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Get Out Of Your Garage Mentality
Manage episode 299420278 series 2948911
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It's time for you to leave your garage.
If you're a business owner who started your business, maybe even from scratch, and maybe even literally from your garage, but now you're considerably bigger business, well, now you may find yourself still carrying what I call the garage mentality.
What is that?
Well, when you started you were happy just to make a little bit of money on what you sold, so your margins were very small, but you were happy. As you grew, your prices may have grown too, but actually grown too little, and now that you have dealerships and/or distributorships as part of your equation, there's too little margin to give everybody who needs a piece of the pie, enough to be happy.
I have seen this in many businesses, and it often leaves them in the situation where, they'll end up with the short stick. The distributor and dealerships won't take on their products if their cut doesn't make it interesting for them.
But that leaves very little left for the business owner and his/her business, and now they're struggling to make profits.
It's time you leave your garage mentality and perhaps charge way more than you used to.
When your product is great, of great quality and has sound brand recognition, your customers will probably be alright with it too.
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