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An estimate is a document created by a business to show how much a job is projected to cost. It isn’t a binding contract but more so a way for both parties to understand the work being provided and the costs associated.
A good estimate helps potential clients understand the total cost of a project as well as the expected timeline. It also lets you assess your work-to-profit ratio so you can determine which projects you want to take on.
Your business logo
Include your company logo to give drab estimates a polished, professional look.
Date, Document Number and Job Description
Include the date the estimate was sent, who it was prepared for, and the estimate number, if applicable.
Be sure to include your contact information so that customers are able to contact you with any questions.
This one’s simple - always list the name and contact information of the client that the estimate was prepared for.
Line items for job
Here’s where you get specific. Add a detailed description of the line items that you assume will go into the project - equipment, materials, labor, or anything else that you think will go into the job.
Your cost estimate
Of course, be sure to include the cost for each individual line item - your clients will appreciate it!
Your hourly rate
Again, in the interest of transparency - be sure to include the amount of time you expect each individual line item will take to be completed.
This one’s simple - the total of your cost estimates and your hourly rate estimates.
Remarks for project
Add a simple, personalized note to an estimate - they can go a long way in terms of helping secure future work! Alternatively, you can use this section to discuss terms, timelines, or anything else that you think will be relevant to the project.
We totally get it. Just starting out is the most exciting time for a small business owner, congratulations on your new venture! To help you get going, we’ve gathered some of our favorite information for businesses just like yours so you can get paid and get the cash flowing ASAP.
Keep reading, and let’s get growing.
An estimate provides both you and your customer more clarity into a potential project. Often times, a professional estimate is the key to winning jobs and forging lasting relationships with your customers.
The components of an estimate will vary depending on the project in question. However, there are some universal features, including:
Estimates give small business owners a foolproof way to plan and budget for projects, while simultaneously giving your clients a transparent look at the costs and other pertinent details that will go into the work they’ve requested. Consistent use of estimates will help you manage risks, avoid surprises, and ensure that projects are completed in a timely manner - and on budget!
The important part - how to get paid! There’s no right answer to this question, but the majority of small business owners are turning to digital payments to get paid in today’s economy. It’s no secret why - accepting credit, debit, and ACH payments is the fastest and most secure way for small business owners to get paid. And, if you’re ready for a more streamlined approach when it comes time to getting paid - check out how we support digital payments at TrulySmall Invoices!
Estimates are a great financial planning tool for you and relationship-building tool for your customers. It helps to set expectations ahead of starting a project so both parties know exactly what products or services will be provided in exchange for an agreed-upon monetary value. Here are some more reasons why we think estimates are crucial to having a successful small business:
Estimates act as an agreement between you and your client. Agreeing on a rate for the project ensures that you don’t get underpaid for your work.
No need to download or learn a new software you haven’t used before. Our free receipt templates let you start creating receipts with tools you’re already familiar with.
All of our templates are easy to edit meaning you can customize the template to work perfectly for each unique client and project! You can also add branding and change out the colours to match your business needs.
Estimates printed and sent via paper (or written down manually) can cause a disorganized mess in your life! By using a digital estimate template, you can avoid physical filing cabinets and folders and just send the document to your client via email!