Learn More to Earn More

In the painting business, knowledge can be your ticket to success. 

According to a recent Houzz report, more than half of home owners are planning to renovate in 2022 and their planned spend has jumped up by 50%. That can spell big opportunity for your painting business, if you know how to capitalize on it. Check out these knowledge-boosting tactics to help your business grow: 

KNOWLEDGE TACTIC 1: Look back to move forward. 

According to this article in Forbes, growing your business isn't necessarily about reinventing the wheel with big innovations, instead it requires gradual, persistent, small adjustments to make it even better over time.  

What small steps can you take to gradually improve your business? Look back on what you’ve learned in the first half of the year. Take those learnings and apply them to your work for the rest of the year to create an even bigger success. 

For example, did you learn that customers are shying away from certain sheens and colors and more toward others? That could play into your recommendations for new customers moving forward. Or maybe you've learned that certain painting techniques, bookkeeping practices, or organizational tips can save time and money when you apply them. This is the moment to reflect and put all of those learnings into action. 

Don't be discouraged if you default to your old ways at first. Implementing a new technique or practice requires forming new neural pathways in the brain, and this can take time – this is how new habits are formed. Think of it like this: neural pathways are like roads. The neurons in our brains prefer to take the smooth, well-paved roads formed by old habits. When we try to change our habits, we're essentially asking our neurons to take unpaved, unknown pathways. That takes extra effort. But with intention and attention to the things we're trying to change, we can gradually retrain our neurons to drive down new pathways, eventually turning them into the type of nicely paved roads that we can navigate on autopilot. 

KNOWLEDGE TACTIC 2: Courses, of course.  

Most pro-painting jobs don't require you or your crew to take continuing education courses, but that's no reason why you shouldn't do it. In fact, staying on top of the latest painting and business practices can help you and your crew deliver better quality and service to your customers, run your business more smoothly, and find unique opportunities to boost profits through upselling.  

AEC Daily offers a host of online paint and color courses that can be taken in a few hours or less, many of them free. Your local union can also be a great place to turn for additional skills training. This Apprenticeship Training Directory from IUPAT lists several different painting education programs in almost every state in the US, in addition to most of the Canadian provinces. Or there are specialty programs, like Tradeswomen, Inc. and One Treasure Island. 

When it comes to running your business, a little extra training can help you take things to the next level. Check out this list of 12 free online business courses you can't miss from the QuickBooks Blog. And for even more business-minded learning, take a look at these free, interactive lessons and free e-books from Harvard Business School Online.  

If it's quick and easy, bite-sized extra knowledge you're looking for, make sure you're signed up for our newsletter and take a look at the Under the Lid archive for any past articles you may have missed. 

KNOWLEDGE TACTIC 3: Branch out. 

Expanding your business doesn't always require doing more of the same thing, sometimes it can mean offering additional services or expanding your physical footprint to take jobs in new places or for new types of clients. 

For example, the pandemic has shifted the retail and corporate real estate landscape, possibly permanently. If your clientele has traditionally been more commercial, you might consider expanding into the growing residential market. This would require learning more about homeowners' painting needs, cost expectations, and marketing, but it could be a good safety net if commercial job requests start to slow down.  

Or perhaps you already work in residential painting, but you've noticed that most of your jobs follow an interior remodel where backlogged dry wall installers often cause project delays. That's a signal that your local market could support your business in offering drywalling as an additional service.  

Finally, consider your physical footprint. Is there a nearby town or neighborhood that seems to be booming in terms of property sales? Consider contacting new property owners in nearby areas to introduce yourself and offer services or work with a Dunn-Edwards Property Services Representative to get on the list of contractors who bid on HOA and multi-family unit projects. According to the aforementioned Houzz report, recent homebuyers spent nearly double the renovation costs of those who had already owned their homes for a while. 

In short, the premise behind this knowledge tactic is simple: find new opportunities based on your observations, get additional training if needed, and then expand into these new services or geographic territories to push yourself even further. 

Make a commitment to implement one of these knowledge tactics this month and see where learning can take you!