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#4 KNOW YOUR NUMBERS

CASH IS KING. As Jo Malone's husband once told her, “If you're not making a profit, you don't have a business.”

Melanie Jane, at The Scent Academy, an online perfume training platform.

You must price your goods accordingly and factor in all the things you might think are insignificant at first. It all adds up, and that includes your time.

Perfumes have one of the biggest mark-ups ever, so don’t be shy with your pricing. The right customer will pay the price if they really want it, as long as price is reflected in the quality.

Who are your competitors and what do they charge?

Can you be as competitive, or will you charge more? Justify your reasoning for this and be confident with your decision. It's easier to reduce prices than it is to increase them, so start on the high side first. This way you'll have wiggle room for offering customer loyalty discounts and rewards.

Once you’ve proven your business model works, and makes a profit, you can reinvest money into scaling up, getting into retail outlets or opening your own store.

Interested in learning more about perfumery? Join our growing community at The Scent Academy. The best and most affordable perfume courses online!

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