Setting Your Shop Hourly Rate
Updated
by Aaron Aldrich
In your shopVOX account you can add your shop hourly rate and it will be used with any time-based labor rates in our pre-made base products.
What is a shop rate?
Your shop hourly rate is what it costs you to run your business on a monthly basis, reduced down to an hourly value. The standard calculation is derived by calculating your monthly overhead expenses divided by 172 (8 hrs/day x 21.5 the average number of business days in a month).
If you already know this number, you can add it to your shopVOX account. If you are not sure, you can use the above formula to get an idea what it costs you to operate your business. We also have established average hourly rates based on industry standards.
How is this setup up in my account?
- To update your shop rate; click on the Settings icon and then the Products section.
- You will then click the pencil icon in the Shop Rate section to change the rate.
- Type in your shop rate or choose one of the three options. We have added these based on industry standards.
This rate will be used in some of the products that have labor rates in their pricing structure.
