Here’s a story about increasing your profit margin from 17% to 117% to 1,017% …
… I want his “Irish friend” working for me!
7million7years
How to make 7 million in 7 years …
Here’s a story about increasing your profit margin from 17% to 117% to 1,017% …
… I want his “Irish friend” working for me!
Interesting. But is that repeatable? Can it be done in other industries? perhaps.
Hate to be the doubting Thomas (or doubthing Mike as it were) but isn’t profit margin calculated by: Profit Margin = (selling price – cost)/Selling price?
If so the maximum profit margin you can get is 100% in theory… not sure how you can get a 1017% profit margin!
A 1017% mark up, maybe but not a profit margin.
Then again if I really knew the secrets I wouldn’t be running a business, I’d just be selling books and seminars.
-Mike
@ Mike – A mate of mine buys stuff for $1 and sells it for $3; he thinks he’s getting a 3% margin!!? Such a dope, driving around in his brand new Bentley Continental drop top 😉
AJC,
Not to be pedantic but if I didn’t get my math straight, my board would ‘correct’ me…
BTW, I’m in Brisbane this week and plan to get up to Noosa on Thursday.
Cheers mate, it’s great down here!
-Mike
Great concept… I sell online courses online, many of which consist of a series of modules. For example, one of my courses had 18 modules and I frequently had people ask if they could simply purchase one of the modules because they weren’t interested in purchasing the ‘whole course’.
I later setup 2 packages… One that included the entire course and the other whereby each of the 18 modules had a ‘cost’…
Ended up making far more profit from the individual modules…
It can definitely work in different industries…