Are you interested in starting a lucrative business? A painting business is undoubtedly the easiest and one of the most profitable businesses you can venture into in Nigeria.
The country is a growing nation, and people make plans for new structures every day, which will always require paint for their finishing touches. Many people have seized this opportunity to make money through paint production, and you could be one of them if you follow this guide till the end. We will discuss everything you need to start a successful painting business in Nigeria.
How Much Does it Cost to Start a Painting Business in Nigeria?
You can start a painting business in Nigeria with N50,000 to millions of Naira, depending on the size of your factory and the materials you choose. Paints come in different qualities and types, so you can start small, and when you begin to make profits, you can expand the business.
The price of a bucket of paint in Nigeria ranges from N3000 to N20,000 depending on the quality and brand, so when you hear that the paint production business is very lucrative, do not doubt it. You will earn back your investment in a short time if you go about this business the right way.
A Step-by-step Guide to Starting a Painting Business in Nigeria
Speaking of the right way to start a painting business, here is a step-by-step guide to ensure you can successfully launch your paint production business in no time.
Learn how to Make Paint
If you do not already know how paint is produced, then you need to learn it. Paint production is not something you can start without adequate knowledge, so you need to learn it from a reliable brand or training centre to enable you to produce only the best paints.
Learn how to produce different kinds of paints like:
- Textured paint.
- Emulsion paint.
- POP emulsion paint.
- Textcoat paint.
- Undercoat paint.
- Mable trowel paint.
- Matte eggshell.
- Oil paint.
- Varnish paint.
- Satin or nylon paint.
- Textured matte paint.
- Anti-rust paint.
- Base coat paint.
- Graffittex paint.
- Flex coat paint.
Do Market Research
To get things started on the right foot, you need to study the industry you are about to join. Do a market survey to discover the various customer capabilities, your target market and their spending habits.
Also, with good market research, you will be able to know exactly what people want from a business like yours. The information gained from this study will help your business’s planning and decision-making process, and you will be able to present your brand just the way your potential customers want it.
Create a Business Plan
The significance of a business plan for any new business cannot be overemphasised; it is just as important as every other step you will take to make this business successful. So write your business plan, which should include everything from your budget to your business structure and more. This plan will enable you to easily set up your business since you will already know what to do at every point.
Register Your Business
The body responsible for business registrations in Nigeria is the Corporate Affairs Commission (CAC), and you must register your business with them for it to be a legal entity. Additionally, the best time for business registration is at the setup of the business; if not, you might be building a brand that someone else has already registered. So get your unique business name ready and register your painting business with the CAC of Nigeria.
Secure a Factory Space
Proximity to your target market is significant when choosing the location of your paint factory. You have to find a place that is easily accessible to your potential customers and will also enable prompt delivery of products.
Get Your Equipment and Materials Ready
Depending on your startup budget, paint production requires a lot of small and big equipment, so you can get the basic things you need now and gradually upgrade to bigger and more efficient equipment. Some of the equipment and materials you will need include;
- Electric powered mixer.
- Electric-powered grinding or milling machine.
- Customised container.
- Paint production chemicals.
Starting your own painting business could be one of the best decisions ever because it is very profitable. However, you must develop a good marketing strategy to get the best from this business. If people do not hear of your business, they will not be able to patronise you and remember that there are already so many big and small paint production businesses in the country, so you have to offer your best to be one step ahead of the competition.