Making a million dollars is the simplest thing in the world. Just find a product that sells for $2,000 and that you can buy at a cost of $1,000, and sell a thousand of them.
If something's a high-margin product, I understand its importance to the store.
It's very difficult to run a business when you're buying something for $5 and selling it for $10.
My revenue was $4 million my first year in business, off of one $20 item.
The margins for restaurants to make money are very, very narrow. It's a tough business, and to be a chef is a little bit masochistic.
As chefs, a lot of the times we lose sight of the fact that we are in the food business and that it needs to make money to survive.
Remind people that profit is the difference between revenue and expense. This makes you look smart.
When a product is market driven, it should be able to pay for all its raw materials at market prices.
The prices of raw materials do not fluctuate directly with the labour cost of producing them.
Charging a fee for an online service is a good way to lose 90 percent of your customers.
In the corporate world, there's, like, a 300 percent markup. In our world, we normally don't go above a 100 percent markup.
If you're not worried that you're pricing it too cheap, you're not pricing it cheap enough.
My expenses are largely a fixed, sunken cost, regardless of how much revenue I earn.
All businesses tend to pass costs onto customers.
I don't think profit margins are great when you're giving away free tickets!
It is too expensive to have a bricks and mortar presence everywhere.
All companies incur expenses, some of which are fixed and bear no relation to sales volumes. In this way, profits can grow at a faster rate than sales.
Every retailer, when they price their goods, looks at their total cost overall. When they have costs go up, they'll price their products accordingly.
My philosophy is that you sell things for more than you bought them.
The cost of energy is directly related to the cost of hiring workers and running a business.
