I may be mistaken, and please show me my mistake if I am, but isn’t a 50% mark-up on $50.00 per hour only $25.00 per hour for a total of $75.00 per hour? Secondly, I like how you put a number on your hourly business expenses. I didn’t do that 23 years ago when I started and still don’t. I just found out what the average current hourly rate was and took off running trying to be slightly under that in order to attract work. Soon found out that I had no reason to be cheaper than anyone else. Now I really just go by what the market seems to be willing to bear in terms of hourly rate plus materials plus 25% mark-up on the materials plus travel time at 100% of my hourly rate one-way only, if the job is more than 30-45 minutes away. It truly is a testament to how blessed I am to have survived this long for how little knowledge I had starting out as to how to run a business! One thing people need to know going in is, you’re probably not going to get rich in the mobile welding business but you can make a decent living doing something you love…., most days, anyway 🤔.
I just divided my 50% to get my $100 hourly rate. It makes it end up being more than adding the percentage which I do on my hourly then consumables would be just markup how you’re supposed to do it. Yes I also have hourly rates for drive time, crane use etc. thanks for sharing your experience!
So what should a guy invest in first in order to make the jump to mobile welder a reality? As far as the paperwork side, ive worked welding for 10 years now and id like to make the jump but have very little knowlege as to what to do in terms of "paper work". I notice the computer on your desk and obviously pen and paper but thats about it. Ive got a rig ive been building which will allow me almost zero overhead as far as tools go, but maybe a video on that aspect.
You’ll never be “overhead free” I still charge as I if I have to replace equiptment every year if that makes sense. So even though I own my machine outright I still factor in the cost of a new one over 2 years so that way I it factors in wear and tear on the machine, truck, whatever.
The paper work is quite easy. A lot of the questions you have would be best answered by an accountant. That is what I do is ask insurance agents and accountants. As well as trusted business owners.
paper work can be as simple or as complex as you want it to be. there's still people doing handshake deals out there and then other guys are typing up contracts for everything no matter how small. I have an iPad with the square app for taking card payments and invoicing people which works pretty good. there's some jobs you can do without insurance but most companies will want you to have it before you do work for them so you just gotta pick and choose your jobs if your in the no insurance group. if you got the rig and the skills advertise and see where you get. try to get insurance as soon as you feel you need it and can afford it. and like I said paper work can be as fancy as you want it to be.
Thanks for the advice! Do you think the treasure valley market is saturated? I know that’s a broad question as there are many niches, but genuinely curious from your perspectives and niches that you know well
I may be mistaken, and please show me my mistake if I am, but isn’t a 50% mark-up on $50.00 per hour only $25.00 per hour for a total of $75.00 per hour? Secondly, I like how you put a number on your hourly business expenses. I didn’t do that 23 years ago when I started and still don’t. I just found out what the average current hourly rate was and took off running trying to be slightly under that in order to attract work. Soon found out that I had no reason to be cheaper than anyone else. Now I really just go by what the market seems to be willing to bear in terms of hourly rate plus materials plus 25% mark-up on the materials plus travel time at 100% of my hourly rate one-way only, if the job is more than 30-45 minutes away. It truly is a testament to how blessed I am to have survived this long for how little knowledge I had starting out as to how to run a business! One thing people need to know going in is, you’re probably not going to get rich in the mobile welding business but you can make a decent living doing something you love…., most days, anyway 🤔.
I just divided my 50% to get my $100 hourly rate. It makes it end up being more than adding the percentage which I do on my hourly then consumables would be just markup how you’re supposed to do it.
Yes I also have hourly rates for drive time, crane use etc.
thanks for sharing your experience!
Yep, $50 + 50% = $75
@@bdpgarage yeah I explained how I did it just above your comment
So what should a guy invest in first in order to make the jump to mobile welder a reality? As far as the paperwork side, ive worked welding for 10 years now and id like to make the jump but have very little knowlege as to what to do in terms of "paper work". I notice the computer on your desk and obviously pen and paper but thats about it. Ive got a rig ive been building which will allow me almost zero overhead as far as tools go, but maybe a video on that aspect.
You’ll never be “overhead free” I still charge as I if I have to replace equiptment every year if that makes sense. So even though I own my machine outright I still factor in the cost of a new one over 2 years so that way I it factors in wear and tear on the machine, truck, whatever.
The paper work is quite easy. A lot of the questions you have would be best answered by an accountant.
That is what I do is ask insurance agents and accountants. As well as trusted business owners.
paper work can be as simple or as complex as you want it to be. there's still people doing handshake deals out there and then other guys are typing up contracts for everything no matter how small. I have an iPad with the square app for taking card payments and invoicing people which works pretty good. there's some jobs you can do without insurance but most companies will want you to have it before you do work for them so you just gotta pick and choose your jobs if your in the no insurance group. if you got the rig and the skills advertise and see where you get. try to get insurance as soon as you feel you need it and can afford it. and like I said paper work can be as fancy as you want it to be.
@ great insights
Thanks for the advice!
Do you think the treasure valley market is saturated? I know that’s a broad question as there are many niches, but genuinely curious from your perspectives and niches that you know well
I know the irrigation pipe is somewhat, but at the end of the day it comes down to how much you can sell and market.
Where did you get the business insurance and is it crazy expensive? You can pm if you want.
go to a local insurance broker and let them figure it out. maybe go to a few if you don't like the prices of the first one.
Awesome!!
Thanks!