![How to plan and track the budget of your painting contracting service [template]](http://onlineyougrow.com/cdn/shop/articles/cov-budget-6_d184c845-1c19-4ba8-83cd-548458f4d573.png?v=1715856604&width=1100)
If you don’t plan and track your painting project budget properly, you're setting yourself up for failure.
When we developed our strategy pack for painting contractors, we saw a lot of contractors struggling with finances and planning.
They were disorganized, had no grasp of cash flow, and were drowning in financial troubles despite having substantial revenue.
Don’t let this be you—stand out and succeed.
We’ve created a small, free tool to help you get started: our Budget Tracker and Planner. Let’s turn your painting business's finances around and set you on the path to success!
Get the budget tracker tailored for painting contractors
Most painting contractors don't know how to plan and track their budget. This spreadsheet will help you.
Example of a full budget for painting contractors
Here is an example of a (very) detailed budget for a painting contractor, to give you some inspiration
1. Rent and Utilities
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Rent | Lease for office and storage space | $2,000 | $24,000 |
| Electricity | Power consumption for office and storage | $300 | $3,600 |
| Water | Water usage | $100 | $1,200 |
| Internet & Phone | Internet service and business phone | $150 | $1,800 |
| Waste Removal | Garbage and recycling services | $100 | $1,200 |
| Insurance | Property and liability insurance | $500 | $6,000 |
2. Salaries & Wages
| Position | Number of Employees | Monthly Cost per Employee | Total Monthly Cost | Annual Cost |
|---|---|---|---|---|
| Project Manager | 1 | $4,000 | $4,000 | $48,000 |
| Lead Painter | 1 | $3,500 | $3,500 | $42,000 |
| Assistant Painters | 3 | $2,500 | $7,500 | $90,000 |
| Office Administrator | 1 | $2,500 | $2,500 | $30,000 |
3. Supplies & Equipment Costs
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Paint | Various types and colors of paint | $2,000 | $24,000 |
| Brushes & Rollers | Brushes, rollers, and other applicators | $500 | $6,000 |
| Protective Gear | Gloves, masks, and other safety equipment | $200 | $2,400 |
| Cleaning Supplies | Solvents, detergents, and other cleaning agents | $150 | $1,800 |
| Drop Cloths & Tape | Protective cloths and painter's tape | $100 | $1,200 |
| Scaffolding & Ladders | Equipment for reaching high areas | $300 | $3,600 |
4. Marketing & Advertising
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Online Advertising | Google Ads, Facebook Ads, etc. | $300 | $3,600 |
| Social Media Management | Managing social media accounts | $500 | $6,000 |
| Print Advertising | Flyers, posters, newspaper ads | $200 | $2,400 |
| Website Maintenance | Hosting, domain, updates | $100 | $1,200 |
| Email Marketing | Email campaigns and newsletters | $150 | $1,800 |
| Promotional Events | Special events and promotions | $200 | $2,400 |
5. Miscellaneous Expenses
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Equipment Maintenance | Regular maintenance of painting equipment | $300 | $3,600 |
| Uniforms | Staff uniforms and protective clothing | $200 | $2,400 |
| Licenses & Permits | Business licenses and permits | $100 | $1,200 |
| Office Supplies | Stationery, pens, printer ink, etc. | $100 | $1,200 |
| Staff Training | Training programs and materials | $200 | $2,400 |
| Contingency Fund | Emergency repairs and unexpected costs | $500 | $6,000 |
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We have studied the strategies of the best painting contractors in the world. Replicate them now!
What are the biggest expenses for a painting contractor?
Be mindful of these potential pitfalls. Here are five major costs every painting contractor needs to consider, along with some tips on how to manage them effectively.
- Paint and materials costsThese can take up a significant portion of your budget. Prices can vary based on the type of paint, quality, and supplier. To keep these costs under control, focus on accurate project estimates, negotiate better prices with suppliers, and minimize waste. It's easy to overspend by buying too much or opting for premium materials that don’t add enough value.
- Your painting crewYour team is essential, but paying for their wages, benefits, and training can be costly. This expense is always high because you need a skilled crew to deliver quality work and meet deadlines. You can optimize labor costs by scheduling efficiently, cross-training your team, and monitoring productivity. However, be careful not to underpay or overwork your crew, as this can lead to high turnover and subpar work.
- Rent and utilities of your workspacePrime locations come with high rent, but they can attract more clients. Utilities like electricity, water, and heating are essential but can add up quickly. To optimize these costs, negotiate favorable lease terms and invest in energy-efficient equipment and lighting. Overspending often happens when you choose a workspace that's too large or too luxurious for your needs.
- MarketingYou need to promote your painting services, but advertising can be expensive, whether it's online ads, social media campaigns, or traditional media. Optimize this expense by focusing on cost-effective methods like the ones we provide in our guide. Overspending can occur if you invest in flashy campaigns without a clear return on investment.
- Tools and equipment maintenance costsThis includes everything from paint sprayers to ladders and safety gear. These are expensive because quality tools and regular maintenance are crucial for efficient operations and client satisfaction. Optimize by investing in durable, high-quality tools and maintaining them regularly to avoid costly breakdowns. You can overspend by going for the latest high-tech gadgets you don’t really need.
How to spend less with your painting contracting service?
Here are practical tips to help you, as a painting contractor, optimize your budget and manage expenses more effectively.
| Expense | Tips to Optimize |
|---|---|
| Paint and Materials | Partner with local suppliers for bulk discounts on high-quality paint and materials. |
| Labor Costs | Use project management software to schedule your team efficiently and reduce overtime. |
| Utilities | Invest in energy-efficient tools and equipment to lower electricity costs. |
| Marketing | Run social media campaigns showcasing your work and collaborate with local businesses for mutual promotion. |
| Cleaning Supplies | Train your team on the efficient use of cleaning supplies to minimize waste. |
| Equipment Maintenance | Keep a maintenance log for regular checks and servicing of your tools and equipment. |
| Rent/Mortgage | Negotiate lease terms during renewal or consider a more cost-effective location for your office or storage space. |
| Insurance | Regularly review your insurance policies to ensure they meet your current needs and compare rates annually. |
| Packaging | Use cost-effective, eco-friendly packaging for your supplies and offer discounts for customers who provide their own containers. |
| Tools and Equipment | Invest in high-quality, durable tools that can withstand frequent use and reduce long-term costs. |
| POS System | Choose a POS system that offers essential features with low transaction fees and integrates with your accounting software. |
| Staff Training | Conduct regular in-house training sessions and utilize free online resources to keep your team updated on best practices. |
| Waste Management | Implement a waste tracking system to minimize material waste and recycle leftover paint. |
| Technology | Invest in multi-functional tools and utilize project management software to streamline operations. |
| Uniforms | Choose durable, easy-to-clean uniforms and offer staff a stipend for maintenance instead of using an external service. |
| Licensing and Permits | Stay up-to-date with local regulations to avoid fines and costly renewals. |
| Transportation | Plan your routes to maximize efficiency and reduce fuel costs. |
| Office Supplies | Purchase supplies in bulk and go paperless where possible with digital project management systems. |
| Inventory Management | Use inventory management software to track stock levels and reduce over-ordering. |
| Pest Control | Schedule regular pest control services and maintain cleanliness standards to prevent infestations in your storage areas. |
| Client Entertainment | Use a streaming service for background music in your office and host client appreciation events during off-peak times. |
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Expenses that are just useless for a painting contractor
Yes, some expenses for your painting contracting business are just unnecessary. They don't contribute to increasing revenue or improving customer satisfaction.
| Contractor Expense | Reason It's Useless |
|---|---|
| High-End Paint Brands | Unless specified by the client, most customers are satisfied with mid-range paint options that offer good quality at a lower cost. |
| Excessive Advertising | Traditional advertising methods like billboards and print ads often have a lower return on investment compared to digital marketing. |
| Premium Tools | Top-of-the-line tools are not always necessary and can be cost-prohibitive. Mid-range tools often get the job done just as well. |
| Multiple Uniform Styles | Having various uniform styles increases costs without adding significant value to the customer experience. |
| Excessive Staff | Overstaffing leads to higher labor costs without necessarily improving service quality. |
| Premium Subscription Services | Expensive subscriptions for industry magazines or software often go unnoticed by customers and may not be necessary for your operations. |
| Exclusive Paints and Finishes | Using rare or exclusive paints can inflate costs and complicate supply chains. |
| Costly Office Furniture | High-end office furniture is not always appreciated by clients and can be a significant expense. |
| Custom Printed Materials | Personalized business cards or brochures are a minor detail that most customers overlook, and they can be expensive. |
| Unnecessary Software | Paying for software with features you don’t use is a waste of resources. |
| Premium Water Brands | Most clients are content with filtered tap water, making expensive bottled water unnecessary. |
| Extra Vehicles | Maintaining a larger fleet than needed increases operational costs. |
| Excessive Membership Fees | Paying for multiple industry memberships often yields little benefit. |
| Overly Frequent Office Renovations | Constantly updating office decor and layout can be costly and disrupt operations. |
| Expensive Office Decor | Elaborate office decor is often ignored by clients and adds to the cost. |
| High-End Office Supplies | Luxury office supplies are prone to damage and expensive to replace, often going unnoticed by clients. |
| Excessive Staff Meetings | Too many meetings can reduce productivity and increase labor costs. |
| Expensive Marketing Materials | Frequently redesigning marketing materials is costly and often unnecessary. |
| Unused Promotional Materials | Ordering more promotional items than needed leads to waste and unnecessary expense. Get our marketing budget planner template. |
| Paid Directory Listings | Many free listing options are available, making paid listings often redundant. |
| High-End Catering for Events | Specialized catering for company events is often unnecessary and adds to costs without a proportional benefit. |
Stop working with a tight budget for your painting contracting service!
Managing a budget for a painting contractor business when funds are tight can feel like a nightmare. It's like being trapped in a cycle where any unexpected expense can overwhelm you.
This constant pressure makes it nearly impossible to invest in growth projects, leaving you always chasing after expenses. It's a life filled with stress and sleepless nights.
Yes, you can continue down this path, scraping together pennies and barely making ends meet. But there's another part of the equation you might be overlooking. Instead of just trying to cut costs, you can focus on growing your revenue. More income means more breathing room and more money to invest in your business.
And no, you don't necessarily have to spend money to grow. There are plenty of zero-cost initiatives and strategies that can help you increase your revenue by 10%, 20%, or more. We've detailed all of these strategies in our guides, after studying dozens of painting contractor businesses just like yours. Get them now!
Make your painting contracting service more profitable
We have studied the strategies of the best painting contractors in the world. All their tactics are explained in our pack!
