Knowing basic financial numbers in your business will save you a ton of heartache and frustration. If you only know one number (say, your revenue number) but not your net income, you might find in 8 months that you’re out of business, because you’re not generating enough net income to stay in business.
A recent article lists various high-paying trade jobs. Of the 43 highest paying jobs, 23 of them are considered skilled trades.
You can see the whole list here: https://www.trade-schools.net/articles/trade-school-jobs.asp
The San Diego Union Tribune just posted a video about the recent sudden drop in permits being issues (37% in San Diego!) We aren’t seeing a slowdown, are you?
We have been saying this for a really long time…
It’s really difficult to find good people. With the labor market being so hot for skilled trades, take the advice of paying a great wage to your good workers.
Are you just starting out in your business? If you need a simple way to come up with an hourly rate for a contractor or small business owner watch this video.[(hourly rate) + (direct expenses) + indirect expenses)] / Profit
ServicePair’s goal is to help put food on the table for skilled tradespeople. We try to collect up and post helpful business articles so contractors can improve their business acumen. The article authored by David J Hoare helps explain how you get to a 9% profit margin…after you include the owner’s salary.
A lot of contractors incorrectly calculate profit on their estimates. Most contractors use the markup method – but this method will leave your bottom line coming up short every time! In this brief video, they explain the difference between a markup and a margin, and how to use a profit margin formula on your estimates that will give you an accurate profit every time
Lots of contractors are leaving money on the table by not adding markup to materials. Do yourself a big favor and start if you aren’t.