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Starting a Contracting Business? Make Sure You're Paying Good Wages

Posted by Becky Eades

Aug 14, 2015 11:00:00 AM

The NCFI GoldStar Contractor Program will provide you with the skills you need to become a top-notch applicator. Many of our graduates start their own contracting businesses after graduating from the program. If this is the route you plan on taking, there is one thing you need to be especially conscious of when hiring workers - paying them fairly.

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A business is only as good as its people, and by paying a good wage you'll attract the most skilled and responsible workers in the industry. It may be tempting to set a lower wage, but keep in mind that the workers who are willing to work for less often aren't as skilled. They're more likely to make mistakes, which will cost you money in the long run. You're likely to save money overall by paying fairly, which will allow you to hire qualified workers who make fewer costly mistakes.

As a graduate of the NCFI GoldStar Contractor Program, you'll already be headed out the door with an excellent reputation. Paying a fair wage will allow you to maintain this reputation and attract more clients.

Just how much should you pay? That depends on where you live. In Alaska and Hawaii, contractors average about $32.50 an hour, and in Dallas, where the cost of living is lower, they average $14.55. A good rule of thumb is to look up Department of Labor wage estimates for contractors in your area, and pay a bit above the average wage.

In addition to paying your workers a fair wage, you can also include other perks such as flexible work schedules, tuition reimbursement, birthdays off, or short Friday workdays to make a position in your company more appealing.

To learn more about the GoldStar Program and NCFI's other training programs, please contact us today.

Topics: Training & Support, NCFI Gold Star