Calculating your markup
From April 17:
Michael Stone writes: "When I teach a class or webinar, sometimes I wonder if those listening understand what I'm trying to say. After reading some of the questions that came in during last week's webinar on calculating your markup, I realized I missed the mark. Here are a few of the questions:
I have no employees, what is my markup?
What is my minimum markup?
Does your markup formula work in Canada?
I am an interior designer, should my markup be 1.50 or do I add a margin for profit?
I am a roofer, is my markup for a specialty or a remodeling contractor?
Let me say first that all these questions are covered in some depth in the Markup and Profit, Revisited book. However, we went at a fairly good clip in the presentation, so I want to address more on the topic of markup here."
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