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Really appreciate your honesty with these videos. You’re right of course. People don’t tend to talk about what they charge let alone what they make after all costs and videos like this help people - both in and out of the trade - realise that the price is just an honest days pay for an honest days work. Your prices are very reasonable especially given the quality of your work. Thanks Nick!

Congrats on hitting the 100K Nick. I think you can double that annual costing tho tbh, definitely from my perspective anyway. Depreciation of assets E.g. van, tools which need to be renewed also being an electrician or similar trade there is always continued training courses whether it be updated with wiring regs, new skills or manufacturer training which costs a number of unpaid work days as well as the costs of the training. I personally look at £80-90 a day to just pay for all that every year but it all depends what you do and where is suppose. Great video, thanks for sharing 👍

Congrats on 100k Nick, very well deserved! Keep it up buddy

Congrats on the 100k btw. Be interesting to see how the profit averages out over the year and it's apreciated showing the transparency, helps people understand what they are paying for.

Thanks for your honesty Nick. As you said you trained and worked hard to get there.

Nick I am going to put this comment here, I'm a mechanic and MOT tester and I get paid an hourly rate BUT the minimum wage keeps going up and mine does not I used to earn twice the floor sweepers rate now I look at my level of legal skill and go I don't need the hassle I may as well drop a grade and sweep the floors today ! great Vid Thanks !

3:50 That "point" of isolation is ONLY for anything after that mains switch. What you "should" have done is ask the LINES company - to pull the incoming MAINS FUSES at their street side access point, to ensure the INCOMING MAINS CABLE (that feeds your main switch) is also deadened. Double & Triple isolating, your work to do, inside that switchboard cabinet. Next time maybe (if doing another mains related video)

Well done! So many people think a working year is 365 days not 260!!!!!

I love how transparent you Are mate. I set up on my own in April and it’s tough as you say it’s not always guaranteed work, it nice to see how you work out your pricing and break it down my works security installations so abit different but I’m guessing the same hassles and rewards at the end of the day.

Congrats on 100k! I hate when customers used to say “how much! You have only been here 30 minutes” I always said, It’s taken me 20 years to know how to do that job in 30 minutes. You owe me for the years not the minutes!

You share a ton of valuable information on your channel, for free!! I really appreciate it, as I am an aspiring electrician myself, looking to qualify and pass my AM2 next year. Personally, I think your rates are very reasonable, considering your high standard of work. Complete and full honesty and transparency are rare in the trade these days. It's no surprise that you have built a brand many people can trust.

Absolutely brilliant Nick. Still the best honest electrician on KZfaq.

I have outmost respect to any domestic electrician. Dealing with ify customers, traveling just everything around requires loads of professionalism. Thumbs up for u m8

Great breakdown and reality check for customers complaining about prices!

my biggest fear of going self employed is been busy then having nothing for 3 days... would scare me.... appreciate the honesty (Irish Spark)

Very interesting mate im self employed hard to track what actually ends up in your back pocket .I use simply business for my public liability great price .Worth a look upon renewal 👌

Hi Nick many thanks for sharing this video. I feel you could have added to these figures as what you have given is a little distorted. The days in the year are not 260 here is what 365 - 104 weekends is 261 days -bank holidays 8 days leaves 253 then minus 20 days holiday is 233 days. If you were employed you would need to add a cost of 28 days as an overhead to workings out. Furthermore there is the time spent in the office where you also loose 50% of your time quoting as you don’t get every quote you get. I still feel it is a great help to get people to understand.

Have never broke everything down like that before - like it 👍

Brilliant video Nick! Cracking job considering the tiny area you had to work with. It’s made me realise that we’re not charging anywhere near enough. 😮

I’m about to start a career change at the age of 37. I’m generally really excited at the prospect of potentially becoming an electrician. I’m giving myself a 4-5yr window, will still be in my current job while I’m learning and training. I know full full well it’s going to be difficult, stressful, tiring, but eventually I will get there with persistence. I will get there.

Thanks for doing this one Nick, definitely a bit of an eye-opener in terms of how to think about potential earnings

That's very good as a friend was ripped off in Tunbridge Wells Kent. He paid £2000 just for a new consumer unit 20 years ago now. You should be paid well.. Lot of training nowadays and more responsibility. Many trainees have given up within 6 months as they had not realised how much technical knowledge you required. Many did not understand ohms law , the very basic of maths. Kids of ten can do that. It's an everyday calculation to me as i am also into electronics's. Thanks again

Congrats on the 100k! You, however, forgot to add on a few things. Van depreciation, tires etc... and personal pension as one day you will retire and need a pension. You also forgot about banking cost as business banking is not free either, plus the cost of your card reader, cheque deposits etc. Then you forgot about running the ltd, so you have companies house wanting their slice of money, plus HMRC... It's less profit than you have said.

Having listened to your rundown of all the things you have to sort out and pay for I'm bloody glad that I was an Industrial JIB GOLD CARD APPROVED sparks for 50 years were I just worked on some of the biggest contracts in England where I was just a number who turned up carried out my work left alone to ply my trade,yes I did run jobs with many sparks under my control which gave me a buss but I couldn't but up with all the bullshit you have to put up with fair play to you mate I wish you well make a profit that's what you graft for you seem to be a very competent sparks I worked in the industry in the best times the 70s and 80s and early 90s,the only course I took after leaving college was the 15th edition yet because I was a competent person I was able to run jobs without taking that crazy foreman course,I did testing for major electrical companies without paying thousands for a testing course and exam so I feel I was lucky

That £461 has to pay for your out of hours work, your holiday off & sick days. & your future pension when you retire. Suddenly it doesn’t sound as much as it should. Great vid as usual Nick.

Congratulations on on hitting the 100k mark, very well deserved, and yes we spend four years at college training to be sparks the work hard once in the real world so why shouldn’t we earn a good decent salary. Great insight on how you keep yourself organised 👍

Sharpen your pencil, also Napit and costs nowhere near that. Phone £38 month All vehicles fully comp 1470 protected no claims Internet similar running zen and static ip. Domain £12 as own server Accounts £300 Bought van outright at 18,000 miles. Minimum £60 an hour or don't move van. Stay under vat unless lots of commercial. Call outs are £120/h commercial minimum

100k legend mate. You deserve to make a decent living as you say that’s the whole point of studying hard. Don’t see people moaning when supermarkets make 50% profit margins

2:10 Nick Bungee! 😂

As a little saving if ford service your van you should get ford assist included im not sure if you get it with commercial but its a pretty good cover included.

I would enjoy seeing the profitability of a 'typical' rewire. I'm about to start my electricians course/quals at the advanced age of 35.

Well done on the 100k. How do you cover the unit costs and tool replacement costs ?

Absolutely... More to it than Jo Bloggs realises. Great videos. Thank you

As I use to work in London , ( central) west end , Camden all nw. And suburbs .. your prices are fair .. but we charge more in London ..what you have gone thru with costs are spot on , most people do not understand that … glad I have retired now. No more chasing money … or jobs .. but I enjoyed it

Minus your wage, holiday, sick and pension contributions leaves the profit for the business. I think youve been very generous with how much youve taken home as "profit".

Very interesting video. I feel you are potentially missing some additional costs. The van for one - even if its paid off, you still had to save for it etc so amortise the cost over the expected life of the van. A contribution to the tools too - they won't last forever, and Bosch may not always provide them for free or discounted. Then include the unit costs - rent, power, Internet, collecting your neighbours rubbish etc. I know you said previously that it's paid for by KZfaq, but its still a cost you are on the hook for. I'd be surprised if you didn't need to earn at least £100 a day to cover your costs before you get out of bed. Great work on the vid though - interesting to see the profits involved. I'm always sceptical of tradies that are really cheap. I fear they are either doing a cheap job, or they are going to stitch me for some "extras" that I have no real way of avoiding.

enjoying the videos from the states! GA! my nightly wind down routine

Gratz Nick on reaching 100k! Nice video again.

I’ve said many times before , db changes should start at 1k and go up, just not worth doing at 750 or under

🎉100k that is for being great at your job but also for explaining and showing how it is all done, and and decent cost and a great job well done. 👍👏

congratz on the 100K bro.. great job..

Can’t be anymore transparent than that Nick, I have this battle day in day out, people think you are trying to pull their pants down, I may add a link to this video in future to save me the explanation 😂

Well done Nick! 100k BOY!!!!!!!

Great video mate! I’m in my final year of my apprenticeship now, so it’s good to see videos like these. On another note, I noticed you used a Verso board on this job. What’s your opinion on them? Done a couple myself, and I really like them, but I know a lot of people who haven’t even heard of them yet!

Great to see how organised you are. This then Carrie’s over to you work qualities. The old saying is “you get what you pay for”. Pay cheap than you get cheap. I’m sure we have all regretted a cheap purchase. Well don Nick.

Good break down, well said as well we have to put some away for slow times holidays ect

Did you miss out the rent on your unit? Our wardrobe-sized lockup is our biggest expense and even with charity discounts it costs us 2K a year

Love the video appreciation for engineering trades is poor pal so hopefully people will realise how much work goes into it

Good insight into how a sole trader works it out. Congrats on the 100k as well.

Hi Nick. Using your own figures of £461/day and this is what your wanted to earn per day, you would have to add another £83/day, ie total £544/day to cover the 40 working days you are not working per year - average 30 days leave and allow 10 days for sickness. This is not unreasonable as salaried people are paid on their days off and sickness. I also realise that self employed rarely take time off when they are sick.. However there are times when you are too ill to work... Other things to consider - Depreciation of van/tools. Life assurance/critical illness cover Home office/premises Medical insurance etc. These are all important as if you are unable to work you cannot wait for the NHS to treat you in months/years time. The above may be controversial but self employed should account for the above... Few think about it in any detail. I wish you well.

That is awesome for Break down for profit thanks Nick

Admire your honesty dude, always have. Is there a reason why you didn't consider moving the board out of the meter cab? (Not a criticism, genuine curiosity) :) I find that I have lost a couple of jobs lately because of insisting upon doing things 'by the book'. What I mean is, for a board change for example, I ask that the client have an EICR first and get an isolator fitted and because their provider wont get round to suite their deadline, they choose somebody who will just crack on. I'm not crying or starving due to losing those jobs and stand by my decisions, just curious to know how others approach these situations. It's not like I am scared of pulling fuses, just trying to follow guidance.

Great content. Plus you have to take into account training days that you can't earn money. Plus you may not always get paid.

Hi Nick it's great that you've now reached the 100k subscribers I am just wondering when are you doing the giveaway as I don't want to miss it lol and it is so good about your 100k not only that this time next year you will be celebrating 300k

Nick what a video! not many trades tell off what they earn, i think if you can make a video regarding prices for certain jobs that would help a lot. Thanks

Congratulations on the 100k subs 🎉

Great stuff! Keep up the good work!

Congratulations on the 100k big boy!! 🎉🎉🎉🎉🎉🎉 get that 100K plaque ordered up Son!! 😂👏🏻👏🏻👏🏻👏🏻 Watch you back Jordan! 😂😂😂

Nick you forgot the cost of your unit pcm. The cost of replacing a van over years. Treat it like a van on a monthly payment. 25-30k van will need replacing maybe every 10 years?

Brilliant video, you should do a video on yearly amount too, so people know if it is good to do so or not?

Thank you for the breakdown.

100k and still a decent channel to watch

Congrats on the 100k bro 🎉

Brilliant video mucka, good on ya talking money and earnings. But I think your profit realistically was £350 - £375 taking out tools. calibration. Van loan / replacement ect ect... keep up the good work

great vid, and great stats.... keep it up chap...

Interesting video! I assume you're still a sole trader and not a Ltd? Be interesting to hear how often you pull that day rate in, cause at that rate, for only 50% of the year, you'd be paying tax at the higher rate pretty much (assuming sole trader), so your tax bill on anything beyond that would double. Unless you're Ltd of course, in which case company profit and what you take as a wage are different entirely. I'm self-employed and use a Ltd, I find it gives much more control over your tax bill in terms of what you pull out. I can manage on a

9:00 nice iPhone stand and induction charger. 😊

Been self employed for 16 years mate and I just had enough I work for a company now and the stress taken off is crazy I feel much better, I will always miss being self employed though it was great

What about the costs of your unit mate?

Congratulations Nick 🎉

Epic video buddy smashing out the videos as per usual 👌

Great video mate - very genuine

Are you vat registered? Take it you claim vat back on materials, tools and everything else you can claim on? So that's more in your pocket. Great video and very interesting.

Was amazed by that Monthly van insurance figure, 1200 quid! 😱

I'd be interesting this type of breakdown on a Full Rewire inc Dist Board, socket's, Light Switches etc, I think this was very interesting Video

Great content, Nick , Sharing the business aspect of your costs , apprentice Sparky, this will helps to know what’s involved in starting up your own business. ⚡️👊

Thanks Nick, really useful vid mate.

Great Video Nick👍

You might have missed off all the training you need and qualifications to get you to that level of basic earnings. Great video all together. Clear and to the point. If I could start my career again. Would I be in a trade?

Well done on 100k subscribers

Congratulations from Florida

🙌🏻 needed!

Really needed to add few bit but very interesting 😊

Can’t wait to see the 100k vid

It's like tradesmen aren't allowed make a profit. It's a business at the end of the day. If the books are in the red your going bust.

Good video Nick. I would add £300 year for a copy of BS7672 and OSG and the recertification course when 19th edition comes out. Looks like a new set of books and reg book every 2 years.

Big Mannnnn smashed it 100K let’s go get 500K next 💯

I literally almost read this guys youtube page as Ted Bundy Electricial 🤣😂

Well deserved Nick. 👍🏻

Thanks for the insight.

Ah, but on top of all the initial night tech and "on the job" trade training you do (in that first four years) - is all the other stuff, such as keeping up with your two yearly CPR & 1st aid training courses that you MUST PASS to keep your practicing licenses up to date, and with frequent wiring rules changes etc., along with other unseen incidentals that "all" eat away at gross profit, leaving less and less, to pay both you, your business accountant AND all of your other govt regulatory fees, and permit application fees etc, plus you may have to also pay subcontractors - who have their own overheads, so "nett profit" remains incredibly tight for most tradespeople. Then there's that speeding fine you got rushing between jobs?

very good earnings. well done pal

Great video, thank you.

Donyou mind if i ask why did the ccu need to go in the meter box. Only as as i am a meter monkey id like to be like yourself oneday. Biggest issues we are finding is space for metering equipment in meter boxes. Thats 3 phase stuff to single rate. But sparks has filled it with his equipment. Solar or car charging stuff. Only as as curious. Maybe cost ..

I normally do 260 * 0.70 to give me a 30% drop for taking time off else you're assuming you are working every day possible. Bank holidays, Christmas etc.

That’s a very good price, for a DB change,

Congrats fella

Get yourself an Airmiles credit card. Pay your merchant accounts with it.

When you are in businness for yourself you have to make maximum profit, thats why we work for ourselves, but when you film what kind of work you supply it shows you are honest in what you are doing. I would be entertaining to see you ripping apart cowboys work or working for trading standards as an imparcial agaent and fixing or rectifying complaints and you showing where they went wrong or if they tried to rip someone off, but dont mention the company name