Don't Underprice Your Work!
HR & Financials • 1h 25m
There's no point in selling yourself short. Underpricing your work can destroy your business by sending the wrong message to your customers.
In this episode, Nick Slavik discusses how to efficiently price your job depending on a variety of elements such as your market rate, production rates, and experience. He divides the most effective pricing strategy into three primary elements that determine pricing. The first entails a thorough examination of the project. The second step is to have clear visuals for the project. The third stage involves taking into account all variables, which is especially important in larger projects. Furthermore, Nick describes how this pricing technique is based on what his market could handle, given his rapidly expanding business with a large number of apprentices. Stay until the end to hear him explain how he calculates his budgets using the following formula: (Revenue - 15% materials) / $60 = hours a project needs to be completed to be ‘profitable’.
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