A painting business can lose a lot of money if they make a mistake when they bid. The fastest way to make a painting business lose money is to underestimate how much time and money a job will take.
Due to the size of the job, bidding on a job to paint lines on a parking lot can be hard and scary. But if you break the job up into smaller parts and know the local market and how much things cost, you can make the job easier.
Experience makes it possible to accurately estimate and bid on a job like parking lot striping.
Tips to Bid Parking Lot Striping Jobs Successfully
Running a painting or striping business is more complicated than just showing up and doing the work. When you run a business, you also have to bid on jobs and get paid for them.
When a customer asks you for a quote on stripping a fence, you should be sure to include all of your time and materials. You might get the job if you bid too low, but you still need to make a living. Don’t underrate yourself. Here are the important steps you need to follow while bidding on a line striping project:
Step:1 Take a stroll around the parking lot with the boss and talk about the finer points of the assignment. Separate the work to be bid on into manageable chunks, such as 4-inch strips, nose-to-nose strips at the intersection of parking spaces, parking lot bumpers, curbing strips, and other miscellaneous items like directional arrows.
Step:2 Figure out how much money you’ll make from your services. Prices for parking lot striping works are $50 to $60 per hour plus the costs of materials, plus 20 cents per linear foot for pavement and 60 cents per linear foot for curbing. Depending on the market, even the going rate could change.
Step:3 Figure out how much it will cost to paint the four-inch strips. The majority of the effort is put into the strips that are four inches long. Simply double the number of available parking spots by $4. This is a quick way to calculate 20 cents per linear inch. Vehicle parking spot counting is a far more efficient and inexpensive alternative. Separate calculations are made for the shortest possible routes between the cars’ noses. To calculate the cost, add together the parallel lines and then multiply by 20 cents. Consider the price of the materials as well.
Step:4 Find out how much curbing you’ll need in terms of linear feet. To get the total cost, multiply the linear footage by 60 cents and add the cost of the supplies.
Step:5 Consider the costs associated with additional notations. A parking bumper will run you $10, while an arrow or logo decal would set you back between $15 and $25. The cost of materials must also be factored in. If the price of painting a parking bumper is $2, then the total price is $12.
Step:6 Provide the appropriate party with a bid estimate outlining all expected expenses. All tasks and associated costs are laid out in detail in the estimate. Consider the following: $480 for 120 available slots, $80 for six arrows, and so on. Make sure to list all of the project’s expenses at the very end of your budget.
Factors that Impact Your Rates
All you have to do is find your sweet spot. Getting it right can take time. You will find out what is best for your business.
You might not get the job if your bid is too high. If you bid too low, you might get the job and lose money. At the end of the day, you have to do whatever it takes to keep the lights on. Over time, you’ll learn which jobs pay the best and which ones you might want to stay away from.
Here are some factors that can impact your bid rates:
Local Market
Ask yourself a few questions before starting out: How intensely competitive is the neighborhood industry? Where else can I go to get what I need, or are you it?
You could be able to charge extra if yours is the only parking lot striping business within 15 to 20 miles.
Location
The location of your company could have an impact on the pricing structure we offer you. The cost to have a parking lot striping in California will vary from that in New York.
Size and Type of the Job
Is it a case of re-striping faded lines or starting from scratch with a brand-new design? Do you only paint lines, or do you also paint curbs and parking numbers? How long do you estimate this task to take? To what extent will a crew be required?
The ability to predict how many hours will be needed to complete a task improves with practice. Constant practice is the key to (near) mastery. Time spent on each task should be recorded.
Material & Equipment Costs
What do you use to paint? Based on oil or water? Will the job only require yellow or white paint? It might cost a little more for colored paint. For each job, what kind of stencils will you need?
You may already have the stencils you need to mark handicap parking spots, arrows pointing in the right direction, and space numbers. However, custom stencils will cost more and may need to be ordered in advance. Make sure you include this in your quote.
Parking lot striping jobs might be difficult for new striping or seal coating companies to price or quote. A parking lot striping or seal coating estimate does not have to be hard, but it is understandable if you are nervous about something you have never done before. The procedure can be made more manageable by dividing it up into smaller chunks. It can also be simplified by using our STRIPE-CALC or STRIPE-INVOICE spreadsheet.
