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 00:48How to calculate a margin 03:09What mark-up should you be aiming for? 04:56What your mark-up needs to cover 05:33Typical margins that big retailers might work towards 07:37Stay in TouchBritish Brand Accelerator - Find out how you can work with me to build your British-made brandMake it British websiteJoin Make it British - become a member of our community and promote your business in our directory or UK-made brands and manufacturersMake it British on InstagramMake it British on YouTube - subscribe to my YouTube channel to watch many of the podcast episodes as videos.