As an electrician you should charge enough to cover your costs and pay yourself - this is usually between £45 to $60 an hour. However, this price can change depending on a variety of factors. Read on to learn more about what you should be charging for your electrical work.

How Much Should You Charge as an Electrician?

So you've finished your electrical course and are ready to start your new life as a self-employed tradesperson. Being your own boss can mean great things like having full control over what jobs you do, what hours you work and when you can take your holidays - but there are some things you'll need to put some serious consideration toward. It's time for you to consider just how much you plan to charge for your services.

Ten Things to Consider When Deciding How Much to Charge as an Electrician.

Many people will work it out from a simple calculation of hourly rate multiplied by 35 hour week multiplied by 52. However how do you come up with a reasonable hourly rate in the first place? Check out 10 things you'll need to factor in to come up with the best price tag:

1. Your Skill Level: More skilled electricians can take on specialist jobs, and therefore they can often charge more. Do you have a skill that requires a higher pay? Additionally, you may want to save money to go on a course to learn one of these specialist skills, like an electric vehicle charging installation course.
2. Time off: When you are self-employed, you generally won't be paid for any time off. This includes sick days and annual leave. Learn to keep some money aside when you are working, to support yourself with when you can't.
3. Insurance: Every business needs insurance. Not just that, but there's many different types you may need - public liability, business car insurance, contents insurances etc. Make sure you know exactly what you need and scout around for the best prices.
4. Supplies: Don't forget that fuel and equipment is costly! If you're going to be buying supplies, you'll need to charge enough to cover those costs.
5. Emergencies: As well as a regular supply budget, you'll need an emergency supply budget. Don't forget that vehciles can break down, and tools can stop working. You'll want to keep your tool-kit in top shape, so keep some money aside for if something breaks.
6. Marketing: Do you want your own website? Business cards? Your phone number on the side of your van? Marketing is entriely up to you (unless you hire an agency) so it can cost as much or as little as you need. Just remember - marketing is crucial for bringing in new business. 
7. Lost Business: Not every quote you give will result in a job, and these quotes can take a lot of time to put together. This is tricky though - you might not want to put your prices up just to account for lost quote time, as this could lead to even more lost business!
8. Vehicle/space: Are you looking to stay as a one-person business forever, or do you have bigger dreams? If you want an office and a fleet someday, you might want to start saving for expanding your business from the get go
9. Tax: If you don't want to keep track of you're own finances, then you'll need to hire an accountant or use an accounting service. This is an additional cost that not everyone considers at first, but as a self-employed person you are responsible for your own taxes, so this can be important!
10. Getting Paid: This is the most important one! You will spend time and resources sending out invoices and chasing down payments. Take this time into consideration when billing.

Don't let this list stress you out too much. It might seem like a lot all together like this, but plenty of electricians manage all of the above and still take home a healthy sallary. This shouldn't disuade you from joining one of the most in-demand industries!

Does your initial estimate seem a little low? According to MyJobQuote, newly qualified electricians can £32,000 per year before tax.

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Have you considered stepping into a brand new career and becoming a fully qualified tradesperson? Here at Access Training we offer a full spectrum of trade courses including electrical training. By training with us not only will you enjoy our state-of-the-art facilities and experienced tutors, but also gain exactly what you need for a long and prosperous career. To find out more please get in contact with our course advisers on 0800 345 7492 or click the button below.

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