What would you guys cost this at - roughly?

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bjp_ne_elec

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Southern NH
Job requires to run a 12/2 to feed a dedicated A/C outlet, and then a 12/3 to supply two boxes with Quad Receptacles in each one. Home runs are about 80' and in the basement. This is a place of business, so 1/2" EMT would be run thru floor and up to receptacles. The Quad receptacles are just coming up thru floor, hit one, and travel 6' to second Quad. The A/C receptacle has to come up a beam about 5' and in to a box - Single Outlet with Raised Cover.

Bingo.

First job - so I'm very nervous about bid. I know, it's doesn't seem like a big deal, but keep in mind - it's my first "official" job - just getting started after getting my Master's.

Thanks

Brett
 
Don't be nervous. For the first one you need to figure what material will cost you. add 40% for markup, stocking, time to get material etc....Add for wear & tear on tools & bits...
Then guesstimate how long it will take you & what you'd expect to make per hour.. add travel time if its more than 30 minutes from your house/shop. add just a little if there is a chance there might be a problem.
you have your price. WHat is it?
now when you do the job & any other jobs for the next year keep good records of your time & material cost & review ech on at the end of the day to see if you made out as you expected. Never lower yourbidding because you finished up earlyier than you expected, because your a fast professional.
Also think about what you expect the customer is expecting the job is worth.
Always charge Lawyers more!

With out seeing it I'd guess $500?
 
77401 gave good advice. I'd price $500 - $700. I am assuming you are running romex and changing over to emt where it penetrates floor? Congrats on you master's.
 
I am an amateur at this kind of thing, but this is how I see it.

Your first year running your own business, is for you to figure out just how you are going to do things, and among many other things, how to properly cost your jobs.

What works for others may not work for you.

I suggest you get yourself a spiral notebook and keep copious notes of everything you do, how much time it takes, and what funds you spend, miles driven, tools bought, etc.

Every night make a summary and put them into a spreadsheet.

Keep track of how much time and money you are spending on these little jobs that is not directly related to actually doing the work, and make sure you figure some way to get paid for the time and money spent.

I think you will find that you are underbidding these projects. That's OK. I would expect that upfront. You need to gain experience in running a business, and the only way to do that is to actually run one.

Over time you will develop a feel for what makes you money and what does not. You will also almost certainly discover the 80-20 rule. 80% of your profits come from 20% of your jobs. Your goal should be to eliminate the jobs that make you almost no money but take up a lot of your time.

It may sound like you are making a lot of money on a service call to fix a light switch where you charged a customer $50 for the work. In reality, you probably lose money on such a call, considering the time it took you to drive there and back, and what you could have been doing if you were not off on that call. I urge you to develop a hard nosed philosophy about those kind of jobs. Nothing wrong with doing service work. It can be lucrative, BUT make sure you are actually making money on the deal.

Don't expect to do any better than break even your first year. Very few businesses even do that well. Hopefully your personal finances will give you the time to break into the black before your capital runs dry.

Avoid buying lots of toys for the tax breaks. It is a losing proposition. You have to make a profit for the tax breaks (such as they are) to be worth anything, and you probably won't make any money your first year anyway.

In the end, running a business is about making a profit. You are guaranteed to fail if you ever forget that.
 
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80/20

80/20

Perersonra is right
80/20 rule is good!
80% of your problems will come from 20% or your jobs.
Keep notes on everything keep good book$ customer list. Materials cost list with the date you entered the most current price.
You'll do fine considering you can now charge between $75-$100 hour & wages before were a lot less.
Join a gym or play golf for your down time the first 2 years.
Enjoy it now as it only gets busier & busier.
You'll eventually find your own niche, whether its service, commercial, or new residential,

For now take every job & learn.
 
bjp_ne_elec said:
Job requires to run a 12/2 to feed a dedicated A/C outlet, and then a 12/3 to supply two boxes with Quad Receptacles in each one. Home runs are about 80' and in the basement. This is a place of business, so 1/2" EMT would be run thru floor and up to receptacles. The Quad receptacles are just coming up thru floor, hit one, and travel 6' to second Quad. The A/C receptacle has to come up a beam about 5' and in to a box - Single Outlet with Raised Cover.

Bingo.

First job - so I'm very nervous about bid. I know, it's doesn't seem like a big deal, but keep in mind - it's my first "official" job - just getting started after getting my Master's.

Thanks

Brett
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I think 77401 is also very close.

I can relate also to being very nervous on your first bid. My first real bid project was $13,000 and it felt like 13 million!!

I was an electrician but never really had to price things. I was really too low on alot of work when I first started. I worked for little money but seemed really busy. Not once did I have someone tell me " you are really low, but I feel generous today so I am going to double your bid because I feel like giving money out today"

I did however hear, " you are right in my budget", only to find out later I was half of what the other contractors were.

It does not hurt to try and pad some jobs a little, you can always take some off or learn that you were just a little high and you can hone your estimating skills from that. You think you are going to make a killing on a job, then comes in all the supply bills, overhead, etc. Then you find out the 45% profit you thought you were going to make is actually 8% to 15%.

Good luck on your new business. This forum is a great tool to learn a few crucial things. I have found in the past that it seemed a little tough to get bidding info from some people. They guard it like it is some taboo secret. But lately I see some people stepping up and helping out.
 
Another thing on bidding is...feel the customer out on if they are shopping bids. I know what some people will say but if your confident that your the only one bidding, then price it even higher!

I just turned in a bid on a small kitchen remodel. I priced it at my normal per items & then added 25% to it. I'm starting the job next week. So I still think I could a gotten more:mad:
 
And what ever you do do not let the customer intimadate you when you give your price. If you have "checked" out your local market for prices being charged and you are in line and making money their is nothing to back down from.I had a call to replace a bad gfci in a master bath,drive 16 miles one way,supply new gfi and install charged $80.00. Told the man what he owed and he did not like the price. this is the same man that had ask me when I started " did I need him to move the Porsha to get to the panel" I told him I could remove the gfi and he could deal with his wife not being able to dry her hair.He smiled and paid.
 
Also keep in mind: You will never ever lose money on a job you bid too high on, but you will lose money if you bid too low!
 
Either get a estimating program or keep good track of how long a project takes you. Not just installing a circuit but every thing else that goes with it, travel, trips to truck, trips to store. All this is time out of you day.
 
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