Episode Details

In this Sunday Skool episode Joey takes us through how to work out OT rates for profitability. 

A common question we get here is “how much do I charge for after hours work?” and there are a couple of key parameters in which to hinge off to ensure that you are getting the $$ you need to in order to not just survive, but thrive. 

Side note to people who are still on the tools, make sure you are on costing an amount that is applicable to business growth (ie that you could afford to do if you were paying someone else to do it). As business owners it can sometimes be very easy to volunteer yourself as tribute (ie sacrifice) to the company, so this is why it’s always good to pay yourself a market wage and ensure that the wage you are earning is what you could earn for a rival company down the road (plus of course a business net profit of 20-35%). 

Enjoy the pod xx 

Summary

Joey breaks down the complexities of overtime rates, how to calculate them, and how to charge clients fairly for after-hours work, call outs, and night shifts. Learn practical tips on managing overtime costs and maximizing profit while maintaining fairness.

Keywords

overtime rates, charge out rates, call outs, night work, profit management, electrical award, overtime calculation, business tips

Key Topics

Overtime definitions and legal considerations

Calculating charge out rates including overhead and profit

Different rates for weekdays, weekends, and public holidays

Minimum engagement and rest period rules

Strategies for charging clients fairly for after-hours work

Managing call outs and emergency jobs efficiently

Titles

Mastering Overtime Rates: How to Charge Fairly and Profitably

The Ultimate Guide to Overtime and Call Out Charges

Sound Bites

"Overtime is anything over the 38 hours per week"

"Double time and a half is 75 dollars an hour"

"Charging yourself out at 195 an hour gives you 63% profit"

Chapters

00:00 Introduction to Overtime Concepts

02:49 Understanding Overtime Rates and Awards

10:21 Calculating Charge-Out Rates for Overtime

13:51 Call-Outs and Their Implications

26:02 Night Work and Its Financial Considerations

28:16 Key Takeaways and Final Thoughts