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Joined: Nov 2005
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[This message has been edited by mahlere (edited 10-06-2006).]
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Joined: Jul 2005
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I hear alot about how service work is so great. I do alot of it but it seems to me that you would need many techs to get real any real money doing it. I would love to be able to get 300 to 600 per call but I can't get people to part with that kind of money to replace a gfci, change a coach light,etc. I would love to offer SAME DAY SERVICE but once again I am only one guy. My wife and kids would not really enjoy my going out every night either. You know "Work to live not live to work". If I am missing some secret time management strategy, Please let me know what it is, I seem to be running in all different directions and the money is not really flying in.
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Joined: Apr 2006
Posts: 83
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Bobbyho,
I'm just starting up my own contracting business again, after many years of working for other businesses.
Something that I have learned over the years, is that it is possible to find customers for any price range. Admittedly, I am trying to figure out how to attract the higher class of customer who is willing to pay more for really good service. So, I'd say, one key is to try to target your market to more of the better paying clientelle.
Also, although you can't charge $300-$600 for a GFCI change out or such, what other value added services could you offer to the customer? Could you suggest a panel upgrade - maybe that unsafe FPE should be changed out, or after you have installed the GFCI ask if they have any other items that have been bothering them that you could check out while you are there. If not, ask if you can send them information periodically? In this way you can keep in touch. Even ask if they have an email address, and if they would mind you contacting them by email periodically to stay in touch.
One of the marketing people that I am studying talks about the importance of the lifetime client. The client who once they start working with you and your business, becomes so loyal that all their friends hear about you and they call you back time and time again. But to win these customers over, you need to keep in touch with them. They need to learn that you are interested in them and they will keep you in mind.
Just my thoughts.
I believe there is a lot of money to be made even for a one man show.
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Joined: Nov 2005
Posts: 507
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sell, sell, sell. if you own your company, you are not an electrician, you are a salesman. simple as that
[This message has been edited by mahlere (edited 10-06-2006).]
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Joined: Dec 2004
Posts: 1,064
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Something that I have learned over the years, is that it is possible to find customers for any price range. Admittedly, I am trying to figure out how to attract the higher class of customer who is willing to pay more for really good service. So, I'd say, one key is to try to target your market to more of the better paying clientelle. BRAVO.... Marketting is the single most important aspect of a business. Know your customers, find a niche. Glenn, great post!
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Joined: Jul 2006
Posts: 7
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Following a home inspector,A DIY switch,plug change out,NO grounds on outlets. It took 2 hours to find where grounds where apart.
Bob O. 84,Pa.15330
Bob O.84,Pa.15330
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Joined: Nov 2005
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Bob, sure you posted in the right spot?
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Joined: Apr 2006
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Try this! I worked for a company that charged $100/hr. and mat. +200% All work was done pre quote.
What I found was that I would get about the same # of rejects as I would for a lesser price. I think that most people feel committed when they make the phone call.
Now that I am on my own I use a different lower rate structure. Once I am in a house I can Sell and typically turn a 1 hour job into a 3-4 hour job and walk away with $4-500 and references.
The money you take in is 1/3 from the work you are doing and 2/3's what extra work you can sell.
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Joined: Sep 2006
Posts: 23
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2old, I agree with you. That is what some guys just don't get about service . You will starve if you go just to do job at hand. Most of the work I do is stuff I recommended client to do. Alot of HO's don't think of things til you get there or you bring something up. This is why some people cannot cut it in service and especially up front pricing.
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Joined: May 2005
Posts: 706
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After 21 years the most important realizations for me were; my actual cost of business (figuring my overhead); that in residential service you only invoice for half of your time (2,000 hours/2 = 1,000 hours per year; my real job isn't as an electrician, it's as a salesperson. So, I added my overhead, divided it by 1,000, added a small profit and that became my hourly rate.
As is typical, this rate is higher than my old rate. To justify the new rate I called everyone in my client database & asked how I could improve my service. I also read what the top service contractors are doing. I also studied marketing.
As it turns out I was already doing most of it. I've always honored my warranties, been prompt, etc.
Anyway, my commercial is over. Charge what you have to, give top quality service, learn marketing and sales, and your average invoice may rise from $200 to $2,000.
Dave
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Joined: February 2013
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