One of the hardest aspects of running a business is finding a balance between your expenditure and income to make sure you are making a profit. Now, the biggest determinant of whether or not you make a profit is how you price your products. If you price correctly, you will make a profit, and if you do not, your business is likely to join the 90% of companies that do not make it past their first birthday.
The problem with pricing is that it is such a delicate issue to handle. On the one hand, if you price too low, you will have customers and make a loss. On the other, if you price too high, you will have fewer customers and make a little profit. So how do you land right in the sweet spot where you have a pricing model that supports your business and maintain your customers at the same time? The Markup Magic App from The Mind of Khan Studios of course!
Introducing the Markup Magic App
The Markup magic app was created to help business owners like you know how much you should be charging for your goods and services. This with the aim of covering your expenses, showing fairness to your customers and sustain the longevity of your company for years to come.
Why Did Mind Of Khan Studios Develop Markup Magic?
Mind Of Khan Studios developed this cool app because they found a lot of small business owners and hustlers, especially those new to the market, did not know how to price their products. So Mind Of Khan Studios decided to make this light, easy to use app, which gives you
- Information on what you should be charging
- How many times you need to do the service or how many products you should sell to break even
- How long you can stay in business for with such a service
- What your expenses are via a pie chart, so you see exactly where your money is going
How does it work?
It works by first of all asking for the cost price of the goods, services and other expenses you have in the business. It then uses the numerical data you provide it to suggest a cost coverage as well as the markup percentage of your goods and services.
As mentioned above, Markup Magic also gives you a breakdown of all your expenses in a neat pie chart so you can see your expenses and adjust accordingly. Using all this data, it then lets you know how many times you should sell your goods or services to be profitable and how long you are likely to remain in business if you do. Simple maths, broken down into an understandable, practical and applicable format.
All of which is in the power of your mobile device, who could want more? Perhaps the PRO version which is currently under development. ????
For more information, be sure to visit Markup Magic here to learn more.