Cost and Price

The cost of something is what you incur to make it. Price is what you charge for your products and services. The difference between price and cost is profit. What you want to do is to get as much profit as possible. You can choose to increase the price of your services and products. But be careful not to over do it because fewer people will be able to afford.

You can also find ways to lower the costs without compromising quality. Ultimately you want to increase the number of people you are serving. As the numbers increase your unit costs gradually reduce and your profit margins improve. Then it is a matter of repeating this process over and over again with different service offerings and customers.

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