Should this college student start a painting business?
Topic: Should this college student start a painting business?
June 24, 2019 / By Aliah Question:
My parents are landlords and I have experience working with my dad painting the interior of the units between tenants. I believe there is a need in my area for apartment painting. I have an entrepreuener mind and am willing to put in the planning to make this work.
A huge bonus to this was the thought that I would have little start up costs, already having the materials in my garage at home. But I have found that I would probably need contractors insurance. This has crushed my dream.
Can I just have the client sign a waiver of any liablility? I can't see it being worth my efforts if I have to come up with alot of insurance money. I will not undertake a job I can't finish.
Do I need some sort of a license (NY state)?
Any other expenses?(besides equipt?
I know that I will never be successful without being able to say I have insurance, but I am just looking to make money over the next 2-5 years while providing a great paint job this energetic student will provide. Is it worth it?
Best Answers: Should this college student start a painting business?
Tyrone | 9 days ago
The insurance isn't to cover you incase you don't finish, it is to protect you incase of accidental damages. I'll give you an example:
A gentleman here in town was painting a newly finished basement with a spray gun, he was nearly finished when the lady that owned the house came downstairs and told him to stop, and that he needed to see something. He went upstairs to find small white specks on everything in the house. Furniture, walls, carpet, appliances, everything was covered by a fine mist of paint. The heat had kicked on while he was painting and blown the airborn paint all over the house.
His insurance paid over half a million dollars to return the house to the way it was. I certainly wouldn't want to come up with that money.
👍 186 | 👎 9
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Originally Answered: how do I, a college student, start up my own business?
The best routes to take are to research the process of starting a business as well as the industry you're interested in.
I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.
Research, research, research – this cannot be stressed enough. Read as much as you can. Here are some book titles that are relevant:
* How to Really Start Your Own Business, Fourth Edition by David E. Gumpert
* How to Really Create a Successful Business Plan: Step-by-Step Guide by David E. Gumpert
* What No One Ever Tells You about Starting Your Own Business: Real-Life Start-Up Advice from 101 Successful Entrepreneurs (What No One Ever Tells You About Starting Your Own Business) by Jan Norman
* Business Start-Up Kit by Steven D. Strauss
* Start Your Own Business (Entrepreneur Magazine's Start Up) by Rieva Lesonsky
There are plenty of free informational resources out there. Check the source box for links to articles.
Hope that helps! I wish you much success & happiness in all your ventures!
Get the insurance. Comparatively, it costs very little for the money you could make. Many times, a liability waiver can be torn apart in court. A good lawyer can make mince meat out of it.
All it takes is one or two full apartment jobs and you have insurance for a year. Look around and shop rates, you'll be suprised at what you can find.
Good luck and all the success.
👍 70 | 👎 2
you need insurance to do ant type of work.....it is comparitivley cheap....I am required to have 5 million worth of insurance to paint for some of my builders....it costs me 3 grand for ins...and one paint job can be 60k plus so ins. is not a big deal you can get 1 million although 2 million is the most common.you can usually deduct the premiums come tax time, so you will not really loose any money carrying insurance,equipment is your largest expense other than employees,if you are doing all the work yourself ,then you will do ok,painting apt. turns is low margin,high volume work,so you will hopefully have a large complex or two to give you the volume you need to make good money,remodels and new construction are where the good money is also faux...learn the faux plasters and you will make the money of 10 apt .turns in one job.....good luck
👍 62 | 👎 -5
It is a good idea. Here, where I live a group of enterprising college students started up their own cooperative business and they are doing really well. It is simply called Student House Painters.
👍 54 | 👎 -12
join college pro. They are college kids who learn to run the business while painting houses. Sounds like a win, win situation for you.
👍 46 | 👎 -19