Owning a painting business means you get to keep all of the profits that the business generates. In Australia, the industry is valued at over $7 billion. With major developments happening across the country and older buildings in need of a refresh, there is no shortage of work. If you are looking to start your own painting business, you might wonder how much a painting business owner can make?
How Much Does A Painting Business Owner Make?
Most painting businesses charge their clients by square meter. The amount of time may vary depending on the application (interior, exterior, or special material), the number of coats, and whether the paint is being applied manually or with a paint sprayer. On average, this equates to approximately $60 per hour (excluding materials) that painters charge their clients. In major cities like Sydney or Melbourne, the hourly rate could easily reach $100 per hour. Business owners should expect their total revenue to be between $115,000 and $200,000. Keep in mind that this revenue is before any taxes or other business expenses.
After expenses, the average painter takes home a salary of approximately $69,000. More experienced or specialised painters can see higher salaries. The top painters can make up to $92,000.
Factors That Impact A Painter’s Wages
Each painting business is different. Location, specialty, and other factors can influence the amount of money that a painting business owner can make. By taking these things into consideration, you can maximise your profits.
- Type of Painting Work - There are lots of different types of painting work. Depending on your specialization of expertise, you may be able to charge higher amounts. This is especially true if you have little competition in your niche.
- Location - There are pros and cons to offering painting services in certain areas. For urban areas, painters can typically charge more for their work. However, these areas also have higher costs of living (operating costs) and more competition. Painters in rural areas may charge lower rates but there is likely less competition.
- Years of Experience - The more experience you have as a painter, the higher quality work you can provide to your clients. This better quality work can translate into higher wages and more work.
- Future Demands - Most industry experts expect painters to remain in high demand over the coming years. Higher demands often drive up the prices for painting services.
- Cost of Hiring Employees - Some painters will need to hire employees to help them when the work becomes unmanageable. This is a great problem to have but hiring employees can be expensive. Make sure the financial benefit is there before choosing to hire additional workers.
Protect Your Painting Business Income With Business Insurance
Painting comes with few risks. However, a fall from a ladder or spilled paint can injure someone or permanently damage your customer’s property. Liability insurance is the perfect protection for these types of situations. At upcover, our goal is to help painters find the right insurance policy to fit the needs of their business. Check out our instant quote generator where you can get an estimate on market-leading insurance in seconds! Simply enter your occupation and expected revenue to get started.
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