Profitable Painter podcast

28:47

Send us a text Mike Beaulieu shares his journey from starting a painting business during the 2008 recession to selling his $2 million company, crediting his success to email marketing strategies that maintained 40-50% open rates and consistently reactivated past customers. • Started painting business in 2008 during recession, sold it after growing to over $2 million in annual revenue • Realized clients forget painting contractors among numerous service providers they hire • Shifted from discount-oriented emails to valuable content about design trends and color forecasts • Achieved consistent 40-50% email open rates with click rates between 1-5% • Spent only 1-1.5% of revenue on marketing through effective customer reactivation • Clean email lists and compelling subject lines essential for ensuring deliverability • Business sold successfully because of solid systems and recurring revenue from past clients • Comprehensive customer experience important from first contact through post-project engagement • Used combination of employees and subcontractors with clear roles and management structure Special offer for listeners: Mike is offering a discount on his email newsletter service plus his free guide "8 Things You Must Know Before Hiring a Painting Contractor" for anyone who mentions this podcast when contacting him at PaintersMarketingPro.com.…

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Commercial Painting: Financial Survival Guide 23:40

7 days ago23:40

23:40

Send us a text Daniel, a CPA who works exclusively with painting businesses, and Richard Dunton, an enrolled agent, discuss the financial considerations for commercial painting as a way to smooth out seasonal dips in business. They explore the differences between direct B2B commercial relationships versus working under a general contractor, highlighting the challenges and opportunities of each approach. • Two types of commercial painting: direct B2B relationships and working under general contractors • Cash flow challenges in commercial painting compared to residential work • The importance of managing accounts receivable and following up on payments • Understanding AIA invoicing formats and progress payment schedules • Special payroll requirements for government projects including prevailing wage certified payroll • Using accrual basis accounting to properly match revenue with expenses • The importance of reviewing both profit/loss statements and statements of cash flows • Setting up financing and lines of credit before you actually need them • Building relationships with banks when your financials look strongest If you have any questions about this episode or ideas for future episodes, join the Facebook group "Grow Your Painting Business" - request access and we'll get you in to join the conversation.…

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Business and Personal: Why Separation Matters 21:43

17 days ago21:43

21:43

Send us a text Proper separation between business and personal finances is critical for protecting your painting business, minimizing tax liabilities, and ensuring legal protection through your LLC or corporation. • Five key reasons to avoid co-mingling finances: legal protection, reduced audit risk, maximizing deductions, maintaining loan eligibility, and proper owner compensation • Mixing personal and business finances breaks down your "corporate veil," potentially exposing personal assets to business lawsuits • The IRS views co-mingled finances as red flags that increase audit probability and scrutiny of all deductions • Paying for business expenses with personal funds can result in missed tax deductions unless properly documented • Banks and lenders are more likely to approve business loans when they see clean, separated financial records • Owner's compensation should be formalized - either as owner's draws for LLCs or as reasonable salary plus distributions for S-Corps • S-Corporation owners must pay themselves a defensible "reasonable salary" that balances tax efficiency with IRS requirements • Establishing good financial habits from the start is much easier than fixing problems after an audit begins Join our Facebook group "Grow your Painting Business" with your questions about financial separation or accountable plans, and either Daniel or Richard would be happy to help you further.…

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Multiple Entities, Multiple Benefits 23:36

24 days ago23:36

23:36

Send us a text In this episode, we speak about the challenges and opportunities in the industry. We explore strategies for scaling a painting business, improving profitability, and avoiding common pitfalls that many entrepreneurs face. This conversation covers essential topics such as pricing services effectively, streamlining operations, and leveraging marketing to attract high-value clients. Richard Dunton shares insights on how to manage cash flow, build a strong team, and create a business model that sustains long-term success. This episode is ideal for painting business owners, contractors, and entrepreneurs looking for practical advice on growing their business efficiently. Subscribe for more conversations with industry experts!…

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Streamline Your Painting Business with Virtual Assistants 25:17

5 weeks ago25:17

25:17

Send us a text This episode focuses on the critical role of hiring back office support to enhance productivity in painting businesses. We discuss how a virtual assistant can help alleviate overwhelm and improve service delivery. • Importance of hiring back office support • Common bottlenecks faced by painting business owners • Differences between hiring freelancers and BPOs • Steps to find the right virtual assistant • Cost considerations for hiring • Emphasizing the value of delegation for business growth If you’re looking for staffing solutions, reach out to info@telehelping.com for personalized assistance.…

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Scaling Your Painting Business: The Power of a Back Office Admin 26:04

5 weeks ago26:04

26:04

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How to Tackle Unfiled Tax Returns from Previous Years 21:06

5 weeks ago21:06

21:06

Send us a text Uncover the keys to navigating IRS tax issues for painting business owners with expert insights from Richard Dunton, a seasoned Enrolled Agent. Learn how understanding and tackling your tax obligations can alleviate the stress of dealing with IRS scrutiny. In our conversation, Richard explains what it means to be an Enrolled Agent and the role they play in representing and advocating for taxpayers. We explore the mental burdens of overdue filings and tax debts, and how taking a proactive stance can safeguard your business from potential pitfalls. Facing unfiled tax returns or mounting penalties? Don’t face the IRS alone. This episode highlights the essential steps to compliance, from obtaining IRS transcripts to seeking guidance from trusted tax professionals. Richard and I delve into the potential consequences of ignoring tax responsibilities, such as the IRS filing a Substitute for Return on your behalf. By enlisting a tax professional, you can create a plan that addresses your tax debt effectively. Join us in this enlightening discussion aimed at empowering you to focus on growing your business, free from the shadow of IRS concerns.…

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The Admin Advantage: Unlocking Growth in Your Painting Business 25:46

6 weeks ago25:46

25:46

Send us a text Cody Hall shares invaluable strategies for painting business owners struggling with administrative bottlenecks, explaining how hiring a virtual assistant can dramatically improve operations and revenue potential for businesses in the $350K-$1M range. • Virtual administrative support helps painting business owners stop wearing all the hats • Missing just 10 phone calls monthly could cost a painting business $25,000 in lost revenue • Phone answering services often cost the same as dedicated virtual staff but provide less value • Virtual assistants typically cost $1,500-$2,000/month through reputable BPOs • Hiring freelancers directly through platforms like Fiverr is cheaper but comes with significant risks • Business Process Organizations (BPOs) provide critical protection, vetting, and HR support • Mexican virtual staff typically have excellent English skills and value long-term employment stability • Common hiring mistake: not clearly defining what you're trying to achieve with administrative help • Focus on your strengths as a business leader rather than trying to do everything yourself If you're interested in exploring virtual staffing options, contact info@telehelping.com and mention this podcast for special consideration.…

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Good, Better, Best Tax Strategies for Painters 25:22

6 weeks ago25:22

25:22

Send us a text Unlock the secrets to smarter tax planning with insights from Daniel, founder of Bookkeeping for Painters, and Richard, our advising director. Understanding tax strategies might just be your ticket to financial growth. Discover how tax deferral isn't just about postponing payments—it's a pathway to reinvestment and future financial success. From income deferral and expense acceleration to maximizing retirement plans and using 1031 exchanges in real estate, we break down how these strategies harness the time value of money to boost your financial potential. But that's not all! Explore innovative tax reduction tactics, such as maximizing deductions, choosing between itemizing and standard deductions, and even creative methods like income splitting and the gift and lease back technique. Learn how to leverage tax-efficient investing through HSAs and Roth IRAs without delaying your tax responsibilities. We also illuminate the power of tax credits, like the child tax credit, in reducing your tax burden. Our conversation highlights the importance of strategic planning and consulting with knowledgeable tax planners to craft personalized tax plans. Engage with us and share your tax journey on our Facebook page, "Grow Your Painting Business.…

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Revolutionizing Painting Businesses with Video Technology: Streamline Operations and Boost Customer Satisfaction 30:16

7 weeks ago30:16

30:16

Send us a text Can video technology transform an entire industry? Join us as we explore this intriguing possibility with James Hatfield, the visionary Chief Revenue Officer at LiveSwitch. With his unique blend of entrepreneurial experience in both painting and tech, James shares his innovative journey from handling paintbrushes to tech solutions. Uncover how video technology is not only streamlining operations but also redefining customer interactions by enabling virtual estimates that save time and boost satisfaction. James reveals the competitive edge businesses can gain by embracing immediacy and convenience, meeting the modern consumer's expectations. In our conversation, we also delve into the future-forward potential of QR codes and video calls to revamp traditional business practices. James provides practical strategies like recurring contracts and membership programs that harness tech to enhance efficiency and foster customer loyalty. Through compelling success stories, we highlight the revenue growth and enhanced client relations that these innovations bring. Whether you're in the painting industry or simply a tech enthusiast, this episode promises insights into maximizing business potential through strategic technological integration. Get a LiveSwitch Demo here: https://book-a-demo.referral-factory.com/uDNrxESf…

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Boosting Painting Business Profits with Strategic Vision and Goals 31:08

8 weeks ago31:08

31:08

Send us a text Step into the world of strategic growth and propel your painting business into a prosperous future! Join Daniel Honan, CPA and Richard Dunton, EA as we promise to unlock the secrets of transforming aspirations into attainable realities through the art of SMART goal setting. Explore how visionaries like Jeff Bezos turned mere wishes into global empires, and learn to craft a roadmap that guides you from today’s dreams to tomorrow’s triumphs. We'll discuss how to harness the power of SMART criteria—specific, measurable, attainable, relevant, and timely—to align your annual targets with your decade-spanning ambitions, even during the slower seasons. Discover effective strategies to not only set, but also implement, your goals with precision and confidence. From increasing lead generation and improving closing rates to enhancing customer value with creative presentation tactics, we cover it all. We'll discuss the art of boosting profits by targeting high-paying jobs and crafting compelling offers that empower customers to choose premium services. With practical advice on evaluating marketing channels for the greatest ROI and strategically allocating resources, this episode equips you with the insights needed to elevate your business to new heights.…

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Transform Leads into Loyal Customers: Expert Facebook Ad Strategies for Painting Businesses 35:05

9 weeks ago35:05

35:05

Send us a text Unlock the secrets of turning potential leads into loyal customers as we sit down with Caleb Plitos, founder of Taurify, a marketing agency specializing in the painting industry. Caleb's journey from accounting to marketing is a testament to the power of following one's passion for content creation and storytelling. Discover how his pioneering work in the realm of lead generation, especially through platforms like YouTube and Facebook, has carved out a niche for Taurify, making it a powerhouse in marketing for painting businesses. Our conversation delves into the intricacies of lead nurturing, especially when utilizing Facebook ads. Caleb draws parallels between lead nurturing and dating, emphasizing the importance of patience and personal interaction in turning leads into clients. He sheds light on common misconceptions about lead quality from social media, offering practical strategies such as demographic targeting and the use of appointment setters to enhance lead management and avoid missed opportunities. Explore the art of building trust with your audience through authentic Facebook ads. Caleb shares his insights on crafting messages that resonate, using storytelling and testimonials to highlight quality and credibility over price. We discuss the importance of positioning business owners as local celebrities through personal videos and documenting the painting process for potential clients. Rounding out our discussion, we focus on key metrics for evaluating ad success, providing actionable insights to maximize your marketing efforts in the painting industry.…

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Maximize Your Tax Savings: Unlocking Home Office Deductions for Painting Business Owners 20:01

10 weeks ago20:01

20:01

Send us a text Unlock the secrets to maximizing your tax savings with expert insights from Daniel, the founder of Bookkeeping for Painters, and Richard, the advising director. Discover how the home office deduction can transform your business finances, whether you're an entrepreneur running a painting company or managing a side hustle. This episode promises to arm you with practical strategies to leverage IRS home office definitions, ensuring that every square foot of your dedicated workspace contributes to lowering your tax bill. From the simplified method to corporate complexities, we cover it all, helping you claim a portion of your home expenses as valuable business deductions. Embark on a journey to smarter tax deductions as we explore not just the basics but the intricacies of home office use. Even if your workspace is part-time, learn how it can still qualify for significant savings. We'll unpack the benefits of additional deductions, such as business mileage and office upgrades, and reveal how accountable plans for S-Corps or C-Corps can facilitate tax-free reimbursements. This is your guide to turning home office expenses into a powerful tool for reducing taxable income and boosting those tax refunds. Whether you're a family member supporting a side gig or a seasoned business owner, this episode is your roadmap to savvy financial management.…

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3 Common Bottlenecks & How To Unlock Explosive Business Growth and Profitability 23:55

11 weeks ago23:55

23:55

Send us a text Unlock the secrets to scaling your business by mastering the art of constraint management. Join us as Bookkeeping for Painters' founder, Daniel, and advising director, Richard, reveal how pinpointing bottlenecks and prioritizing resources can propel your business to new heights. Drawing inspiration from the likes of Elon Musk and Jeff Bezos, we uncover how focusing on high-ROI tasks can transform your growth trajectory. Through an enlightening case study of a painting business owner, discover how addressing a single bottleneck—like a low appointment set rate—can slash marketing costs and significantly boost profitability. In the second half of our conversation, we tackle the twin dragons of cash flow mismanagement and customer acquisition challenges. Daniel and Richard share actionable strategies for securing deposits and managing payments to sustain a healthy cash flow without resorting to debt. Learn the critical importance of lead generation and conversion, and gain insights into refining your marketing and sales processes to outshine less professional competitors. With a focus on showcasing your unique value, our discussion equips you with the tools to systematically identify and resolve the constraints that impede your business growth. Tune in for practical advice that takes your business beyond competing on price, towards a future of sustainable success.…

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From Leads to Success in the Painting Market 31:49

12 weeks ago31:49