30-year entrepreneur tip – do your research before making the leap

After painting more than 6,000 houses and businesses, Paul Iverson still remembers his first job – a home on Superior Avenue in Machesney Park, Illinois.

He remembers the early mistakes he made as a business owner almost as much.

“I had 10 years of management experience when I got into this, but I didn’t have 10 years experience of running a business,” said Iverson, the Rockford, Illinois-area’s premier painter. Paul Iverson Painting, based in Rockton, celebrated his 30^th year in business last year. “My advice to anyone looking to start a business is to not just jump in. Take accounting classes. Take business management classes. I learned everything through the school of hard knocks and made a lot of mistakes that cost me a lot of money.”

Over the years, as a small business owner who deals with the public every day, he’s given that advice to dozens of prospective entrepreneurs. Other bits of wisdom:

Research the industry you are going to be in. Become an expert.
Figure out what you don’t know and find a team of people who can do those things for you.

“From accountants to attorneys to insurance to business consultants to marketing experts, surround yourself with a team. That allows me to concentrate on my core business.”

For people who look at a can of paint and think, “well, paint is paint,” Iverson said the biggest challenge yearly is keeping up with the changing technology. Every year there are new resins, new coverage, new adhesion. Over time, Iverson has settled on a mix of where he uses Sherwin Williams and Benjamin Moore brands evenly.

“It really depends on what kind of job you want us to. We bring the experience that can tell you which is the right brand,” Iverson said. “Most of the mistakes in painting are made in preparation. An example would be if you strip wallpaper. If you don’t wash the walls properly six months down the road, no matter what you use, all paint will start to crackle and peel and chip. You have to use the proper primer or you’re in trouble.”

The biggest hurdle he faced as a business owner, after the early years, was new lead laws being passed in 2008 that makes it very difficult for residential painters to work on homes built before 1978.

“The vast majority of my work is Winnebago and Boone counties (in Illinois) and there are large sections of Rockford with homes built before 1978,” Iverson said. “That really restricted my market. Getting through that was hard, but here’s a key to running a business. Stubborness. If you’re stubborn enough and have the ability to stick through it. You’ll make it.”