We all find a job that we struggle to estimate, or we submit a price but then realise we have forgotten to account for something along the way.
If you have years under your belt or are just starting out, we all encounter this at some point. There a 5 key items that should always be considered when building out your quote for a client:
1. Cost of paint
You’ll need to consider a few factors when calculating your paint cost. This includes; quality of paint and the amount based on the size of the project. Don’t go by what the coverage says on the can! Believe it or not those coverages are generally tested in a lab on glass !
2. The other items usually overlooked
Make sure you account for the access equipment rates, permits, time spent on safety inductions etc. Don’t forget about the site access extras you’ll need to get the job done i.e. parking, tolls, fuel, insurance etc.
3. Be realistic and fair
This is when the size of the project needs to be measured properly by yourself and anyone else working with you. You want to make sure you estimate enough to pay your painters as well as capture any ‘hiccups’ you might encounter along the way. Always have a 5-10% cost contingency, so you aren’t cutting corners or being unrealistic with production expectations.
4. Mark-up. The aim of any business is to make profit.
Make sure you account a percentage towards profit for the business. A rule of thumb is anywhere between 12-30% profit, depending on the project size, time frame and experience required.
Overall, find something that works for you and something that you can easily adjust based on the individual project.
Keep it simple.