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the biggest mistake that startups make …
a lot of businesses experts say that this is the biggest mistake that startups make ….
not charging the customer enough for their services / products
- they think that if they keep the costs low enough , everyone will buy their product / service
- they will then grow by getting a big volume of customers
- the small margin combined with a huge volume will give them a big revenue
- but here is the thing .. if you don’t charge a sum big enough to cover your cost of creation , how will you market your product ?
- if you cannot market your product , how will you get new customers ?
- if you cannot get new customers .. how will you grow ?
- if you cannot grow , you will die …
louis vuitton , the french luxury products maker has a margin of 900 % … means that their selling price is 9 times their cost price