Solving the Mystery of Markups and Margins
Put the confusion aside once and for all!
Course Description
Solving the Mystery of Markups and Margins
What's in this Module?
If the terms ‘markup’ and ‘margin’ leave you scratching your head and feeling flustered, then this is the perfect module for you.
Even though the two words are often used interchangeably, they have completely different meanings, and anyone who is in the business of retailing must get their head around the difference.
Over the years, I’ve heard suppliers tell salon owners, “Your profit margin is 100% on our range of skincare” when in fact, they meant that the markup was 100% which means that the profit margin was actually only 50%.
That's a huge difference!
Confusion around the meaning of these two terms can have a seriously negative impact on your profits, so let’s clear things up once and for all...
Introduction
If the terms ‘Markup’ and ‘Margin’ leave you scratching your head and feeling confused, then this is the perfect module for you.
Even though the two words are often used interchangeably, they have completely different meanings, and anyone who is in the business of retailing must get their head around the difference so they make the profit they want.
Over the years, I’ve heard suppliers tell salon owners, “Your Profit Margin is 100% on our range of skincare” when in fact, they meant that the Markup was 100%, which means that the Profit Margin was actually only 50%. (i.e. 50 cents in every dollar of a product sold is Gross Profit.)
Read more in the module...
Overview
This module explains, in simple terms, the difference between a markup and margin and why it's so important for you to understand the difference.
It also includes an easy-to-understand Markup & Margin Chart for you to reference when pricing or discounting your products and services.
This module includes a PDF document outlining:
- Margin vs Markup.
- Understanding the Difference
- The Markup % Formula
- The Margin % Formula
- Markup Margin Chart
Total pages: 12
Included Resources in editable Word format are:
- Chart - Markup & Margin Chart
- Worksheet - Markup/Margin
Chart and Worksheet: 2
Salon & Spa Profit Coach
Pam Stellema
As well as copywriting for this amazing industry (SalonSpaCopywriter), I’ve been a salon owner, business coach (SalonSavy), mentor and advisor to Australian and international salon & spa owners, as well as industry suppliers.
Before that, I did a stint as Freddo Frog, spent time writing computer code, ran a roadhouse and worked in my mother’s dress shop!
But getting back to the important stuff…I opened my first salon in Brisbane which was a huge success and then worked with my husband for a few years in his business learning how to be a profitable uber-boss. I then bounced back into the beauty industry with a second, hugely successful salon on the beautiful Gold Coast.
Finally, I sold up my salon and have since mentored hundreds of salon owners, before adding industry-specific copywriting to my repertoire.
During this time, I’ve written and published my book 3 1/2 Secrets to Salon Success, which is all about helping salon owners focus on the important, profit-generating aspects of their business. I’ve also written bucket-loads of business articles for industry magazines, in excess of 100 business blog articles, over 30 coaching modules for salon and spa owners and a few more e-books.
Now, I'm creating online courses to help salon and spa owners just like you to help bypass the disasters and become a super-successful salonpreneur instead.
Course curriculum
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1
Module - Solving the Mystery of Markups and Margins
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Module - Solving the Mystery of Markups and Margins (downloadable)
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2
Resources Booklet - Solving the Mystery of Markups and Margins
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Resources Booklet - Solving the Mystery of Markups and Margins (downloadable & editable)
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