Hey man! Great content! 👌 💪 I am following you for some time now and I have 2 questions: Do you estimate for free or customer need to pay for that? How much do taxes eat your net profit? For example, if someone is making 10.000 $ per month, what % government takes? I think that really important to mention because in some countries taxes are 25% which is horrible. How would you deal about that? Can you create a video about taxes? Once again, great content! 🙂 Cheers! 🍺
If you just look up tax rates you can figure that out. In the US there are federal taxes and state taxes. There are also tax brackets. So as you make more, you get taxed more. Once you’re making over $539,000 a year… 37% goes to federal taxes. Then there are state taxes on top of that which vary state to state. Under $100,000 a year it’s going to be around 20% going to federal taxes. This is for all income including W2 employees or business owners. You can find tax info on google quite easily. Lots of articles explaining it.
As a company grows it requires higher gross margin, maybe sometimes… but that’s not exactly the truth either… because at some point you hit the bell curve of the economy of scale… example: your headquarters often don’t cost you double to have twice as many ppl working there… but there will be milestones where a big expense is incurred like when you really do outgrow your headquarters and when you do need to find new traffic sources for market (often the first 1-5k of a new traffic source will be wasted to dial in your campaign but after it’s dialed you can scale to the limits of that traffic source! Ps: scaling online traffic often kills ROI temporarily)
Hey there, Is the × 2.4 for two finish coats of paint or do you still need to multiply the price by 1.4 to get the "2 coat" price? Many Thanks Blessed Week, Derek
So I just recently kinda decided to try out painting, I enjoy doing the DIY stuff around the house and for close family. Would you follow this same guide is I was just a single person painting for people around my neighborhood or is there is a different way? I'm just starting out with this so i also dont want to overcharge people when they don't really know me
@@PaintingBusinessPro I was just wondering, because I’ve been working in the auto manufacturing industry for the last 12yrs, and have only recently decided to try and get back into the painting business, to find most gallons of paint around $80 or more.
I know the numbers you're doing or just for an example, but $20/hr seems really, really low. I would think fifty dollars an hour will be a starting point.
That’s just how you price. If I estimated an hour to paint one side of a door. Would you do that in 1 hour or faster or slower? A good painter does it faster. So he gets $20 for the door I budgeted…. But he did it in 25 minutes. So his pay rate ends up being over $40 per hour. Do you follow?
Paying sub contractors an hourly labor rate can get you into hot water these days… the overlords might try to force you to get unemployment insurance… pay per job is a much safer
The production vs labor rates has been a bit confusing for me. We used to just charge for labor rates. I can see how I been looking my but on these jobs projects.
Thank you Eric for your effort to help painting folks that wants to provide a better service and build a healthy business. 👍
You got it!
I've never understood why people are confused about bidding/pricing every job is the same its always labor x materials x profit= The Price
🤷♂️
Yes but some homeowners want to know if the price is fully included or is that the price plus paint
Very good advice! Definitely want to enroll in the program before starting my business
Very nice! Thank you
Super grateful for this video. Thank you!!
You got it.
Your videos are really helpful. Thank you
That’s what we are aiming for. Thanks 👍
Hey man! Great content! 👌 💪
I am following you for some time now and I have 2 questions:
Do you estimate for free or customer need to pay for that?
How much do taxes eat your net profit?
For example, if someone is making 10.000 $ per month, what % government takes?
I think that really important to mention because in some countries taxes are 25% which is horrible.
How would you deal about that?
Can you create a video about taxes?
Once again, great content! 🙂
Cheers! 🍺
If you just look up tax rates you can figure that out.
In the US there are federal taxes and state taxes.
There are also tax brackets. So as you make more, you get taxed more.
Once you’re making over $539,000 a year… 37% goes to federal taxes.
Then there are state taxes on top of that which vary state to state.
Under $100,000 a year it’s going to be around 20% going to federal taxes.
This is for all income including W2 employees or business owners.
You can find tax info on google quite easily. Lots of articles explaining it.
@@PaintingBusinessPro do you charge per estimate?
As a company grows it requires higher gross margin, maybe sometimes… but that’s not exactly the truth either… because at some point you hit the bell curve of the economy of scale… example: your headquarters often don’t cost you double to have twice as many ppl working there… but there will be milestones where a big expense is incurred like when you really do outgrow your headquarters and when you do need to find new traffic sources for market (often the first 1-5k of a new traffic source will be wasted to dial in your campaign but after it’s dialed you can scale to the limits of that traffic source! Ps: scaling online traffic often kills ROI temporarily)
Hey there, Is the × 2.4 for two finish coats of paint or do you still need to multiply the price by 1.4 to get the "2 coat" price?
Many Thanks
Blessed Week, Derek
But as someone who is starting a business do i still charge more ?
So I just recently kinda decided to try out painting, I enjoy doing the DIY stuff around the house and for close family. Would you follow this same guide is I was just a single person painting for people around my neighborhood or is there is a different way? I'm just starting out with this so i also dont want to overcharge people when they don't really know me
Yea I would still do it this way and then be willing to discount a little more. This is a fair price and charging less is just short changing yourself
I just want to know where you’re finding $30 gallons of paint?
This is an example
@@PaintingBusinessPro I was just wondering, because I’ve been working in the auto manufacturing industry for the last 12yrs, and have only recently decided to try and get back into the painting business, to find most gallons of paint around $80 or more.
Please the only problem I have in painting is the estimate I need help
Download our estimating guide and follow them to a T
I know the numbers you're doing or just for an example, but $20/hr seems really, really low. I would think fifty dollars an hour will be a starting point.
That’s just how you price. If I estimated an hour to paint one side of a door. Would you do that in 1 hour or faster or slower? A good painter does it faster. So he gets $20 for the door I budgeted…. But he did it in 25 minutes. So his pay rate ends up being over $40 per hour. Do you follow?
Paying sub contractors an hourly labor rate can get you into hot water these days… the overlords might try to force you to get unemployment insurance…
pay per job is a much safer
We do pay per job. We estimate hours and pay per job.
I c that makes sense…
@@kalebbillig3472what is pay per jobs
Really helpful videos, how can we connect with you?
Eric@paintingbusinesspro.com
My team helps manage my email and can help out if I’m not available!
The production vs labor rates has been a bit confusing for me. We used to just charge for labor rates. I can see how I been looking my but on these jobs projects.
A lot of people get confused with this stuff. Doing our best to make it easier to understand and master pricing