KYBN - Markup vs Margin - Why Your Local Small Business Might Be Missing Your Margin Goal

Markup vs Margin - Why Your Local Small Business Might Be Missing Your Margin Goal EPISODE 246 of The Local Small Business Coach Podcast In today's episode:  Markup vs Margin - Why Your Local Small Business Might Be Missing Your Margin Goal When making pricing decisions for your products or services, do you tend to assign a dollar amount to the costs to determine how much you plan to mark them up or do you have a certain percentage that you use? A big mistake that some business owners make is they price purely off a dollar markup they want. However, the important thing is knowing your margin % and how much you make on each product or service. After all, your profit and loss statement is based off percent of sales, so should your profit. Let's take a deeper dive into how you might be confusing markup and margin and costing yourself profits! Calculation Found in the Episode: Markup %: Profit divided by Costs Margin %: Profit divided by Sales   Click to View the YouTube Training Video Markup vs Margin   QUOTE OF THE WEEK: "I like businesses with great margin" – Warren Buffet     ~~~~ The Local Small Business Coach Podcast is for Local Small Business Owners who are tired of living job to job and want to get to $100,000 in personal income. Each episode we discuss how to increase your profits, boost your sales, improve your processes and develop stronger teams.     HELPFUL LINKS   Check Out Training Videos on Youtube Channel – Training for Local Small Business Owners Leave a Question, Show Suggestion/Idea for the Show: Ask a Question Email me at [email protected] Join the Badass Local Small Business Owners Facebook Group! Website Thinking of Getting a Coach? Check out my work with me page Get Your FREE eBook -8 Steps to Increasing Your Profits in Your Local Small Business   WHO THIS PODCAST IS FOR: local small business owners, mobile businesses, brick and mortar businesses, handymen, landscapers, pool cleaners, cleaning services, QSRs, restaurant owners, mechanics, plumbers, real estate agents, dog groomers, franchisees, tradesmen, medical, dentist, insurance, & those looking to increase profits, boost sales, improve processes and develop stronger teams