Finding Your Niche Series - Margin vs. Markup - What the heck is the difference?

Although most people understand this in principle, accounting terms can be more difficult to grasp. Markups and gross margins can sometimes be used interchangeably, when they are in fact, two very different concepts.

Mistaking margin and markup can lead to selling products at prices that are substantially too high or low, resulting in lost sales or lost profits.

Let our MasterCOACH Andy O'Brien guide you through the explanation of the two terms and how to properly use them in your business.