My family has run several small businesses. It is truly amazing how cheap things are at a wholesale price. As youngsters , working in our stores, we were told that everything we got at wholesale we doubled in price and 10 % was added on top of that. If we were selling to a tough customer we were told to say" well don't tell my dad but I will give you 25% off, 30% off, etc, up to 50 % off". We would still make at least 10 % on the sale!
A business has a lot more expenses than the wholesale price of the items they sell: employees, rent, utilities, insurance, advertising, taxes, legal fees, etc. Then there's profit, which is the goal, but which many small businesses never make. Making 10% over wholesale on an item might win you a sale with a tough customer, but it won't make you profitable and if you have too many tough customers, you'll soon be out of business.
Well it always worked for us. Treat a customer good and they repeat their business. My point was that giving 50% off for non mask wearing is a good business tool and will gain more business, thus more profit. The thing is, business owners get so caught up in making a profit that they treat their customers badly and then wonder why they have no customers, no profit.
My family has run several small businesses. It is truly amazing how cheap things are at a wholesale price. As youngsters , working in our stores, we were told that everything we got at wholesale we doubled in price and 10 % was added on top of that. If we were selling to a tough customer we were told to say" well don't tell my dad but I will give you 25% off, 30% off, etc, up to 50 % off". We would still make at least 10 % on the sale!
Awesome
And then you have an older online sales portal, jet.com, who sold goods AT wholesale pricing just to undersell and squeeze a competitor to buy them.
Walmart acquired them for something like $2 billion.
Madlads cashed out.
A business has a lot more expenses than the wholesale price of the items they sell: employees, rent, utilities, insurance, advertising, taxes, legal fees, etc. Then there's profit, which is the goal, but which many small businesses never make. Making 10% over wholesale on an item might win you a sale with a tough customer, but it won't make you profitable and if you have too many tough customers, you'll soon be out of business.
Well it always worked for us. Treat a customer good and they repeat their business. My point was that giving 50% off for non mask wearing is a good business tool and will gain more business, thus more profit. The thing is, business owners get so caught up in making a profit that they treat their customers badly and then wonder why they have no customers, no profit.