Quality Versus Quantity

Proper pricing of your services is critical.  Yet, to the newcomer (and also some of the more experienced), this can be a difficult thing to consider.  Some would think the obvious thing to do when starting out is to be the cheapest.  But is it really the smart thing to do?  Let me point out two rules of capitalist economics.  First, charge what you can afford.  Second, charge based on demand. 

For the first rule, don’t set your price so low that your expenses eat up all your profit (hence you have no profit).  As with the fuel costs and other expenses of running a business, if you decide to price things so low in an attempt to undercut your competitors, you may find yourself out of business and possibly in foreclosure or bankruptcy while your competitors are still running strong.  Secondly, and this will play upon the second rule to a degree.  If you do price yourself too low, you might find yourself so busy that you cannot perform quality service, and eventually this leads to mistakes, missed deadlines on court appearances for your clients, and then the eventual exodus of your entire book of clients.

Which leads to the second rule that the charge should be what the market demands.  If the typical going rate for service of one court document in your market is $60.00, and you charge $55.00 the price will lead to demand for your service based on the lower price.  But if you get too busy because you are cheaper, then you will get overloaded with assignments and provide poor service.  That, and you will also work yourself to an early grave.  But, if you keep your price competitive at $60.00 or even a little higher, you will gain a share of the market amongst your local competitors, considering everyone is charging the same relative price, or you might be working less if you charge $65.00, but end up making the same amount of money as your competitors or perhaps even more. 
So what you would rather do?  Work harder for less money per assignment?  Or would you prefer to work less for the same amount of money, be tanned and rested, and then therefore not be overloaded with too many assignments, and be able to provide superior service to your current book of clients, who then tout your good name and superior performance to others who might have a need for your services?  In other words, do you want to do quantity or do you want to quality of work? Think about it.