Are you curious about starting a painting business in Tennessee, but you’re not entirely sure how to take your concept to its next step? This is the ideal spot for you! In running a painting business, there are several factors to consider, and the state of Tennessee has its own set of requirements to be aware of.
Read on to learn all you need to know about starting a painting business in Tennessee. We believe that by the time you’re finished reading, you’ll have a firm grip on the required actions.
Complete Guide: How to Start a Painting Business
How To Start A Painting Business In Tennessee
- Getting Started
- Write a Business Plan
- Determine your business’ legal structure
- How to Register your Painting Business Name in Tennessee
- Employer Identification Number (EIN)
- Open a Business Checking Account
- Get Liability Insurance
- Get Health Insurance
- Final Thoughts
Getting Started
Small businesses account for the vast majority of businesses in Tennessee and are the economic backbone of the state. Today, some of Tennessee’s largest and most well-known corporations began with small business entrepreneurs who dared to dream big and worked diligently.
Painting can be a very profitable and rewarding business venture for those seeking an honest living. If you are interested in starting a painting business in Tennessee, you have come to the correct place.
There are numerous prerequisites for beginning a painting business in Tennessee
Write a Business Plan
An executive summary, introduction, financial predictions, personal financials, marketing plan, and resumes for the management team are normally all part of a business plan.
It serves to guide your firm in a clearly defined direction. Please avoid storing this paper in a file cabinet and then forgetting about it. Industry experts suggest that an annual business plan review is required and that the plan should be updated to account for the current economic climate.
Create a One-Page Business Plan
You should be able to complete your one-page business plan in less than 20 minutes. It’s super-simple: Print our free PDF template and write down one to two sentences to the questions in the free template below:
Download template: PDF
Determine your business legal structure
A lawyer, CPA, or business advisor should be consulted before deciding on the best legal structure for your firm. You should get competent guidance on the advantages and disadvantages of all legal structures.
A whole tax system is defined as a framework of entities and legal structures, such as the various kinds of sole proprietorships, partnerships, C corporations, S corporations (sometimes called subchapter S corporation), PBCs, limited liability companies, and limited liability partnerships.
U.S. Small Business Administration
How to Register your Painting Business Name in Tennessee
Tennessee’s commitment to small enterprises is reflected in its approach to new business registration. With numerous company development opportunities, comparably low corporate income tax rates, affordable housing, and commercial space, a highly regarded education system, and competitive wages, it’s unsurprising that so many people choose to establish a business in Tennessee.
Employer Identification Number (EIN)
The significance of your regulatory requirements for your organization is considerable. You should receive an Employer Identification Number (EIN) from the IRS first when looking to hire staff. You must maintain employment tax records for at least four years, as mandated by the IRS.
An act passed in 1996 (Public Law 104-193) requires that employers that re-hire and hire new employees must provide their information to a state directory within 20 days of the hire date.
Open a Business Checking Account
While business checking accounts are primarily for the benefit of business owners, they assist them to segregate their finances.
Unlike personal checking accounts, they have many similarities, but also have some major differences. It depends on the legal structure of your firm whether or not you legally need to have a business checking account.
For personal checking accounts, fees are often waived, whereas, for business checking accounts, fees are almost always non-waivable.
While that is true, small company owners are now getting more frequent access to free online checking accounts. Interest rates on business checking accounts are usually lower on average, as they are for personal checking accounts.
All the following institutions provide free business checking accounts: the big banks, small banks, and credit unions.
Freebie: Business Card Templates for Painting Contractors
Get Liability Insurance
Many business owners get general liability or umbrella liability insurance to protect themselves against legal complications resulting from negligence claims. This helps safeguard against payments for bodily harm or property damage, medical expenditures, the cost of defending lawsuits, and settlement bonds or judgments that may be required during an appeal procedure.
Get Health Insurance
When you have a smaller company, you want to protect the people who work for you because you want them to continue to do so. When you offer health insurance to your employees, even if your firm is just getting started, you get an advantage since you can hire people who otherwise would have looked for a larger company that offered greater benefits.
Numerous health insurance solutions are available to help businesses recruit new employees and retain existing ones.
Final Thoughts
We hope you’ve gotten all of the answers to your questions on “How to Start a Painting Business in Tennessee?” Bear in mind that starting a business, even a painting business, is always difficult.
You must earn an individual’s trust. You must treat their residence/office with the same respect that you would expect for your own. A high-quality service will attract repeat consumers, increase your company’s popularity, and foster trust. All of this is possible if you utilize a high-quality product, a qualified staff, and a reasonable service fee.