What sort of prices should I be charging?

[Kjb Electrical]

Hi all, I was wondering how much hourly rate I should be charging? I recently quoted a job only to be questioned if I was an electrician due to being too cheap.
I’m thinking of upping my rates but want to keep at an honest and fair price.

 

[Nigel]

Some people quote their turnover as there earnings! They forget about their overheads and parts for resale

Some people don't understand the difference between deficit and debt

Go figure ..............

If this comment is aimed at me ai can assure you my turnover is considerably more than £50-60k.

 

[Andy78]

I'm self employed and don't have any of the stress described earlier in the thread. I am a sole trader so don't have the responsibilities of an employer. I don't have stress from customers as I work with some good uns.

I'm not earning £50-60k by any means but last year I realised that self employment can sometimes be worth much more than money.

I had a month off in the summer to spend with my pregnant missus and kids. I took 6 weeks off to enjoy the birth and first days of my daughter. I took a month off at Christmas to spend further time with the family. It was probably the happiest year of my life.

I still earned enough in between all my time off to support all my kids, my non working missus, take a holiday, put some money aside, improve the house a bit, and generally have a good standard of living.

I now couldn't imagine me getting a job where I would have to work every day to earn not much more or the same. I also could not imagine me busting a nut to get over £50k self employed, although I can see how that could be achievable.

I wouldn't change a thing about last year and look forward to many more years where I can give myself choices about my lifestyle that suit me and my family when we need it.

 

[Octopus]

If this comment is aimed at me ai can assure you my turnover is considerably more than £50-60k.

not aimed at you

 

[MDJ]

If this comment is aimed at me ai can assure you my turnover is considerably more than £50-60k.

Agreed, Experian is a useful tool

 

[Deleted account]

You must not be working full weeks or doing a lot for pound notes as at your hourly rate you would nearly hit the VAT threshold alone without any material based on 44weeks a year.

I'm not I work 3 or 4 days a week sometimes. Sometimes I do half days, some times I do just a 1 hour job n a day. That's the beauty of it I can earn as much as most but do half the hours.

 

[Midwest]

I tried 5 years of self employed work. Bit like Tel, I worked about 2-4 days a week, varying. I have a good pension, lived & worked hard all my life, but didn't want to continue worrying about things at night, been there & done that.

As you may know, I've given it up now. Those that speak of 50 or 60k's etc, have probably found themselves (after hard work) a nice little niche of contacts, and have a varied customer base. But you're lucky, not everyone has that customer base.

For me, doing small domestic work, I wasn't earning more than £15k a year, if I was lucky. But then I didn't want to work 80-100hrs a week.

Its horses for course.

 

[Deleted account]

I make about £30, 000 per year. I could if I wanted or needed to get to the £45-50 grand. But I'd rather chill. At my rates I can.

I'm 46 now. Mortgage free and looking to retire at 55 in 9 years. Shouldn't be a problem.

I've worked bloody hard to be where I am now. Im reaping the rewards I've sown.

As for peeps saying they can get £50-60 grand a year. Yes it's possible if you can guarantee work 5 full days a week. When your self employed that's difficult. A lot of the work is little 2 hour jobs hear 4 hour jobs there with a couple of full days thrown in.
And when do you do your paperwork. That's a full day each week if not more.

 

[Octopus]

I'm 46 now. Mortgage free and looking to retire at 55 in 9 years. Shouldn't be a problem.

12 years before the state pension kicks in - good luck saving up enough for that ......................

 

[Deleted account]

12 years before the state pension kicks in - good luck saving up enough for that ......................

Yup bought a couple of rentals to keep me going.

9 years from paying them off.

 

[Nigel]

I am certainly not knocking anyone that does not earn those figures. All I am saying is that personally I would just do another job that pays less but is relatively hassle free.

 

[Octopus]

the beauty of being SE for me and I suspect a lot of people on here is the ability to pick and chose what we do, when we work and for whom ....

As I get older and the kids aren't a drain I will certainly ease off ...........

However lots of newbies are seduced by claims of being able to earn £50K .............. which is pie in the sky for people coming into the trade ......

 

[Midwest]

I am certainly not knocking anyone that does not earn those figures. All I am saying is that personally I would just do another job that pays less but is relatively hassle free.

And I'm not knocking someone who has a good business providing employment to others, but making a profit from them. That makes good business sense. But not everyone can or wants to earn 50-60k's.

I'm orrfh back to paye next week, but I've committed to 40 hrs a week, and some weekend work. Not great, but thats the compromise between self employed and paye.

 

[Midwest]

And I'm not knocking someone who has a good business providing employment to others, but making a profit from them. That makes good business sense. But not everyone can or wants to earn 50-60k's.

I'm orrfh back to paye next week, but I've committed to 40 hrs a week, and some weekend work. Not great, but thats the compromise between self employed and paye.

Not singling you out essex others have made same comments.