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#41302 - 08/24/04 07:04 PM Making Money
Pat@Amber Offline
Member

Registered: 08/23/04
Posts: 107
Loc: Gaithersburg, MD USA
I've heard from more than one source that the average electrical contractor is only making 2.75% net profit. Been doing electrical work for about 22 years; only started my own company about 4.5 years ago. Been working my a-- off and thinking it is not worth working for myself much longer.
Plumbers in my area (Washington DC suburbs) are charging $120 to $150 per hour while electricians are at $75 to $85. What the heck are we doing?
Anybody out there making money? How are you doing it? Anybody using flat rate pricing?
Sorry for the long first post but I don't want to give up yet. Just looking for answers.

Pat
_________________________
Power to the people

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#41303 - 08/24/04 09:54 PM Re: Making Money
LK Offline

Member

Registered: 01/21/03
Posts: 1721
Loc: New Jersey
Pat,
Stay with it , don't give up now, the younger generation of EC's are business smart and they are doing a fine job at making their business run at a profit.
Yes, there are a lot of EC's out there that are always looking in the rear view mirror, when it comes to operating a business, they are more concerned with what the other guy might be charging, when what they need is to find their own real operating expenses. They are good electricians, but need some help on the business end.

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#41304 - 08/24/04 10:18 PM Re: Making Money
dougwells Offline

Member

Registered: 05/03/03
Posts: 1228
Loc: kamloops BC Canada
Welcome Pat
If you have a chance come and join us on Wednesday Night in the Chat Room This has been a chatable subject in the past for chat

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#41305 - 08/25/04 02:45 AM Re: Making Money
Pat@Amber Offline
Member

Registered: 08/23/04
Posts: 107
Loc: Gaithersburg, MD USA
Thanks for the encouragement and the business chat tonight at 9:00. Planning to attend.
What the heck are you guys doing up so late?

Pat
_________________________
Power to the people

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#41306 - 08/25/04 02:57 AM Re: Making Money
iwire Offline
Moderator

Registered: 01/05/03
Posts: 4343
Loc: North Attleboro, MA USA
Welcome to ECN Pat your post was not long, take a look at Scott35's or my own posts.

I am sure you can get some answers from the other members at the chat. I do not run my own business so I am not any help to you. I do have a lot of respect for those of you that take the plunge and work for yourself.

 Quote:
What the heck are you guys doing up so late?


Remember that this forum is world wide your 1 AM is another members 9 PM.

Of course some of us just have strange hours.

Good Luck

Bob



[This message has been edited by iwire (edited 08-25-2004).]
_________________________
Bob Badger
Construction & Maintenance Electrician
Massachusetts

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#41307 - 08/25/04 03:27 AM Re: Making Money
Lostazhell Offline
Member

Registered: 02/21/04
Posts: 1248
Loc: Bakersfield, CA (Originally Or...
Its 3:25AM here & I just got back from a 7/11 that burned a 2pole 30A for the slurpee machine!

What'cha saying about wierd hours???

Welcome to ECN Pat Come to the chat as before mentioned & they'll be some experiance from different facets of the EC biz.. (New construction, resi & commercial service, plant maintenance, etc...) Great place to ask questions & get different points of view.

-Randy

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#41308 - 08/25/04 03:30 AM Re: Making Money
SteveMc Offline
Member

Registered: 02/05/04
Posts: 61
Loc: Rock Hill, SC
I was wondering why everyone was sleeping so late. No wonder the plumbers are making more money.

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#41309 - 08/25/04 04:34 AM Re: Making Money
GETELECTRIC Offline
Member

Registered: 10/22/03
Posts: 178
Loc: toronto canada
Now to my way of thinking 40hrs ar 80 dollers an hr (3200) is not bad.

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#41310 - 08/25/04 09:24 AM Re: Making Money
dougwells Offline

Member

Registered: 05/03/03
Posts: 1228
Loc: kamloops BC Canada
Hi Getelectric

It seems that if I have 40 Billable hours per week I would be working another 40 hours to administrate that time spent.
IE doing quotes ordering,paying the company bills, downtime for servicing van,my list could go on longer I am sure.You make it sound to simple

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#41311 - 08/25/04 10:13 AM Re: Making Money
GETELECTRIC Offline
Member

Registered: 10/22/03
Posts: 178
Loc: toronto canada
You can slice that $80.00 an hr any way you want to, but you are talking to someone who was in business for 10 yrs and experience tells me that is good moneyand that you could hire a clerk at the least and still have a fistful of dollers.(by the way if you are charging 80 what does an journeyman make an hr?)

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