Also, I fundamentally disagree that this industry is like no other. When it comes to pricing, Other than the product sold, this is no different than any other industry where the providers of services are generally independent contractors. Having been an independent contractor in a service industry for 18 years, I know very well factors that justify specific rates.
Supply and demand
Level and consistency of services provided
The general condition of the economy
Effective marketing to build the perception of higher skill that allows higher rates.
Costs of goods sold IE: what does it cost to deliver a product.
Inflation impacting cost of living
And more
I can directly control #1 and #3. The rest not so much.
I like most companies, will eat my cost increases as long as I can. But when the higher cost of doing business reduces my profit to the point I no longer meet my financial goals, then I either raise my rates or find ways to reduce my costs or both.
I make about $45 an hour more than I did 18 years ago. And I still have my very first customer. If I gain better skills, I rase my rates to where I want to be versus my competitors. If the over all market rates go up,I raise mine to remain where I want to be compared to my competitors. If there is a flood of new talent at lower rates,I maintain my rates by either doing better at #3 or developing new skills or both.
Every time I rase my rates, I chance loosing customers more Interested in price than quality. And I always seem to find better customers who care more about quality and skills.
I have enough repeat customers, I now work as much or little as I want. I get enough referrals from existing customers to replace those few that drop off.
The issue for many is this is a very personal industry due to the prod sold. No one likes higher prices,but few will object to getting more for what they do.
As as WEC is so happy to point out, if prices goes up and quality goes down, the seller will suffer. But that has been the norm in my experience Originally Posted by oldbutstillgoing
It is different in one major regard in that this industry operates in the black market in the USA. Want to hear something interesting if you don't already know? When Colorado made recreational weed legal, and several other states followed behind it: many of the pot heads in those states kept buying their product from their unlicensed / underground dealers, rather than going to the newly opened and legal dispensaries. Why? Primarily because the prices are substantially from illegal dealers.
From a price perspective this a very premium industry. If you are a middle income family you don't have the money to go on a massive international trip once month. Most low income workers cannot afford to see the kinds of girls you will find on this site more often that once a blue moon, if that even.