, and tailor your services based on what your franchisor thinks you may be able to do in future. But showing your ambition, the full range of services you want to offer, and plenty of justification as to why you want to do them is certainly a great place to set your stall out early.
2. Inventory
Few industries are as dependent on the strength of their tools as this one. Quite simply, your equipment is your business. While having cheaper, more affordable equipment may allow you to push your profit margins a little more, they may also be less reliable, do less good a job, and may need to be replaced more frequently.
More expensive equipment may affect your bottom line a little more, but you’ll have more security in the knowledge that they are more likely to last longer and do a better job for you. As a painter, you may need to consider the costs of some of the following equipment:
- Can openers
- Tape measures
- Masking tools
- Sanders and sandpaper
- Rollers and brushes
- Extension poles
- Vans and vehicles
- Aerosol cans
The costs and considerations necessary for taking your inventory into account fits into the broader point of how expensive your painting services will really be.
3. Financials
Your business plan will be reviewed by different people, likely more than once, but one of the most important parts of any business plan is including the financial projections, costs and start-up fees.
When it comes to assessing your financial future, a lot will depend on your analysis of both your business and those of your competitors. Consider the strengths, weaknesses and challenges that your business has against those of your rivals. This will give you a good foundation for working out your financial projections.
Long before you get to deciding your financial future though, you will need to decide how to finance the start-up costs of running a painting franchise. Thankfully, the average cost of setting up your own franchise business is around £42,200 [British Franchise Association], making the costs of many painting-related franchise businesses, such as Prokil, a cheaper than average investment.
>> Read more:
- Why Is a Business Plan Important?
- 4 Reasons Why You Should Take the Time to Create a Business Plan For Your Franchise
4. Decide your marketing strategy
Who is most likely to ask for your painting services? How can you market your business to them? Is the most important information easy to access? There are a number of different considerations you need to make when it comes to deciding on your marketing strategy.
One of the great advantages to setting up a franchise is the amount of training and support you will receive from your franchisor, and marketing is one such area where your franchisor will come in useful. Many franchisors have pre-existing marketing strategies specifically for new franchisees, so be sure to make the most of your franchisor’s support.
5. Consider your recruitment
You will need a team of well-motivated, skilled employees who are on-hand to help get the job done. You won’t just be able to recruit anyone, though. You will need a comprehensive recruitment strategy in line with your franchisor’s requirements.
You will need to highlight the key characteristics, qualifications and personalities that you think will be a great addition to your painting business. Be upfront and transparent about this with your franchisor, and they’ll be able to provide you with some key recruitment resources.
Take your painting franchise to the next level with an industry-leading business plan
Business plans set out much of the key information your business will need in the future. Many of these details will change, and some will be subject to various stages of revisions, but having a great business plan is the best possible way to get your new painting franchise off to a great start.
If the painting sector isn’t quite right for you, you can still scroll through dozens of other franchising opportunities in the UK franchise directory.
Elliott Fudge, writer