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.

 

[Andy78]

What is your current hourly rate ?

 

[Kjb Electrical]

£20

 

[Octopus]

£20

Way too low .... unless you are doing that 8 hours per day, 5 days a week for the same client

 

[Kjb Electrical]

What would you recommend charging?

 

[Andy78]

£20

Yeah you're too cheap. Are you even a proper electrician ? lol

Seriously though, everyone's hourly rate will be different and you need to work out yours by working out your overheads per annum, the amount of realistic working days/hours per annum, and the amount you wish to earn per day/hour.

The overheads incurred by a man in a van for instance will not be comparable to that of a small to medium sized firm with offices and non revenue producing staff.

You also need to take into account local rates and local cost of living.

I reckon you could stick a good chunk on that and not lose much business at all.

 

[Octopus]

What would you recommend charging?

What sort of work are you doing?

 

[JAWS]

£20

My mate charge that for cutting lawns

 

[Octopus]

How much do you think your annual overheads are?

 

[Kjb Electrical]

Cheers! I’m doing mostly domestic work at the moment and I’ve just started to receive work from a local housing association. At the moment my overheads are roughly 5K..