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Starting A Business

 
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Old 07-01-2020, 10:30 PM   #1
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Starting A Business


I've been laying floors for the past 3+ years and want to start my own business, I've been trying to search to see what a reasonable price I should charge for labor while I stalling laminate, lvp and hardwood floors. I've done a few of my own jobs already and always feel like I under charge by a lot. (Example: charged $1,000 for 900 sqft of laminate)
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Old 07-01-2020, 10:38 PM   #2
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Re: Starting A Business


i don't get how anybody who is in the trades has no idea what the going rate for labor is in their area.

GET YOUR HEAD OUT OF THE SAND....

what was your previous boss paying you & charging????

you need to evaluate what your costs are to be in business and then equate that to how you charge for jobs.

YOU MUST KNOW YOUR OVERHEAD COSTS....



search the forum this topic comes up darn near daily...

Labor + Materials + Overhead + Profit + PITA = COST

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Old 07-02-2020, 12:20 AM   #3
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Re: Starting A Business


Nobody on here can or will price your gig for you. Not allowed. We don’t know your market. Your rock bottom rate says you need to learn business skills & your just throwing an embarrassing # out there. You made gas money & a sack of tacos maybe. Dollar a foot won’t start the truck
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Old 07-02-2020, 12:44 AM   #4
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Re: Starting A Business


Like Griz said any schoolgirl could simply find out what the market rate is. Bottom of the barrel rates & no business skills make it really really hard for us that make our living at it. You have to have business skills along with trade skills. Can’t just do 1 & half arse the other. Not something you learn in a couple days. So without dragging any of us down in the ditch with you get some books, learn business & please quit taking our groceries
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Old 07-02-2020, 01:43 AM   #5
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Re: Starting A Business


No rational person who has run a successful business can support the Democratic Platform of ever higher Taxes with ever LOWER benefits for Taxpayers.....

If you don't completely understand the Laws of local, state and Federal Taxes and the daily thicker forest of regulations and barriers to Profit, get professional help, CPAs and a competent Business Lawyer, ( one that doesn't hate business....)

The other greatest cause of failure of small, new contractors is cash flow issues, = failure to have enough capital to survive to deadbeat, slow paying customers, the very customers that killed the last ten newby subs in YOUR trade,
Avoid working for the "demon" and toxic ends of the marketplace,
Never rely on one General for more then 40% of your business with out " Fu$k you" capital/equity, and even with adequate funding, avoid becoming a 1099 slave Sub of just one GC....that knows Too much about your finances and business.

No one ever went broke charging TOO much, START high, and drop DOWN to the prevailing rates: Many areas of competition have SO many ignorant sub contractors, few, if ANY are breaking even long term, especially high labor/ low investment trades like flooring or shingle roofing.....

Don't become the guy working 80 hours a week to make a 40 hour a week pay check, "Buying a Job"
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Old 07-02-2020, 12:08 PM   #6
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Re: Starting A Business


Just sayin... ya think somebody putting down laminate @ a dollar a foot is going to hire a business lawyer & cpa
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Old 07-02-2020, 01:56 PM   #7
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Re: Starting A Business


Quote:
Originally Posted by Tucksbucks View Post
I've been laying floors for the past 3+ years and want to start my own business, I've been trying to search to see what a reasonable price I should charge for labor while I stalling laminate, lvp and hardwood floors. I've done a few of my own jobs already and always feel like I under charge by a lot. (Example: charged $1,000 for 900 sqft of laminate)

Sounds like you’re ready. Good luck


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Old 07-02-2020, 03:20 PM   #8
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Re: Starting A Business


Quote:
Originally Posted by Kingcarpenter1 View Post
Just sayin... ya think somebody putting down laminate @ a dollar a foot is going to hire a business lawyer & cpa
could be the best money he ever spent...
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Old 07-02-2020, 03:54 PM   #9
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Re: Starting A Business


Agreed. But he’s going to have to lay miles at a dollar a foot to pay em
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Old 07-02-2020, 06:46 PM   #10
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Re: Starting A Business


Yea I agree but I made $500/day profit

Quote:
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Agreed. But he’s going to have to lay miles at a dollar a foot to pay em
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Old 07-02-2020, 07:44 PM   #11
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Re: Starting A Business


Quote:
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Yea I agree but I made $500/day profit
i doubt it.

do you know your overhead costs?
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Old 07-02-2020, 07:48 PM   #12
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Re: Starting A Business


Quote:
Originally Posted by Tucksbucks View Post
Yea I agree but I made $500/day profit
500/day profit after you paid yourself your regular paycheck?

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Old 07-02-2020, 07:52 PM   #13
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Re: Starting A Business


Gas money & a sack of tacos is pretty good profit
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Old 07-07-2020, 02:44 PM   #14
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Re: Starting A Business


Quote:
Originally Posted by Tucksbucks View Post
I've been laying floors for the past 3+ years and want to start my own business, I've been trying to search to see what a reasonable price I should charge for labor while I stalling laminate, lvp and hardwood floors. I've done a few of my own jobs already and always feel like I under charge by a lot. (Example: charged $1,000 for 900 sqft of laminate)
Whatever you want to make per day, start by tripling it. After overhead, expenses, and unexpected work, repairs and surprises you might hit your daily net profit target.

If you want $200.00 a day in your pocket you should shoot for $600 a day in gross profit. If you sell a bunch of flooring don't count that as gross profit, only the labor and whatever markup you can get on the material.
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Old 07-07-2020, 02:47 PM   #15
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Re: Starting A Business


I remember 15 years ago bottom of the barrel craigslist contractors were installing laminate for $1.00 a foot.

Prices tend to go up over time.
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Old 07-07-2020, 04:50 PM   #16
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Re: Starting A Business


Quote:
Originally Posted by Tucksbucks View Post
I've been laying floors for the past 3+ years and want to start my own business, I've been trying to search to see what a reasonable price I should charge for labor while I stalling laminate, lvp and hardwood floors. I've done a few of my own jobs already and always feel like I under charge by a lot. (Example: charged $1,000 for 900 sqft of laminate)
Based on this post, you're better off staying as an installer & continuing to learn about the business end of things. You're not ready to be successful as a business owner.
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Old 07-07-2020, 05:09 PM   #17
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Re: Starting A Business


Check out this book. If reading isn't your thing, go for the audible.

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Old 07-07-2020, 05:14 PM   #18
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Re: Starting A Business


read the books by David Gerstel.

find them on amazon.
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Old 07-08-2020, 10:52 AM   #19
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Re: Starting A Business


Central NJ subs I've talked to get about $2.25 for lvp, labor only. I charge more than that and install myself

-Rich
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Old 07-08-2020, 12:23 PM   #20
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Re: Starting A Business


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Central NJ subs I've talked to get about $2.25 for lvp, labor only. I charge more than that and install myself

-Rich
I do too, plus I profit from selling them the flooring on top of the labor rate.

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