I've learned alot about construction while working on my own home and it seems to come naturally. My wife brags to her friends at work and they all tell her that they'd hire me in a second for all types of projects....drywall, ceramic tiling, hardwood floors, etc....all of which I've done before.

My questions to those who do work on the side....specifically in NJ.....what's a good, fair rate to charge for side work? What are some rules of thumb I could use to develop estimates for various projects?

I would like to make a fair profit, but I absolutley do not want to be greedy and be perceived as expensive. Any advice is greatly appreciated!

 

Anyone venturing out in into the self employment world should have a good handle what the costs are of being in business are.
The first thing I would check into is what the cost of liability insurance is. You shouldn't consider stepping into someone elses home without it, friend or not.

As a place to start you could determine what qualified contractors charge and go a slight amount under their rate, slight being 10% less.
If this rate is too high then maybe these potential customers are wanting you because of your price and not your talents.
If you are worried about perceptions of your pricing then you will be starting out on the wrong foot.

 

GregH,

Can you get liability insurance for yourself without actually registering yourself as a business and getting a tax ID number?

I was hoping to just keep this a "cash on the side" type of endeavor although I don't want to leave myself open for lawsuits and such...