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I am sure you are going to do a great job, but just being the cheapest doesn't guarentee clients and your profit margin will take hits when a homeowner does a close inspection after you left and decides that a perfectly good job isn't "exactly what they wanted". "Could you just comeback and touch up a few things" which you will do because you believe in customer service and word of mouth.
Plus you have material(paint,brushes,clothes,tape and drop cloths) gas,insurance, advertising and probably a bond. I am not saying don't follow your dream, but cheap isn't always cheap for you and could really cost you. Also, if you cannot make money on a job, don't do it. Doing it and losing money is worse than not doing it.
The problem with dealing with people who just want cheap sometimes is that they don't have the money in the first place and may write you a hot check. They figure you are desperate enough to do it and that you probably don't have the funds needed to go after them.
I wish you all of the best and hopefully you will achieve much more than even you expected, but watch yourself and always treat it as a business. Friends and family are great, but sometimes things happen in those situations where you wish you can turn back the clock, but we never can.
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