People are often penny wise and pound foolish. Meaning they closely watch the pennies they spend but are often reckless with bigger expenses. Regardless of whether it is building a website or paying for online advertising or personal expenses, people often can’t see the big picture or think in the long term.
My advice for spending money, investing wisely, and being financially smart is to think about how long your spending will pay off. For example, a first class flight from Washington DC to Miami is about 2.5 hours in duration, 5 hours round trip, but costs approximately double, i.e., $600 instead of $300. So, you are basically paying $60/hour ($300 / 5 hours = $60/hour) for that upgrade.
If you earn or are worth several hundred dollars per hour then $60/hour for better service, better food, more luggage allowance, and first on and off might be worth it for you. But, if you earn less than $100/hour then you might think twice about that expense.
Likewise, people will agonize over paying twice the cost of a bicycle $600 versus $300 but if you think about how many times you ride that bicycle and how many years you own it, that difference will come down to pennies a day.
On the other hand, if the bicycle is for a 5 year old child who will outrgrow it in a year then the payoff time is compressed. So, it becomes more of an emotional decision rather than a business or financially smart decision.
Our companies (Agileana, inQbation, Balystic, WPaaSP) are in the business of building websites.
Our WordPress as a Service company (WPaaSP), which provides WordPress Delivery Services (WPDS) that includes WordPress hosting, WordPress themes, and WordPress plugins costs about $50/month. Often, we charge a setup fee ranging from $2,000-$5,000.
But, Balystic, a custom WordPress design, WordPress development, and WordPress maintenance shop charges between $10,000-$40,000 for a typical WordPress website and between $100,000-$150,000 for a more complex website.
Agileana typically builds websites in the hundreds of thousands to millions of dollars.
If somebody were to compare the costs of custom WordPress design and development versus WordPress as a Service, it makes quite a bit more sense (and cents) to go with the WordPress as a Service route.
At $50/month ($600/year), it would take 10 years to end up paying $6,000 – which is the difference in cost between a custom WordPress website by Balystic versus the setup and monthly hosting of a WordPress as a Service (WPaaS) WordPress Delivery System (WPDS) solution.
So, the financially smart person who likes to invest wisely would go for WPaaSP.
If you are interested in a WordPress website, WordPress design, WordPress maintenance, or WordPress consulting, give us a call – we’d be happy to help.