Free business estimate templates

Business estimates help with initial customers’ inquiries about a job or project early in the sales process. Estimates can help small businesses be protected against changes in variable costs like labor or materials. Providing business estimates can make small businesses appear more professional and helps build client relationships by providing clarity.

Both business quotes and estimates provide potential customers with an idea of how much goods, projects or services will cost. An estimate is not legally binding and is less detailed. Pricing in business estimates provide a starting base that can change usually due to variable costs like labor and materials once work begins.  

In contrast, a business quote is a fixed price for a job or service that is generally more detailed. If business quotations are accepted by a client, a business is usually obligated to complete a job at the price assuming the scope of work hasn’t changed.

Working out the total cost of a job for a potential client doesn’t have to be complicated. Follow the step-by-step process below to get a rough cost approximation or estimate of a job:

1. List all tasks – Outline everything involved in completing a job.
2. Calculate expected time – Estimate how long each task will take. Be as realistic about the time needed as possible including adding some buffer.
3. Add up the cost of materials needed – It’s more realistic to make a higher estimate to cover unexpected costs.
4. Consider overhead costs required – Include electricity, transportation, and tool costs necessary to operate the project or job.
5. Add your markup – To ensure you make a profit on the job, add a standard markup such as a percentage of the total costs, to your cost estimate.

Try Bookipi’s estimate and quotation maker for free to save time and minimize making mistakes. Generate a professional business estimate, quote and invoice with a few clicks.

Invoices are formal records to bill clients for products or services. In contrast, estimates are issued before a formal sale, or work begins or products are provided. An estimate provides a rough guess of costs to clients whereas invoices provide a final invoice amount to be paid by clients. Read our overview of what is an estimate and when to issue estimates.

A good estimate for clients should include the following details: 

1. Company information. Add your business name, contact information, and logo. It’s important to make it easy for clients to contact you.

2. Client information. Provide your client’s contact details

3. Description of your products and services. Outline your offerings including scope of work and deliverables.

4. Estimated pricing. Provide an itemized list of rough costs including materials, labor, and other expenses.
5. Timeline. To manage expectations, provide the estimated start and completion dates. Add next steps like requiring a deposit by the client or signing a formal contract.

6. Terms and conditions. It’s helpful to detail payment terms, warranty information, and any other special conditions.

7. Signature section. You can also include a space for your business and your client to sign and date. This helps formalizes the estimate.

These elements are pre-populated in our free estimate templates or alternatively, try Bookipi‘s combined estimate and invoice generator for free.