Running a Painting Business | Why People Fail Starting & Building a Painting Business

About this Video

• Video Title: Running a Painting Business | Why People Fail Starting & Building a Painting Business
• Channel: Eric Barstow
• Speakers: Eric
• Duration: 00:17:18

Introduction

This video discusses the common reasons why people fail in the painting business. Eric, the speaker, emphasizes that the market exists and is large enough for success, but many fail due to their approach and mindset. He outlines key reasons for failure and offers advice on how to overcome them.

Key Takeaways

1. Excuses vs. Responsibility: Many failures stem from making excuses rather than taking responsibility. Instead of blaming circumstances, focus on improving effectiveness. Persist through initial struggles; success rarely comes quickly.
2. Avoid Chasing Money: Starting simple (e.g., exterior residential repaints) is crucial. Avoid expanding prematurely into unfamiliar areas (like drywall) before mastering the core business and securing sufficient financial reserves. Large projects can lead to significant losses if not properly managed.
3. Learn from Mistakes: View failures as opportunities for learning and improvement. Each failure identifies areas needing system improvement. The most frequent early problems will likely recur, so addressing them systematically is crucial for long-term success.
4. Don't Quit Too Early: The painting business requires patience and persistence. The first year or two are typically challenging. Success often takes three to five years or more of dedicated effort. Maintain a financial safety net to weather the initial struggles.