Money Question? OT

[LaRue Medlin]

This VERY STUPID question but,,, I usually have all the locks I need on my van and know what my markup is. I had to go to lowes yesterday and buy a lock for 38$. What should be my markup on somehting like this? I KNOW>>> STUPID QUESTION, but I never have to go buy locks at retail price.... I have heard 20% markup, 40% even 50-60%. I don't want to cheat this lady, but I did have to go out of my way to buy her special locks. Thanks

 

[Gypsy me]

No such thing as a stupid question



Charge her for the cost of the lock and your labor. The lock was marked up at Lowes even if you bought it under your business, if you have a business account with them.



Show her the receipt and tell her what your hourly is. This way she sees you are an honest guy and your labor charge will be worth it to her to not have to figure it out on her own

 

[Rodger Tellefson]

I agree with GM.

 

[TomT]

I agree with GM. The lock has already been marked up to full retail price. Guess you could charge her a handling fee.

 

[John Mastrocco]

You said you went out of your way to get the lock.



Figure the extra time you spent to get the lock and multiply it by your hourly labor charge. That's the maximum markup you should use and you can discount it from there.

 

[Dale Paris]

We mark up material an even 15% no mater where we buy it. If we have been to the job site and then go to pick up material, we charge our hourly rate while away from the job site.

If we know in advance what we will need, and can pick up on the way to the site, then we only charge the markup.



Dale

 

[Bill Ellis]

Ask yourself what you would be willing to pay and what you think would be fair if you were the customer. Were it me, I would be willing to pay the retail price of the lock plus the hourly charge for all of your time related to MY job. So, if it took you an extra hour to get the lock, add in another hour of labor [or fraction thereof] to your normal fee.

 

[David Tallent]

Larue, our locks have a 35% markup if this helps any.

 

[LaRue Medlin]

Thanks guys , I did a 20% markup over retail and added an install and rekey price, (they are both included in "MY" hardware...good to go.... bill paid and she's happy.

 

[Ben Poche]

price of lock +10% and hourly charge it takes to get lock.