Free Estimate Templates (Word, Excel, PDF)

1. Gather Information: Before drafting the estimate, gather all necessary information about the client's needs and the scope of the project or service.
2. Choose an Estimate Template: Select a suitable template that aligns with your business and the specific job.
3. Fill in Business and Client Details: Input your business information and customize the client details for each estimate.
4. List Services/Products with Descriptions and Costs: Be as detailed as possible in describing what each line item entails and its associated cost.
5. Calculate the Total Estimate: Ensure all costs are added correctly to present the total estimated price.
6. Review and Edit: Double-check the estimate for accuracy and completeness. Ensure it's free of typos and calculation errors.
7. Send to Client: Deliver the estimate to the client in their preferred format, whether that's via email, a printed copy, or through an online system.

How To Ensure If Your Estimates Are Accurate and Competitive?

Research and Analysis: Conduct thorough market research to understand standard pricing in your industry. This helps in setting competitive rates.

Detailed Assessment: Carefully assess the scope of the project or service. Consider all factors like labor, materials, time, and any special requirements.

Contingency Planning: Include a contingency percentage to cover unexpected costs or overruns. This ensures that you don't underquote.

Regular Updates: Keep your pricing updated with current market rates and material costs to maintain accuracy.

What Should I Do If the Project Scope Changes After Sending an Estimate?

If the project scope changes, it's important to communicate with the client immediately. Discuss the changes and how they affect the overall cost and timeline. Provide a revised estimate with the new details and costs. Ensure that both parties agree on the changes before proceeding.

How Detailed Should an Estimate Be?

An estimate should be detailed enough to give the client a clear understanding of what is included in the price. Itemize services and materials, and provide descriptions where necessary. However, avoid overwhelming the client with too much technical detail. Balance clarity with conciseness.

Can an Estimate be Used as a Legal Document?

While an estimate is not a legally binding contract, it can serve as part of the documentation in a contractual agreement. It reflects the initial intentions of both parties. In some cases, it can be used in legal disputes as a record of what was proposed.

How Do I Handle Client Negotiations Based on an Estimate?

When entering negotiations, be clear about what aspects of the estimate are flexible. Understand your costs and the minimum price you can afford. Be open to finding creative solutions that meet both your and the client's needs. Always maintain professionalism and be willing to walk away if the terms are not favourable.

How Often Should I Follow Up After Sending an Estimate?

The follow-up schedule can depend on the nature of the project and the client. Generally, a follow-up within a week after sending the estimate is advisable. If there’s a specific deadline for decision-making, adjust your follow-up accordingly. Keep follow-ups polite and professional.

Is It Necessary to Include Expiry Dates on Estimates?

Yes, including an expiry date on estimates is a good practice. It encourages timely responses and helps manage your scheduling. It also protects you from price changes in materials or labor rates that may occur over time.

How Can I Convert an Estimate into an Invoice?

Once an estimate is approved, you can convert it into an invoice with a few adjustments. Change the document header from "Estimate" to "Invoice", ensure all the details align with the agreed-upon services and costs, update the date, and add an invoice number. Include any payments made in advance or changes in the final billing. Invoicing Software like Refrens helps you do all this in just a single click.

How to Download Docs or Spreadsheet Estimates Templates?

Downloading Google Docs or Google Sheets estimate templates via Refrens is straightforward. After choosing the desired template, click on it to open a new tab where you'll be prompted to "Make a Copy." Once you click on this, your estimate template is ready for use.

If you prefer to download the estimate template in Word, Excel, or PDF format, follow the same process as for Google Sheets and Google Docs. After making a copy of the template, go to the 'File' option in the top left corner, and select the desired format from the dropdown menu.

An estimate template is more than just a document; it's a reflection of your business's professionalism and commitment to transparency. By carefully crafting your estimate templates and tailoring them to each client, you can enhance your business's credibility, improve client relationships, and increase the likelihood of winning new contracts.

Should I Include Payment Terms in an Estimate?

Yes, including payment terms in an estimate is beneficial. It sets early expectations for how and when you expect to be paid. Outline acceptable payment methods, any advance deposits required, and payment schedule if applicable.