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Discussion Starter · #1 ·
I keep records of hours spent on a job, so I have a reasonable idea how many hours I will need to bid. I know pretty much that other contractors are bidding anywhere from $25.00 an hr to $40/hr. ($35.00 is what I have been using for 2007). Northeast Pa. I plan on tracking all costs beginning Jan 08 for one month, taking ino account labor, taxes, insurance, my salary, rent etc, everything except materials and their markup. My questions are 1. If January is slower than the other months will it be accurate.Question #2 is How do I determine what net profit should be.
Thanks
The Painter Guy
 

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I think you will need to track your costs over a longer period of time, like maybe 6 mos to a year then average them. Your net profit is what's left over after paying all your expenses, what you show on your 1040. How much should it be is kind of a trick question. Of course the answer is always going to be as much as possible. The real answer is it should be enough to support your family and your lifestyle along with any other income you may receive.

-Hal
 

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Can you run your numbers for '07, or '06?

There are some good places to get help but I would suggest laying out a budget for 08 based upon your history for the past few years. Most of your costs can be averaged for the year and then tracked on a monthly basis.

Have you put together a P&L in the past. If not sit down with someone who can help you asap. Its well worth it.

Mndrk
 

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Discussion Starter · #5 ·
Hey
Thanks for all the suggestions
I could work from two past years #'s, but will feel better starting from scratch. I will check out the web site
and work with an accountant for a profit & loss
Thanks again
The Painter Guy
 
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