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Hi, I hope this is the right forum to post this on. I have a few questions pertaining to my new MTSO business. Any input or advice would be helpful. First of all, I need help with pricing. I charge my clients .12 per 65 character line. I believe that is the going rate for my area. I am wondering what to pay my transcriptionists and editors. I originally thought to pay my transcriptionists .08 per 65 character line and my editors .04 per 65 character line but then I wouldn't be making any profit.
Should I up my rates for my clients or just lower the rate I pay my independent contractors. I don't want to underpay my IC's but I also need to profit somewhat or I won't be making any money at all. What do you think I should do? I will probably not be able to pay my IC's as good as most corporate transcription companies. Do you think the benefits of working with me could outweigh the cost that I pay them? The following are the benefits that I can think of right now:
-I'm not a big corporation so I will be more available to my IC's
-I'm flexible
-No set hours, work when you want
-The communication method will usually be IM so I will constantly be available to my IC's when they need me
-They don't have to work on weekends or holidays unless they want to and if they do then they will get paid more
That's all I can think of right now but I'm sure there's more. Please let me know what you think, thanks.