Sharing Daily Discoveries About Personal Finance And Business Topics

Simply Going With What People Will Pay

I was talking to a few people today about some crazy hourly billings that various people charge for their services such as consulting fees in the range of $500 per hour. I was trying to wrap my head around how one would breakdown and justify that cost in this case. For the most part, the answer was simply if people are willing to pay that price then why not?

Funny enough, I have often read a lot of articles in relation to this such as people debating on how much they should charge for their services. In many cases, a lot of people don’t want to price things too high for fear of people immediately being turned off by it. At the same time, there are people that charge a higher price and it ends up that people are willing to abide by it. Kind of ironic like there you could have a team of experts to determine what the best market price is whereas like in this case it is simply throwing a number out there and seeing what sticks.

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