Contractor Estimate Template
A contractor estimate is a document provided by a contractor to a client outlining the possible costs associated with a potential job. This helps the prospective customer to decide whether or not to proceed with the purchase of a service.
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What is a Contractor?
A contractor is someone who provides a service for a fee. Unlike an employee, who gets paid at regular intervals by a person who runs a business, a contractor runs their own business. There are various types of contractors, but the majority belong to the construction, IT, consulting, and creative industries. The term independent contractor generally refers to freelancers such as writers or UX researchers, who are usually juggling a range of clients and projects simultaneously, whereas the term general contractor is typically used to describe someone who works for one client at a time for a duration of days, weeks, months, or even years.
Contractor vs. Employee
Because they are self-employed, contractors set their own rates and make their own schedules. They are also responsible for covering the cost of their own benefits and handling their own taxes. Contractors are taxed differently and are able to write off expenses such as gas, internet, and even rent. Employees, by contrast, work and get paid when their employers expect them to. Their potential for upward growth and greater pay depends on their employers. Employees don’t have to worry about handling bookkeeping or taxes and generally receive benefits paid for by their employers.
Finding Clients as a Contractor
It’s a good idea to build a website, where you can showcase photos of your work and/or testimonials from people who were pleased with the service you delivered. Nothing sells better than proof of high-quality work. If you’re doing work related to home maintenance, websites focused on real estate can be a good place to start searching for clients. Zillow, for example, can be a useful means of getting in touch with realtors and property managers who might be able to connect you to homeowners. Be wary, however, of laws and regulations enacted to cut down on unsolicited marketing. Another place to find this type of work is with rental communities governed by a homeowners’ association (HOA). Typically the HOA keeps a list of contractors for their residents to contact.
Estimating the Cost of a Project
A contractor estimate is a document that provides an estimate of the cost of a construction project. The estimate includes the cost of materials, labor, and overhead.
What Features Should a Contractor Estimate Include?
- Contact information for contractor
- Description of project
- Estimated cost of materials
- Estimated amount of time required
- Estimated cost of labor
- Any subcontractors required, as well as their services and rates
- Total estimated cost
- Payment terms
- Terms and conditions