The painting industry is experiencing growth driven by increased demand for home improvement and renovation needs. There are two main employment options for this field: working as an employee of a painting company or starting your own painting business.
With the current housing market trends, consumers are looking to enhance the appeal and value of their properties, making a residential and commercial painting franchise a highly lucrative opportunity.
Painting Industry Growth Factors
According to the Better Business Bureau, the painting industry encompasses two key service categories: residential and commercial. Naturally, residential painting focuses on homes and residential buildings, while commercial painting may include offices, businesses, and other nonresidential structures.
The residential market alone represents over 40% of industry revenue and is a significant indicator of the health of the painting industry. The US residential painting industry's market size has grown 4.8% per year on average between 2017 and 2022. Three factors that are helping to drive this growth include home improvement trends, high demand combined with labor shortages, and eco-friendly paint upgrades.
Home Improvement Trends
Homeowners often invest in home improvement projects and painting services to enhance their properties' aesthetic appeal and value. These homeowners are increasingly seeking the expertise of industry professionals to help with essential repairs and home enhancement projects—more than a quarter (27%) plan to start a project by the end of 2024.
High Demand and Labor Shortages Fuel Opportunity
In 2023, homeowners are increasingly relying on professional painting services, with 41% preferring to rely on professionals for their painting needs. In addition, the Bureau of Labor Statistics (BLS) forecasts growth in the painting industry. These painting services encompass a wide range of needs, including:
- Exterior and interior painting
- Remodels and renovations
- Real estate prep painting
- New construction
- Rental property painting — in-between tenants
Eco-Friendly Paint Upgrades
82% of consumers seek brands that prioritize sustainability and adopt people-first practices. This trend extends to the painting industry, specifically in the form of rising demand for eco-friendly paint options.
Homeowners are increasingly interested in doing away with their outdated paint with low-VOC (volatile organic compounds) and zero-VOC paints, recognizing the environmental impact of traditional alternatives. As a result, starting a painting business that prioritizes eco-friendly products and practices can align with these changing preferences and contribute to success in business ownership.
Aspiring entrepreneurs can take advantage of these various growth factors with the proper set of skills, planning, and the necessary equipment.
Investing In a Painting Franchise VS Start Up Business
If you want to run your own painting business, you may wonder whether you should invest in a franchise or launch a startup from scratch. Choosing a residential painting franchise over a startup business offers several advantages that can increase your chances of success and provide a smoother entry into the industry. These advantages include no need for painting experience, an established business model, a known brand and reputation, and easy entry into the residential painting industry.
No Painting Experience Necessary
Becoming a franchise owner can be done without experience, as franchisors provide franchisees with comprehensive business and leadership training and ongoing support. This training includes marketing strategies, business operations, and access to a network of experienced professionals. The ongoing support ensures you're equipped with the knowledge and skills needed to run a successful painting business.
Proven Business Model
Franchising allows one to buy into an existing, successful business model with an established track record of success. This reduces the risk associated with starting a business from scratch and increases your likelihood of success.
Established Brand and Reputation
Clients are more likely to choose a known brand over an unknown startup. Franchises come with a recognized and established brand name, which can immediately instill trust and credibility in potential customers.
Easy Entry into the Residential Painting Industry
Depending on the franchise you select, potential franchise owners may choose to purchase a fully operational location or start from the ground up at a new location.
Our Painting Franchise Pick for 2024: Five Star Painting®
Five Star Painting is one of the top painting business franchises in the nation. Five Star Painting’s services include both residential and commercial painting.
As part of Neighborly®’s community of home service experts, Five Star Painting provides benefits that independent startups just can’t match:
- Green residential painting services promote sustainability and minimal impact on the environment
- Cross-promotional advertising and business leads through Neighborly’s expansive network of home service businesses.
- Comprehensive Sure Start training. A dedicated franchise business coach will walk you through all aspects of owning a painting business.
- License to use established trademarks and recognizable brand materials/logo to set your business apart from local competitors.
- Ongoing coaching, training, and support for the life of the franchise agreement, including networking opportunities, preferred vendor discounts, purchase rebates, and more!
Download the franchise guide to learn more about owning a Five Star Painting franchise.
