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Discussion Starter · #1 ·
Guys,

I always have a problem pricing jobs. I have a basement to paint. Bedroom, small bathroom and a big recroom, three doors and three windows and casings and baseboard. I am also painting ceilings. I would like to know how you guys price jobs right. Please share your ways.

Thanks
 

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How much experience do you have doing the actual work because If you can't figure that out than maybe you shouldn't be in business for yourself.
 

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Labor + Material + Overhead + Profit=Cost.

You MUST know your numbers to be profitable.
 

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Discussion Starter · #4 ·
How much experience do you have doing the actual work because If you can't figure that out than maybe you shouldn't be in business for yourself.
I have been doing it for 5 years but I have never priced a job because I work for a company. Sometimes, I get jobs on the side but I cannot tell the price. I am always cheap lol.
 

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If you have been painting that long you have a real good idea how long it will take.

Add the other determining factors in and you have your cost.

If this is out of your wheelhouse quit bidding side work.
 

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Discussion Starter · #6 ·
If you have been painting that long you have a real good idea how long it will take.

Add the other determining factors in and you have your cost.

If this is out of your wheelhouse quit bidding side work.
I agree with you. I know how long jobs take me to finish and I am here asking to learn more, Sir. Lol
 

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Ok, so now you need to know the amount of materials you will need. Not just paint but all the misc stuff that goes with it.

Tape, paper, drop cloths, solvent, brushes, rollers etc etc. Also time spent buying paint and materials.

Once you have your overhead determine your profit percentage. Add a markup on materials and get ready to go to work.
 

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Know your consumables. I've had guys spend15 minutes or so cleaning up a roller, just killing time.
Throw it away, a roller cover is like $3, if I am paying $20/hour, that roller is worth about 6 minutes.

A really good brush is another thing, but no point in trying to save consumables while killing your bottom line.
 

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Are you adding a markup to your materials and time for getting the materials and the gas to go get said materials?

Sent from my SM-G988U using Tapatalk
 

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I agree with you. I know how long jobs take me to finish and I am here asking to learn more, Sir. Lol
Knowing how long it will take is the biggest variable you have in pricing in the Labor, Overhead, Material and Profit model...

The others pretty much write themselves based on others pricing...

As an owner doing a side-gig with an actual job as your main source of income (and I assume where your benefits and retirement are covered), and how you're structured (likely a DBA - Doing Business As) you can include what you want to make in Labor or Overhead... based on your current level of pricing experience, we'll keep it simple under Labor...

Your hourly rate is going to be a combination of your Labor and Overhead divided by the number of hours you expect to work within a year... so that means if you want to make $20K Gross (before taxes - plug in whatever actual number your goal is) on your side jobs for the year, and are going to do it working on Saturday's, that'll give you 416 hours (8 hours x 52 weeks) to do it in...

Now you have to figure out your Overhead costs... insurance, cell phone, accountant costs, business cards, website, marketing, the list goes on and is different for every business... some of these costs are variable and some are fixed, but what you're after is the ANNUAL costs for them all... you will then add all your Overhead costs up, as well as, Labor (including any workers you hire to help) and this will give you a total for both... divide that by the 416 hours above and this will give you your Hourly Rate...

You now see how important you know how long it will take you because now it is only a matter of multiplying it by the number of hours it takes you by your Hourly Rate... Then you add the Materials (for which you include a mark-up to cover things like material handling, procurement, deliveries (you or the supplier - either has to be paid, etc.) and then determine what percentage Profit you need (different from company to company) and mutliply the first three (Labor, Overhead and Materials) by that percentage to get the figure that you pay YOUR COMPANY... notice, this is NOT the money that you get paid after everyone else has been paid... that money is under Labor or Overhead... the PROFIT you pay your company is used to build things like Capital Reserves, Emergency Fund, Equipment Fund, etc...

Until you have a VERY strong handle on estimating how long a job will take, I would suggest you multiply however many hours you GUESSTIMATE it will take by a factor of 1.25 to give you cushion...

So an example (using made up numbers, you have to do the leg-work on knowing your numbers)

LOMP
Hourly Rate (combination of Labor and Overhead) - $75/hour​
Hours Job GUESSTIMATED to take - 12 (so 16 hours as the 12 is multiplied by a factor of 1.25 until strong track record of getting it right - always round up to the end of the day)​
Total Hourly Rate - $1200​
+​
Materials - $450​
+​
Profit on first three (15%) - $250.00 (always round up)​
=​
TOTAL JOB COST - $1900.00​


As Griz said, you HAVE to know your numbers to be in business, otherwise, it's just a hobby you hope to make a little extra side cash on...

Best of Luck... :cool:
 

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Or shoot a number, live and die by that number, without showing any pain, smile.

And you have your control to base all other work, and you will then become rich.

Or you may need to repeat until you know your numbers and your market, and you will become rich.

Or it maybe the school of hard knocks we all take every day.
Or called risk.

If you don't take a risk, you will never go anywhere. And no one but you can determine the risk you are willing to take.

Welcome to Contracting.....being your own boss.
 

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How much does it cost to work up the estimate ?

First line on my time sheet now 1.5 hr or 3 or 4 hours ? Load the job, pick up materials 1 - 4 hrs.

When I did additions it was common to put 24 - 60 hours into it before getting the job.

Here's a time sheet. I print out 2-3 of these for a job folder. First entry --- meeting with the customer.

Keep track of what was done during the day.
 

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Try "Timesheet. Time Tracker" at the Play store

I used it for a few years. It was really good. You could start and stop it at will. Put different hourly rates, job codes. It could prompt you wit GPS.

I had the free version. Then they had to start charging so I bailed. Nice ugh??

Anyways it was a great ap. It was pretty easy for T&M work. Got your working total right away for the client to pay you.

Never looked at another

When I need to I open a sheet in MS One Note..

I use One Note exclusively for my field notes. Each client has their own tab, or notebook. That's my job book. It works well for me where I don't need those yellow pads...and It's always backed up to the cloud so I never loose the information. I also use an active stylus. I can do some rough sketching that way.
 
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