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It's a question that many of us in this noble profession ask ourselves. Generally, it's a sort of open secret to know the answer; those who have spent a lifetime in the industry set pricing trends, while newcomers explore different approaches to offer rates that enable sufficient income.

Calculating costs involves estimating the materials to be used, labor, necessary tools, and the time required to complete the job. A realistic calculation can make the difference between a well-paid proposal and one that is too cheap, where you might end up losing money.

We want to present a series of methodologies for calculating prices. In this first installment, we introduce the Hourly Rate Method, based on what you want to earn monthly.

1. We recommend considering the competition's prices only as a reference.

2. Think about the amount of money you want to earn per hour monthly.

3. Consider necessary expenses for your livelihood, such as employee fees, tax advisor, office space, mobile phone, internet connection, transportation, among others.

4. Decide how many hours you want to work per month and factor in time spent on activities like visiting clients, submitting proposals, updating skills, marketing, and networking.

In the electrical sector, some jobs can be quick if you have specific skills, while others may require more time and dedication due to their complexity. Consider your skills and knowledge as an electrician when setting your rates, as your skills and experience gained with