The day I realized my pricing was all wrong after a customer walked out
I run a small auto repair shop over on Gratiot, been at it for about 12 years now. Last summer, a guy drove in with a 2010 Ford Focus, needed a new alternator. I quoted him $650 like I always did for that job, parts and labor. He just laughed, said 'I can get this done for $400 down the street' and left. I was pissed at first but then I started calling around my competitors to see what they were actually charging. Turns out I was marking up parts by almost 40% while every other shop in Detroit was doing 20% max. I had been scaring off customers for years without even knowing it. Now I track my pricing against three other shops every quarter. Anybody else ever get a wake up call like that where you realized your numbers were just off?