How to Price Your Plumbing Business in 2024

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www.wealthyplumber.com/thepla...

[@KRIPTOMOON9]

This is GOLD. Thank you from Slovenia.

[@robrowe9174]

I like listening to you guys. I agree with a lot of what you say. But I think I'm ready to hear you talk about a different topic. Or maybe focus on specific parts of the topic more in depth. I feel like I'm watching the same video over and over. Again, I like you guys. I would still give you 5 google stars.

[@joelfagre5052]

haha thanks for being a repeat listener!! What topic would you want covered?

[@travislorne4991]

Awesome episode guys!! Appreciate both your time & knowledge!

[@colemontgomery719]

Was the reference to the guy watching plywood, The uneducated economist?? You guys put out such great content. I’ve been a long time viewer. I’m usually working when I’m listening, so I forget to comment. Im a few short weeks from getting my Plumbing Contractor license back from the state and opening up shop! I going to deploy as much knowledge as I can that I’ve learned from you, Thank you!

[@johncomfort379]

I'm listening to this as I'm actually running service calls so in between but I had to pull over and say something at the very end of watching the video We running appliance company and this relates to me very much and I think that it will change our. Me and my wife have been struggling. But after watching this video and a bunch of the other ones you put out there for us to learn from, I've got a lot more faith that I can make this work. I hope i haven't buggered it up that much. Lol Thank you for doing this

[@isaacraffaelli1802]

The new intro is so dope!

[@jeredwilliams]

Thanks Man!

[@Review-This]

Guys the get paid commission only based on profit margins I think will understand business more then a hourly technician.

[@Mike-zu9ke]

Can you break down business expenses as a percentage of total revenue? Generally speaking is labor 50% advertising/marketing 20% overhead 20% profit 10%.. Also kinda wondering if you take home a salary or is it percentage or how that works

[@tallbrian100]

P and L percentages are based off the gross revenue. If you take a salary that number is part of labor cost. If you are a S corp its normally cheaper tax wise to take a draw over a salary (paycheck) .

[@jacobstone2053]

Be cool if this gets seen, but right now I have been dabbling on the idea of starting my own business. Currently I manage 3 trades and our plumbing trade stays between a 60% to 65% GP. If I was to start my own should I try to retain what I currently do or go for a 50% GP. With starting out I do not want to price myself out of work with people seeing this as a new company, but as the same time my soft skills with customers is extremely good where I think I could maintain the 60 to 65 even with being a new company.

[@keith-kalfas]

Yeaaaa bro

[@tallbrian100]

I was in the restaurant business for a while, I got familiar with the monthly P and L and it was a powerful tool. In that business labor hours was really the only thing I had control of. You can bet I cut hourly employee hours by 50% and got profitable. Rent was 30%, food costs we 30%, pay was 30%, yes restaurants suck as business.

[@lukegraven7839]

yes hourly 50%, rent 30%, food costs 30%....good thing you lowered pay saved your company.

[@tallbrian100]

@@lukegraven7839 I actually raised hourly pay. I reduced labor hours.

[@Review-This]

Your total monthly bills, that includes everything, materials, labor payroll, taxes, etc. divided by the amount of calls you run normally that 800-1000 per technician a year. Try a 60% profit margin or 20%-30% net.

[@lukegraven7839]

how much do you see plumbers getting paid and how much do you like to have one plumber bring in for gross revenue in one day? roughly speaking

[@bevlynozel2968]

I want to ask you something Jerred. When going to a job for a blockage, What are you suppose to say, It will be $850 to TRY and clear the blockage? Some blockages don't get cleared within 2 hours. Some are alot more tricky and take more time. How can I still provide transparent fixed pricing and keep customers happy.? Please help jerred

[@logan6675]

What state are you guys in?

[@andrewgalloway9766]

i have a sucessful plumbing business for over twenty years turn over 1.3 mil net of vat makes me 10%i only charge £ 50 ph for8hour day rate £400 per day to £ 70 per hour for one hour services first hour then 50 this covers all overheads we have no od and no vechicle finance only spend monnies when we saved them i see businesses coming and going all the time of several local companies all being older than 20 years all profitable charge simaller rates with only two charging up to 100 ph who cant keep steady work and are allways losing staff because of this people over charging will alway get some work but dont tend to be around for longer than a few years so yes add up all your operating costs but keep them under control

[@tampasplumbingsolution5321]

Can't find the calculator, please let me know where it is

[@jeredwilliams]

free.wealthyplumber.com/hrcalc

[@Review-This]

Flat rate pricing

[@lukegraven7839]

for the plumbers also? as in they receive a portion of the job?

[@AM-rh9yj]

How do you convince a customer to pay a higher price when they say i need it done cheap.

[@shortgt]

They're not your customer (not everyone is going to be your customer) or you're not providing enough value (you're riding around in a rinky dinky truck instead of a new Ford Transit with a full wrap and you're probably not using a customer service representative to answer your phones instead of yourself etc etc).

[@waterheaterservices]

I have learned that we can’t afford to serve some customers

[@jeredwilliams]

@@waterheaterservices Best comment yet!

[@tallbrian100]

How does Apple get people to pay $1200 for a smart phone they can get at smart phone at Walmart for $100. Apple phones are not 12 times better.

[@i-am-me-]

Move on

[@anon100x]

Your not worth your rate. People charge what the others charge because it is the market rate. You ripoff your customers but once they figure that out they will go elsewhere.