748: Window Treatment Friday: Pricing Window Treatments: Understanding Margin vs. Markup

A Well-Designed Business® | Interior Design Business Podcast

LuAnn Nigara

Business, Arts, Design

4.9 • 810 Ratings

🗓️ 18 February 2022

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today with Vita Vygovska Welcome to A Well-Designed Business! Today’s WTF—Window Treatment Friday—is part 1 of a new three-part series on pricing window treatments. We’re breaking down margin vs. markup, how to do each, and why you need to know. You’re going to get the math and the formulas you need, but we’re also diving into what the numbers mean, so you can price window treatments with confidence and knowledge. Pick It Apart: [5:59] Vita and LuAnn reflect on why you as a designer need to understand the numbers behind the formulas. [11:30] Vita breaks down what markup is and how to calculate yours. [17:36] Vita shares insight on the multiplier—an often misunderstood part of the equation. [27:50] Vita walks us through margins and the formula behind them. [38:40] LuAnn highlights how you and the window treatment professional can both come away with profit. Ah-Ha Moments with LuAnn Nigara and Vita Vygovska: “The bottom line of this is that we care about these numbers because they are the drivers. They show us how financially free we are, how financially independent we are, how financially sustainable we are in terms of our business. And ultimately, our business then translates to our personal lives. That’s why we should care. It improves the quality of our lives—at least on a financial level.” -Vita Vygovska “There are people who are math whizzes and numbers geeks who will totally say ‘Oh, now I’m understanding all of the background on this and how to come up with numbers that will earn me a profitable markup so that I can run a profitable business.’ But then there’s a lot of people like me who will say ‘If you tell me the multiplier to run a healthy business is 2.5, that’s what I’m going to go for.’” -LuAnn Nigara More About Vita Vygovska Vitalia Vygovska (Vita for short), CWFP, MBA, is an award-winning window treatment specialist, author, speaker, mom, wife, and a ballroom dance enthusiast. Her company, Vitalia, Inc, provides all-encompassing concierge-level, tech-driven fabrication, measurement, installation, and project management services exclusively for interior designers. In business for over a decade, Vita and her team are experts in their narrow field, providing designers with superb quality product and excellent communication. Most importantly, they take off the stress, save time, and give peace of mind in the job is well-done. Connect with Vita Vygovska: Website Instagram Facebook Pinterest YouTube LinkedIn What’s new with LuAnn Nigara The Power Talk Friday Tour at High Point LuAnn Nigara and Friends Meet and Greet at High Point luannuniversity.com Inside Voice, Outside Voice Monthly Virtual Events http://www.luannnigara.com/cob Get The Goodies! For checklists, resources, and extra goodies from A Well-Designed Business sign up for free here. To Get on LuAnn’s Email List, text the word designbiz to 444999! Purchase LuAnn’s Books Here: Book 1: The Making of A Well – Designed Business: Turn Inspiration into Action Book 2: A Well-Designed Business – The Power Talk Friday Experts Connect with LuAnn Nigara LuAnn’s Website LuAnn’s Blog Power Talk Friday Like Us: Facebook | Tweet Us: Twitter | Follow Us: Instagram | Listen Here: Podcast A BIG Thank You to Today's Sponsor: Kravet. Have you heard? The majority of Kravet Inc. product is in stock and ready to ship within days. Order your favorite patterns from Kravet’s exclusive in stock collections like Barbara Barry’s Midsummer to CuratedKravet's exclusive decorative accessories. Keep your design projects on track with Kravet Inc. and order memos today at www.kravet.com. Other Shows Mentioned: #589 Power Talk Friday: Eileen Hahn: Scaling from 2 Million to 5 Million #363 Power Talk Friday: Eileen Hahn: Building An Exceptional Interior Design Team #634 Power Talk Friday: Jessica Harling: A Specific Process for Onboarding a New Hire #448 Window Treatment Friday: A New Series featuring Vita Vygovska and LuAnn Nigara #456 Window Treatment Friday: Custom-Made vs Ready-Made Window Treatments #462 Window Treatment Friday: Window Treatment Business Models, Part 1 #471 Window Treatment Friday: Window Treatment Business Models, Part 2 #481 Window Treatment Friday: Overview of Hard and Soft Window Treatments #493 Window Treatment Friday: Vitalia Vygovska: A Mindset for Success #512 Window Treatment Friday: Drapery Hardware #518 Communication Between the Designer and the Window Treatment Professional #539 Window Treatment Friday: Look to Your Window Treatment Partner to Sell Remotely #551 Window Treatment Friday: Exploring Awnings as an Additional Revenue Stream #586 Window Treatment Friday: Tips for Selling Window Treatments #610 Window Treatment Friday: Listener Questions #645 Window Treatment Friday: Scaling to Your First Million Dollar Year #653 Window Treatment Friday: Rising from the Ashes

Transcript

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0:00.0	Hey, are you getting ready for Thanksgiving? Maybe you're hosting and you're busy getting all of your dishware organized and your menu organized. Or maybe you're like me. You're at the season where you just get to ring the doorbell with a pie in your hand, right? Either way, I hope you are planning to spend some quality time with friends and family, whether that means it's a big,
0:21.1	raucous crowd and lots of carrying on or downtime. Either way, I'm wishing you a happy
0:26.5	holiday season. And, you know, what happens after Thanksgiving, we have Black Friday.
0:31.6	And on Black Friday, Luann University is officially opening registration. And here's the thing. Because it's Black Friday,
0:39.2	we got some Black Friday deals for you. All right, first of all, let me explain this. Early Bird for
0:44.0	Luann University is open from November 29th through December 31st, 2024. So that is the entire early bird
0:52.4	period. And during the early bird period, you get two bonuses.
0:57.2	Number one, you get the early bird pricing.
0:58.8	But you also get, if you buy, whether you buy a five-week course or a three-hour intensive,
1:05.2	if you purchase and register during the early bird period, you are going to be enrolled in the workshop that
1:13.4	Amber DeLegarza and I are hosting together live. It's called Success by Design. Strategic
1:20.6	Goal Setting meets Time Mastery. Okay. So this is going to be a live workshop. It is going to happen in real time on january second
1:30.4	twenty twenty five and we're going to spend part of the time mapping out how do you set your goals
1:37.1	what do you do how do you decide if it's a legitimate goal if it's a reach goal if it's a too easy
1:43.2	of a goal what should your goals be?
1:45.5	And then Amber will take over and she will help us figure out how to carve that time in our
1:52.9	work life to work on our business. Okay. So it's managing the expectations of the hours
1:59.6	you have available so that you can get it all done.
2:02.3	So this is going to be a fantastic class that you are going to take real time and ask us real questions.
2:08.5	Okay, so those are two bonuses that you get if you sign up any time during the early bird period,
2:14.3	November 29th to December 31st.
2:16.4	But there is an extra bonus if you sign up during
	...

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