Reply To: Ins and budget question
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.
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!