Ins and budget question

Tagged: Ins and Budget Question

This topic has 5 replies, 4 voices, and was last updated 2 years, 4 months ago by isfira.jensen.

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11-19-2021 at 11:20 am #23168

mandie.rodriguez
Participant

Hi Jenny

I was just wondering when you mentioned increasing your insurance coverage to a million dollars were you referring to the errors and omissions insurance or is there a special one for construction?

I was also wondering if you (Or anyone else!!) had a spreadsheet you would be willing to share to help us keep track of the budget? I have one but I don’t feel like it’s set up in the most logical way 🙂

Thanks
Mandie

12-02-2021 at 12:32 pm #23357

gary.hall
Participant

12/2/2021 11:30 am CT.
RE: Budget. Hi Mandie, I can circle back soon with links to google sheets. Gary

12-02-2021 at 1:56 pm #23358

stacey.martin
Participant

Hi Mandie! I use Mydoma Studio to help keep track of client’s budgets and expenditures. Hope this helps!
Stacey

12-09-2021 at 11:03 am #23449

gary.hall
Participant

12/9/2021 Hi Mandie, Good morning. Here’s a link to my spreadsheet for plumbing. Please COPY the spreadsheet. If you don’t have a Gmail account you might be required to open one which is really easy.

https://docs.google.com/spreadsheets/d/17bNX221x-sVhmhKbZJd81FDRE5C5WUtXbee6n0btaPA/edit?usp=sharing

For the budget in class, I completed the MSRP, Qty, and Extended Sale Price Columns. If I was running my own project, I add an estimate for freight and an administrative fee – aka known as a markup. I’ve trained with Terri Taylor of the Interior Design Business Academy who has been featured in several podcasts. I think “administrative fee” sounds better than “markup” and accurately represents the luxury service.

The administrative fee is completely separate from your design fee and pays for all of the tasks of purchasing and procurement. To be profitable, I suggest that the administrative fee be at least 35% or higher. Happy designing and get paid what you’re worth!

12-09-2021 at 1:52 pm #23451

mandie.rodriguez
Participant

Thank you Gary! I requested access to the spreadsheet. I appreciate you sharing!

Mandie

12-22-2021 at 12:18 pm #23627

isfira.jensen
Participant

Hi Gary,

I requested access to the spreadsheet as well. If you can please grant access.

Happy Holidays!

Isfira Jensen
Author

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