170 – Are you confusing mark-up and margin?
When it comes to working out your selling prices, one of the biggest mistakes people make is getting their margin and mark-up all mixed up! It’s easily done as the two words are pretty similar. But it can be a costly mistake to make if you get it wrong. In this episode, I explain what the difference is between a margin and a mark-up, and what percentages you should be aiming for depending on how you are selling your products. Discover: How to do the maths to work out your mark-up 00:48 How to calculate a margin 03:09 What mark-up should you be aiming for? 04:56 What your mark-up needs to cover 05:33 Typical margins that big retailers might work towards 07:37 Stay in Touch British Brand Accelerator - Find out how you can work with me to build your British-made brand Make it British website Join Make it British - become a member of our community and promote your business in our directory or UK-made brands and manufacturers Make it British on Instagram Make it British on YouTube - subscribe to my YouTube channel to watch many of the podcast episodes as videos. Mentioned in this episode: British Brand Accelerator
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