I run through pricing to consider when managing or planning your electrical business. Nobody has all the answers but these are some of my pearls of wisdom.... Take from that what you will lol
Congratulations on the award Mark. Also good video when I ran my truck repair business I made all the mistakes with high turnover but no profit I heard a quote the other day and it was me a busy fool. Running myself ragged but just covering costs and sometimes you can’t see it when your in the middle of it 😃
Well done on the award ! - This is very insightful for upcomers. I've been employed, subbie, self-employed with own business and worked on my own for 10 years. I've had a Limited company for over 10years now and have had between 3 - 7 engineers at any one time. The one thing I would say is you'll hit a ceiling on your own as you can only sell your time once. Nothing wrong with that but there will be a limit. If you grow a small business you are selling your time multiple times then the sky is the limit.
Interesting viewing. There are a lot of hidden costs around running your own business that people who are on PAYE just don't realise. Like you said, it will be different for everyone according to what sector they are in and what they want to get from their business.
Hi sir congratulations from a now retired side cutter man , who ironically came into the profession after the age of being an apprentice . Yes heaven for bid , but I did (retrain ) and became respected member within the trade , I noticed there is a drive to make all electricians to be qualified and totally back such a proposal . But it is rather ironically that those early years of my entrance into the trade would now be considered not appropriate . Best wishes and kind regards as always 👍👍👍
Interesting. Mine's always followed my Dad's theory. d+m=p. d= Day Rate m=Materials p=Price. So following on from him I charge my current day rate of £160 to £180 per day plus the cost of materials. Or I ask if the client has had a quote and look to better it which I often can to win the work. But with rising living costs I am considering upping the day rate to £180 to £200 a day. No VAT, I have a banger van which doubles as my every day vehicle, no sign writing or 30 inch alloys, no pointless extra van stickers like Checkatrade, CHAS and BAFE, in fact I’ve not stuck my NICEIC sticker on the van! Storage is my garage, do own account and Self Assessment, PI/PL insurance and NICEIC. No kids or mortgage to support. Never short of work either domestic or commercial. Could go over VAT threshold but not wanting the hassle.
@@JIBS. I find I make a living on those prices and that formula. Electrical work isn't a cartel where everyone charges the similar rate. It's a free market. I do sometimes raise an eyebrow when a client presents me with a quote to undercut if I can.
Thats a very competitive day rate and we are all free to charge as we see fit at the end of the day. One thing I didn't mention is it actually varies hugely on location in the UK.
@@electrician247 I find I’m never short of either domestic or commercial work. Located Hampshire South of England. I look to give good old fashioned value for money service. I was surprised at the price my Sister’s neighbour paid for an EV point and they felt seen off when I said what I’d charge. Maybe I could charge more but money isn’t the end of it all. I recently won the fire alarm testing for several blocks of flats after doing a competitively priced repair in one block. I asked what they were paying and said what I’d do it for and got a call next day. Recently got the job to replace a blocks door entry system and I was totally shocked at the prices quoted by another spark and a “security” company. I think my most annoying overhead is NICEIC which does what? Let’s me sign off notifiable domestic jobs, the scope of which narrowed significantly in 2013.
For us it was when we started getting repeat commercial work for businesses that would spend 10s of thousands every year on electrical projects and improvements . You either turn the work away , work 12 hour days or take on more men .
Show me a business owner who has never learned lessons through getting things wrong and I will show you a liar. I far from perfection and happy to be so 💪
The beauty of content is people see it differently. What you see as stories others enjoy. I make content how I choose. If people like/watch is secondary to that. If you would like to make content you think is more to the point let me know and I will support/share it for you. Have a great day
@@3r3steve I take constructive criticism onboard. But make videos my way. Setup a channel and give it a try making the content you want to see. I do okay and enjoy it. That’s enough for me
