We tackle the delicate balance of working with friends and family in the contracting business, focusing on proper pricing strategies to maintain both relationships and profitability.

• Never give upfront discounts to friends and family
• Always build in extra padding (35% profit minimum) for unexpected issues
• Story about refinishing hardwoods for a relative and the importance of having cushion
• If everything goes well, you can discount the final invoice down to 25% profit
• Minimum 25% profit necessary to cover business overhead (which averages 21%)
• Opportunity to be a "double hero" by giving unexpected discount after job completion
• Average contracting business has 21% overhead costs on every dollar
• Working at cost or minimal markup actually costs you money in the long run

Visit ProStruct360.com to learn more about our coaching services or to schedule a free 30-minute consultation. Our software can help run your contracting business from estimate to final invoice.

Have a question or an idea to improve the podcast?
Email us at [email protected] or text us at +1 (678) 940-5747

Want to learn more about our software or coaching?
Visit our website at ProStruct360.com