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What Is the Goal of Your Painting Business?

September 24, 2019

Some painting contractors start out with big goals.  For many, however, the goal of starting a business instead of working at someone else’s isn’t a world-changing one.  Some owners don’t enjoy working for someone else and want to try working for themselves.  Other people just enjoy building things from scratch instead of following someone else’s directions.

In the early days of a business, the best goal is the one that gives you the motivation to get out of bed every morning and work longer than everyone else.  It’s extremely hard to start a business.  It’s especially hard once you start hiring people, because human resources becomes significant, whether you want it to or not.

Once your business is past those early days of unexpected roadblocks , new bills and empty schedules, it’s time to figure out what you want your business to do for you.  Think of the things that a small business can provide – high income, schedule flexibility, doing the work you want to do, the opportunity to grow and manage people, and even passive income – and prioritize what matters to you.  Based on this, build 1, 2 and 3 year goals, and evaluate them monthly to see how you’re progressing.

These goals will be very different depending on your priorities.  For instance, if you prioritize setting your own schedule and doing the work you want to do, your goals will center around earning enough to be comfortable without having to work more hours than you want.  You’ll want to be able to schedule vacations, and have the time and money to take them.  Gaining the ability to fill up your schedule months in advance will provide you with the certainty you need to take a week off without worrying whether you’ll be able to pay the bills when you get back.

On the other hand, if you’re prioritizing income growth and a path to an income stream without you having to be on-site, you’ll need to prioritize growth.  In order to provide a passive stream of income, you’ll need many teams working at any given time.  This means that you’ll be working long hours and putting the profits back into your business for those first few years.  You’ll need to get proficient in managing people, and in hiring people to manage people.

Whatever your goals are, make sure that the business decisions you’re making support those goals, and that you’re still on track to get where you want to be three years from now.  It’s easy to get lost in day-to-day work and suddenly realize that you’ve been working 60 hour weeks without even intending to overschedule yourself.  Taking a step back each month to evaluate whether your business is meeting your own goals will help you to avoid this.  After all, if you can’t enjoy the benefits of working for yourself, why bother with all of the added risk and complexity of running a business?

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