You work hard for your money day in and day out. But are you charging enough for your services?

It’s a tricky question to answer. Many contractors lack a solidified fee and payment structure. They don’t consider everything that goes into creating a quote and end up getting paid far less than they should.

Charging Like a Successful Contractor

Use these ideas to control over your finances and become more profitable.

Think like a business owner

Charging clients is about more than just your salary. It includes overhead, capital investments, utility expenses, subcontractor fees, insurance premiums, and everything else that you need to pay for to stay in business. Calculate all of your business expenses, not just your salary, when quoting a client.

Draw a salary, not a random paycheck

Contractors often pay themselves different amounts of money every month instead of drawing a steady paycheck from their accounts. Figure out what you expect to make as an annual salary to determine how much you should make each month. Then, draw your salary based on that amount. If you’re consistently short, you know you need to raise your prices or make other adjustments to get paid more.

Focus on the right clients

When you’re operating as a solo contractor instead of a business owner, you are more likely to say “yes” to any project that comes your way than to be selective. If you want to get paid what you’re worth, you need to be working for clients who can afford you. Your marketing strategy should focus on attracting your target clientele instead of reaching a general audience.

Get it in writing

Sign contracts with all your clients before you start working on a project. This ensures that you have documented proof that your clients acknowledged and agreed to your prices. It can save you headaches and court fees down the road.

Send detailed invoices

Don’t just send one invoice with the total amount due, especially if you send an invoice to a business or large organization. The person receiving and paying your invoice is likely not the same person who agreed to your quote. They may have questions about what you are charging for, which can make the process of getting paid drag on for an extended period. By including line-item information, you can speed up your time from submitting an invoice to getting paid.

I Can Help You Write More Profitable Estimates

As a contractor, you deserve to be paid what you’re worth for the amount of time you put into the quality work you produce. Finding the right clients for your contracting business is time-consuming. However, it is necessary if you want to get paid what you’re worth by customers who can afford you. Fortunately, you don’t need to do it alone.

Schedule a free strategy session today. We’ll review your business and discuss developing a marketing strategy that can get your business in front of the right audience who will be able to pay you what you’re worth in a timely manner.