How To Price Jobs For A Profitable Plumbing Business

📅 February 16, 2026 ⏱️ 23:16 🎤 Richard Bainy, Laura

Chapters

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0:00

Introduction to Potty Talk

Richard and Laura introduce themselves and the podcast, sharing their background in building and selling a seven-figure plumbing business.
1:46

Early Struggles and Realization

Richard recounts the early days of their business, working multiple jobs to make ends meet and the feeling of 'more month at the end of the money'.
4:05

Mentorship with Mitch Catz

Richard describes joining a CEO group and meeting Mitch Catz, a CFO who helped him understand business fundamentals and the true nature of their sales.
7:36

Selling Time, Not Plumbing

Mitch Catz's pivotal question, 'What are you selling?', led Richard to realize he was selling time, not just plumbing, and that he had a business problem, not a pricing problem.
8:31

Understanding the Honest Hourly Rate

The hosts delve into their concept of the 'honest hourly rate,' emphasizing that it encompasses all time and costs associated with running a business, not just job-specific labor.
16:31

Customer Pays for Everything

Laura explains Mitch's concept that 'the customer pays for everything,' including overhead, future growth, and even office supplies.
21:48

Profit is the Purpose

Richard and Laura discuss the importance of profit as the core purpose of a business, distinguishing it from a hobby or charity.
26:32

The Business of Plumbing

The hosts emphasize that their academy teaches the 'business of plumbing,' covering pricing, attracting the right people, and establishing proper processes.
29:52

Flushing It Out Segment

They introduce a new segment called 'Flushing It Out' to answer listener questions and comments, featuring a testimonial from Tony about successfully implementing the honest hourly rate.
35:19

Premium Rates, Premium Service

Laura stresses that charging premium rates necessitates providing premium service, outlining what a 'butt crack plumber' is and isn't.

Speakers

Richard Bainy

Host — The Million-Dollar Plumber

Laura

Host

Key Takeaways

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Recognize that you are selling 'time,' not just 'plumbing.' Your pricing must account for all time spent running the business, not just on-site work.

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Embrace the concept that 'the customer pays for everything.' This includes all overhead, from utility bills and insurance to marketing, office supplies, and future investments like new trucks or equipment.

✦

Understand that profit is the fundamental purpose of your business. Without profit, your plumbing business is merely a hobby, not a sustainable enterprise.

✦

Avoid arbitrary pricing methods like taking discounts from old price books, guessing what competitors charge, or pulling numbers out of thin air. Develop a data-driven 'honest hourly rate' that reflects your true costs and desired profit.

✦

Implement your 'honest hourly rate' confidently. Customers are often willing to pay higher rates when they perceive value and receive excellent service, as evidenced by the testimonial.

✦

Provide premium service to justify premium rates. Ensure your technicians are professional, your equipment is well-maintained, and your customer experience is top-notch; simply raising prices without improving service is unsustainable.

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