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Painting Business Owners: Have you consider the Mindset behind Pricing your Painting Projects?

Name: Painting Business Owners: Have you consider the Mindset behind Pricing your Painting Projects?
Uploaded: 2023-10-23T13:15:00+00:00
Duration: 42 s
Channel: Daniel Honan
Description: In this video, the speaker highlights that pricing is the most common challenge for painting business owners. He explains that many painters mistakenly…

23 Oct 2023 · 1 min

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In this video, the speaker highlights that pricing is the most common challenge for painting business owners. He explains that many painters mistakenly base their estimates on what they themselves would be willing to pay for a paint job, a flawed "guesstimate" approach driven by projection bias. This personal cost perspective leads them to undervalue their services, assuming customers would not pay high amounts. The speaker counters this by noting that most customers lack painting expertise, dislike the hassle of doing it themselves, and are often willing to pay significantly more—sometimes tens of thousands of dollars—for a professional, convenient solution. Recognizing this disconnect is crucial for adopting a more value‑based pricing mindset.

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And pricing is by far the most common problem. Why do they initially resort to guesstimating? You said, you know, they're basically just trying to guess what the customer might pay, which is obviously is a very flawed methodology. But I think you hit the nail right on the head. And the big problem with that, I think, is you're kind of projecting, like you as a painter, assuming you're in the trades, you know, you wouldn't pay someone $10,000 to paint your house. So you're like, I wouldn't pay that much, so I'm not gonna charge this person that much money. So they're kind of projecting what they would pay maybe. And so they're guessing. You know, because painting is something they know and it's super easy to them. So why am I going to charge a lot of money for it? But most folks don't know anything about painting. They don't want to do it. They don't want to have to go to the paint store. They want to do anything. So they would gladly pay someone, you know, tens of thousands of dollars, a lot in some, in some cases to do it for them. So I think that's a good insight there.