Thinking about opening a portrait painting business? We tell you what you need to know to get started.
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Creating a Business Plan for a Portrait Painting Business
One of the worst mistakes you can make as a small business owner is to not create a business plan.
A good business plan establishes both a framework and a roadmap for your business. If you don't have a business plan, your leadership will be handicapped, making decisions that could be detrimental to your portrait painting business's values and long-term goals.
Start by defining your business mission. The process of writing a mission statement doesn't have to be complicated. From there, it's time to initiate the hard work involved with writing the rest of your portrait painting company's business plan.
Don't Ignore the Competition
Prior to launching a portrait painting business in your area, it's essential to determine how strong the competition is. Use the link below to generate a list of competitors near you. Simply enter your city, state and zip code to get a list of portrait painting businesses in your town.
It's important to be aware of what the competition is doing. Take the time to visit the competition to properly assess their strengths and weaknesses.
A Good Source of Advice
If you want to open a portrait painting business the next step is to speak with somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. Why would they want to educate a future competitor?
Thankfully, an owner of a a portrait painting business in another town may be willing to share their entrepreneurial wisdom with you, once they realize that you are not going to directly compete with them in their community. In fact, they are often very willing to share startup advice with you. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
Where can you find a portrait painting business founder in another community?
It's easy. Here's a link you can use to find a mentor outside of your area.
Benefits of Buying a Portrait Painting Business
On a percentage basis, more entrepreneurs intend to enter portrait painting business ownership through a startup than through a business purchase. However, many new entrepreneurs aren't experienced for the rigors of a startup operation.
There are a lot of factors that need to be considered in buying vs. starting a business. By buying a profitable portrait painting business, you'll shorten the amount of time it takes to achieve a return on your investment because you'll have the advantage of a proven operation and an existing customer base.
Franchising May Be a Better Way to Go
For many entrepreneurs, franchising is an attract alternative to starting a business from ground zero. Franchises are popular because they are based on a business model that works. The nation's leading franchisors know their way around the industry and are now passing their learnings on to the next generation of business leaders. With more and more franchise opportunities emerging everyday, you have lots of options to choose from.
For more information about child photos and portraits franchise opportunities, click on the link below to explore our franchise directory.
These additional resources regarding getting started as an entrepreneur may be of interest to you.
If you already are in business and came here to learn about growing an existing portrait painting business, try these useful resources:
If you came here to learn about selling to portrait painting businesses, this isn't the right place for you. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.