So I finally have my masters, insurance, and contractor license. Now I need advice on how to price work. I want to start in residential. Does anyone have any good advice. Should I bid by square ft for new homes? What about remodels, square ft or t&m? What is the deal with arc faults? Should the whole panel be arc faults? Left me know what you guys think
I sure hope I don't come across as cruel or anything similar, but I've gotta tell you that what you've posted is chock full of conflict. So much conflict that I'm pretty sure you've got no business trying to start a business....at least yet. Let me explain:
You've got a licence...finally.
Does that mean you flunked the test a half dozen times or that you waited a long time to take it? That really makes a difference, and here's why
You said you want to go into residential, then bombard the post with questions about how to do and price residential. That indicates that you don't know it. And if you don't know it, and only crammed for the test, then you aren't qualified. That means you'll probably fail miserably and not know why.
Why do you want to start in residential? Are you figuring it's easier? Faster? You might get paid faster?
I would suggest some soul searching. You probably ought to ask yourself:
Why are you so eager to open for business before you know the business?
Are you hoping to be an electrician or a businessman? Those aren't easily joined together because most construction workers would rather work with a hammer. But maybe you have a wife who would double as an office manager?
Do you really love the trade? Enough to learn on your own just for your self? Like codes updates, new products and tools? Nifty tricks?
Have you got a few months worth of living expenses in the bank? Or good line of credit? Or both? I'm guessing you're not gonna have enough "paid today" work to suffice, so you need cash or credit to get you thru til payday comes. Which can be months. Right now I've got 6 invoices outstanding, and the oldest is from last August. Fortunately, it's only $165.00
But there's one from December for $2500.00 and 2 from a month ago for several thousand each.
Do you know where to get steady work? And help for when you have so much work that you can't see straight?
Brother, there's a whole lot more to this than getting credentials and some pricing advice. And I'll reiterate - I hope you don't think I just want to be negative. There's a reason 50% of all businesses fail in the first year, and 95% fail within 5 years. My guess is that most people have no idea what they're getting into.