What determines your rates?

[voltvoltvolt]

Hi,

what determines an electricians rates, living in London.
What points would you say distinguishes those earning £25/hour and those earning £50/hour?

 

[Rosco]

Usually the blokes with sniper rifles guarding my bosses wallet

 

[Midwest]

Suppose it's what people are willing to pay you, balanced against what you need to earn to keep your head above the water and making a comfortable living for yourself.

No point having a high hourly rate with no work, equally no point in having lots of work with very little profit. You could work for Pimlico Electrics

 

[voltvoltvolt]

Usually the blokes with sniper rifles guarding my bosses wallet

I mean if you are self-employed.

 

[Rosco]

I mean if you are self-employed.

I know I just couldn't help myself

 

[The Ghost]

Add all your costs, add working rate on top. What the market will bear. I like to think of myself as reassuringly expensive. Bear in mind the big boys will be charging £100 p.h. plus V.A.T. So there is a niche market for the individual/firm to get in lower and still save the client money. Most domestic are skint, they just can not afford the rate. I tend to work in areas of greater affluence as this is not so much a problem however most domestic are struggling for cash as I do as a domestic so I am not decrying anyone here.

 

[The Ghost]

I do remeber when wiring houses in London many moons ago we had a set price for the average property. Work increased so much we could not keep up. We decided to double the price. That choked off the work to a managable level and we were getting a better rate of pay. So very much up to the market demand.

 

[sparkdog]

Hunger mostly... I usually vary rates a bit depending on customer circumstances. No point trying to charge some broke old dear lots of money.

 

[Octopus]

Do you mean earning or charging? There is a huge difference!

 

[voltvoltvolt]

I do remeber when wiring houses in London many moons ago we had a set price for the average property. Work increased so much we could not keep up. We decided to double the price. That choked off the work to a managable level and we were getting a better rate of pay. So very much up to the market demand.

What do these big boys offer differently to grant them to charge such a rate?

 

[voltvoltvolt]

Hunger mostly... I usually vary rates a bit depending on customer circumstances. No point trying to charge some broke old dear lots of money.

How do you determine customer circumstances? based on age mostly?

 

[voltvoltvolt]

Do you mean earning or charging? There is a huge difference!

Earning but curious of the difference. Could you elaborate?

 

[Octopus]

Earning but curious of the difference. Could you elaborate?

If you are SE then you need to deduct your overheads from your charge per hour

 

[Octopus]

Hi,

what determines an electricians rates, living in London.
What points would you say distinguishes those earning £25/hour and those earning £50/hour?

I can't imagine many sparks are "earning" £50 per hour.

At 37.5 hours per week, 44 weeks per year, this equates to £82500 per year, so at £25 per hour it would equate to £41250 per year....

Why do you ask?

 

[The Ghost]

What do these big boys offer differently

They have fleets of vans and workers, premises and so on, none of which I have. My overheads are lower. And people often want the assurance of a big company who have to charge accordingly.