The co-founder of ServiceSeeking.com.au has developed a list of five factors to help tradies crack a six-figure income.
“When it comes to making more than $200,000 a year,” says Jeremy Levitt, “the secret is to chase larger jobs with an average size of more than $2000 and charge more than $100 per hour.”
Sound tricky? “Tradies need to work out ways to upsell their customers into larger deals,” he says.
Here are Levitt’s five factors:
- Chase large jobs: 18% of businesses that charge $2000 per job can earn more than $200,000 per year.
- $100/hour: tradies are 72% more likely to earn $200,000 a year if their hourly rate is at least $100.
- Experience counts: you are 11 times more likely to earn $200,000 a year if you have more than 10 years of experience compared to someone just starting out.
- Team up: the highest earning tradies have a business partner, which gives them the support they need to ride through the hard times.
- Positive outlook: businesses who expect ‘massive growth’ in their business are twice as likely to earn more than $200,000 per year.
Levitt’s data surveyed more than 2050 tradies since the beginning of the year
“Builders and plumbers are statistically more likely to earn more than $200,000 a year.”
“Our data shows that everyone is capable of making more than $200,000 a year, but many haven’t learnt the tricks,” he says.
ServiceSeeking.com.au is a jobs listing marketplace which helps tradies find jobs in their areas.