Determining the prices of different services especially in a casino is one of the most difficult tasks. It is a process that requires part experience, part guesswork, and part number crunching. The following are the main factors that determine the pricing. Apart from gambling, there are many services that are offered in casinos such as accommodation, entertainment and catering. This tutorial will greatly help you in pricing your services.
Your rates should include the breakeven. Otherwise, you might end up in trouble if you do not include it. This is best done by dividing the total cost by the number of total hours billed annually. When billing, you should account for the holidays, sick days, hours working on your business and hours that you are not working. All the hidden costs such as unpaid invoices and insurance for your business should also be factored in.
This is directly related to costs. The amount of money that you are planning to make should always be considered. For every business, this value should be above the breakeven point.
Asking around will help you in knowing what the other guys are charging. It is your responsibility to know what the other freelancers and large businesses are charging. Knowing what the other people are charging will help you in knowing how to fit and compete in the market.
You will find different freelancers delivering the same good, yet they charge differently. For instance, the new freelancers might charge you a rate of about $30 per hour while the experienced ones charge up to $100 per hour. This is mainly dependent on the skill level. Individuals having different skills will produce different results.
Experience is another important factor which is sometimes bundled with skill. Experienced professionals are capable of foreseeing problems intuitively and know what works best for the clients. It will always affect the rates charged.
If the demand for what you are doing is very high, then you should make the services more expensive to maximize profits. Conversely, you might be forced to cheapen up if the competition is very high. Signs associated with high demand include people finding it difficult in finding someone for doing the job and having too much work. On the other hand, having many people competing for jobs, and the shortage of work are signs of low demand.
These service provided to the clients will end up affecting your price tag. You should always have the minimum amount of cost for any service. The price is adjusted depending on the level and type of service provided.