Tom and Dan reply to a question asked by Liam, an electrician, about making 50% gross profit. Liam states the cost of electrical materials can be extremely high. So, how can he still make that 50% gross profit other than doubling the labor?
In this episode, we talk about…
- Present your cost to the client with confidence
- Don’t be afraid to price your service at 50% Gross Profit – If you have 100 customers, 20% of them will spend at least ten times more on your service.
- Build your brand — When you build a strong brand, people don’t care about what you charge.
- Three ways you can price your service to make 50% gross profit:
- Doubling your cost of goods
- Doing a blended multiplier
- Selling labor only
Submit your questions to firstname.lastname@example.org with the subject “Podcast” and Tom and Dan will try to answer them on an upcoming show.
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Are you stealing money from your family because you aren’t charging enough for your services? Discover what you SHOULD be charging. Download our 50% Gross Profit cheat sheet: https://thecontractorfight.com/50
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