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, 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.
Re: Making Money#41304 08/25/0412:18 AM08/25/0412:18 AM
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.
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.
[This message has been edited by iwire (edited 08-25-2004).]
Bob Badger Construction & Maintenance Electrician Massachusetts
Re: Making Money#41307 08/25/0405:27 AM08/25/0405:27 AM
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.
Re: Making Money#41308 08/25/0405:30 AM08/25/0405:30 AM
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
Re: Making Money#41311 08/25/0412:13 PM08/25/0412:13 PM
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?)