On Transparency in Pricing

The Daniels Daily Reader

Many entrepreneurs who provide services as opposed to products are faced with the challenge of pricing. Even I have struggled with people working to negotiate prices with me. And you know what I’ve realized? Everyone wants to be paid what they’re worth but most of us (except the true entrepreneur) doesn’t want to pay what a service is actually worth. For example, one of my clients, Vince Jamael, is a professional groomer. When we were in college, Vince was the campus barber. He would charge guys $30 per month and provide unlimited haircuts. At the time, haircuts were going for about $10 and the standard for many men of African descent is to get a haircut once a week. So you’re really saving $10 a month. Not too shabby. But, as Vince got better, the demand for his service increased. Now, if you’ve taken Econ 101 (or ever watched the…

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