We all crave a bargain, especially entrepreneurs chasing the best deals on goods and services. In a perfect world, we would always land a low price and top-notch results. True harmony happens when value and price align. But too often, that rock-bottom price balloons when someone has to step in and fix or redo a purchase that turned out to be more trouble than it was worth.

I’ll admit that I’m drawn to a low price. Yet, after more than twenty years in business, I’ve learned to be cautious of work that’s simply cheap. While I love a good deal as much as anyone, the rates I offer my transcription clients aren’t the lowest, but what I consider an exceptional value.

Hardly a week passes without our team being asked to rescue a botched transcription from a competitor. We appreciate the business, of course, but I can’t help but wonder why clients leap at the lowest rate without weighing the quality of service.

Let’s start with the fundamentals. When you buy a product or service, price, cost, and value are three distinct concepts. As a rookie entrepreneur, I learned this lesson the hard way. Here’s how they differ:

At my company, we keep transcription pricing straightforward. A basic audio file with one or two speakers gets a low, flat rate. If the recording has three or more voices or is riddled with background noise, the price goes up a bit. Extras like verbatim transcription, rush jobs or timestamps are available for an additional fee.

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