If you know how to market and sell there is plenty of work regardless the economy and the status of new construction. Earn at least double the man-hour rate when compared to new construction. Owner's deposit finances the project for the painter. No painter financing. Damage by others is a profit making change order.
Painter establishes a customer for life and repeat business.
Work in community close by office. Able to hire better quality personnel since business is more stable and predictable. If necessary, easy to legally collect monies due. Painters business has resell value due to repeat customer list. If you don't have the system and procedures that assure you will meet the consumers expectations the customer may drive you nuts.