Here’s the INSIDE MONEY SCOOP of my furniture painting ‘business’. You maybe shocked to learn the actual costs to create high quality paint and design. I’m sharing with you the income I generate painting furniture. Inquiring minds want to know!
Selling a painted $50 thrift store dresser for $200 should make a lot of profit, right?!
I have the numbers in front of me and I still ask that. I use an accounting program that adds all the expenses to take a dresser from drab to fab. I enter the costs for quality paint, new cool knobs, trendy transfers, durable top coat, better brushes, glaze effects and waxes, stencils, applique’ molds for design bling, and then on top of all that consignment fees. Wow, it adds up!
So What Does it Cost?
I’m the nerdy type that likes to create and study income and expense reports, a business women to the core. I’ve created the following accounts to summarize this business. Costs of Goods Sold is what I pay for furniture. Supplies are things like new knobs, paint, topcoat, transfers, and paper clay. Expenses are brushes, moulds, sand paper, stencils, etc. I’ve purchased tools that make painting easier like wheels, carts, a spray paint tool (that I never use) and shelves. This year I bought a space heater for the basement.
Last year I painted 36 pieces of furniture, all kinds. I totaled Costs of Good Sold, Supplies and Expenses and divided by 36. I have a personal rule to pay only $50 or less for furniture, though this is getting harder and harder to do. Thrift stores are raising prices and it’s a killer. Here’s what I got:
|Cost per Furniture Piece||$42|
|Expenses per piece||$25|
|TOTAL per piece||$98|
Let’s Talk Consignment Costs
I learned about budgeting this the hard way. Last year I consigned 50-50 with a furniture store and lost my butt. I made some changes to correct the situation by moving to a location with better rates and eventually renting the smallest booth possible. Yay! One can volunteer time in the shop for a little extra savings.
Jackson and It’s Sales Price Point
Most buyers are very budget conscious here. Jacksonions seem to have a lower price point for buying painted furniture. Some higher and some lower but the average range for a dresser or buffet seems to be $150-$190. I keep trying for more!
I am aiming to do better profit wise in 2020 but here’s the inside scoop from 2019:
|Average Income After Consignment Costs per piece||$115|
|NET PROFIT per piece||$17|
Top 3 Important Reasons I Keep Painting.
First is that I get to spend a lot of time dreaming about colors, techniques, and designs. My life would be miserable without it. It distracts me from the other stressful, worrisome, crap in life. I dream while walking, driving and going to sleep. Creative therapy is one of the best kinds.
Second, I’ve gained a best friend in the process. We get way too excited for a trip to Hobby Lobby. Seriously, it’s like Christmas! We talk paint color, technique and style constantly. Frankly without her I’d have no style or fun. We dream of having a cool studio.
Third, at my core is a business woman but without a business at the moment. Those that know of me do because of a shipping business I partially owned and operated. It was the best time of my working career but now I’m heavily involved in parent care-taking. So I get my business thrills from selling painted furniture, General Finishes paint, and brushes.
If you are interested, visit my page to see what’s For Sale!