Kind of a touchy / controversial subject here but let’s go with it. 

I think it’s interesting that any coaching company can say whatever they want from an office (or a boat), BUT it may not be applicable or relevant to your real life business situation.

You hear people say “never work on an hourly rate always flat rate pricing!!”. 

But ask anyone who has accomplished anything of substance in the electrical world and they will always accept a high end residential, commercial or industrial job at cost plus if there is an option for it. If your margins are good on your labour rates and materials (+ other revenue streams), then essentially there’s nothing to worry about. 

You hear people say “you need to charge $250+ per hour!!”. 

But sometimes you can price yourself out of the job ands lose good clients this way. Also, sometimes a break even rate that someone else came up with can be wrong. 

You hear people say “don’t break down the quote”. 

But sometimes the excellent clients need some transparency. 

You hear people say “get this much per day per truck or die tryin’!!” 

But not all company figures are the same. In some cases $100 per hour can be hyper profitable, while in other cases it can be diabolical. 

Once again, I think the real problem is thinking that there is only one way to see everything when we all know that there are multiple ways to skin the cat. 

The business method should be relatively simple: buy labour and materials, sell them at a good margin, be kind, repeat. 

If what you are doing is working, double down and do more of it. 

If what you are doing isn’t working, then either change it or stop doing it. 

My gut feel is that we all need to take a step back from talking in “hourly rates”, and we need to start talking in “gross profit” and “net profit”. 

Do yourself a favour and have a scroll through our insta where you can see some of our members recent results. 

Look after yourselves out there. And remember, everything is easy to say from a boat (insert wink face here). Lol. 

Enjoy the pod xx 

Chapters

00:00 Understanding Profitability at $120 an Hour

03:09 The Importance of Break-Even Analysis

05:56 Labour Efficiency and Its Impact on Profit

08:48 The Role of Apprentices in Business Profitability

12:03 Navigating Market Rates and Client Expectations

14:55 The Complexity of Pricing Strategies

18:09 Long-Term Sustainability in Business

21:02 The Interplay of Net Profit and Labor Efficiency

23:58 Finding the Right Balance in Pricing

26:48 Conclusion: Know Your Numbers and Market Value