How do you make a profit when you open a business?

The fundamental way to earn profit is that the money you get for selling your product has to be MORE THAN the cost of
manufacturing the product

paying your employees
paying the taxes on your business
keeping your machinery maintained and working
advertising
paying yourself
etc.

BUT ... If the price of your product is too high, then everybody will buy them from your competitor instead of from you, and you won't sell any at all.
It's a delicate balance.
40 years ago, I asked a wise sage with whom I traveled and worked: Advise me on how to acquire great riches in an honest business. He gave me the Secret, and now I give it to you:
He said: * "Invent something which nobody has and everybody wants, *
* which can be made for peanuts and sold for a fortune."*

Answered by AL2006 | 2024-06-10

Advertisements, signs, making offers,

Answered by brittanycandace | 2024-06-10

To make a profit, you must understand and manage your costs, set appropriate prices, and ensure your product offers value to consumers. Effective marketing and being adaptable to market changes are also crucial. By balancing these aspects, your business can achieve profitability.
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Answered by AL2006 | 2024-12-26