5 Best Markup Strategies for Electrical Estimators — Maximize Profit!

Taking a strategic approach to markup can mean the difference between success or losing out to your competition - not to mention leaving money on the table.

In this electrical estimating tutorial, you’ll learn how to adjust your markup for maximum profit in every situation. And we’ll review how to calculate different types of markup for materials and labor.

00:00 - Introductions
00:45 - Why Adjust markup?
03:19 - What is Markup?
03:53 - What is Overhead?
07:07 - What is Profit?
07:43 - Markup Strategy #1: Small Jobs
08:58 - Markup Strategy #2: Big Jobs
09:37 - Markup Strategy #3: Difficult Jobs
10:34 - Markup Strategy #4: # of Competitors
11:26 - Markup Strategy #5: Owner Furnished Lighting and/or Gear
12:58 - How to Calculate % Markup on All Costs
14:40 - How to Calculate % Markup on Labor
16:25 - How to Calculate $ Markup on Labor
18:40 - Q1 - Do you have a price range for what would be considered a small electrical job vs a big electrical job?
19:42 - Q2 - Where can I put the % markup on labor in a bid?
21:23 - Q3 - What is considered “monthly sales”?
23:25 - Q4 – What markup strategies should we consider on any possible subcontractor/ gear/lighting?
25:23 - Should you markup direct job expenses?

Vision InfoSoft offers the industry-leading electrical estimating software, Electrical Bid Manager. We also offer EPIC Pricing software and data service subscription to keep your electrical material pricing updated.

Give us a call at (800) 258-7752 to discuss your Electrical Estimating options or visit https://www.visioninfosoft.com to learn more.

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