How much Profit in New Business

Today, to start a new business may be so risky due to ignorance and huge amount of investment. There will always be a fear in mind regarding starting a new business whether it will be profitable or not.  At that time, you think about fixing the correct profit margin. It may be 10 % to 30%. As per my thinking, there is no question of fixing the profit margin, there is two simple step to follow, you can earn enough profit what do you want.

1. Cover More Sale instead Fixing Higher Profit Margin in New Business

You are doing new business. Never think about fixing higher profit margin. Your customer is just verifying your product's quality. All most all are new because you are new with your new brand. Spread the name of your brand with more quality free service. Never take it in your profit margin.  Start sale from 1% profit margin. Forget, the profit margin in the market is 10% or 30%. You are new in the market. Make new customer. Get more sale. Count whole nation's population. If you keep 1% margin and get 1% sale from 1% total population. It will be great achievement.

2. Do More Experiment in Your Own Business Science Lab

I always give the example of mobile phone. In this business, starting rate in India was Rs. 50,000. Only richest community in India can afford the price of mobile phone. Now, its cost is Rs. 5000 where you can get every facility in the mobile which was not in Rs. 50,000. Why, when entrepreneur had started mobile business, he had great mission. He or she had the business science lab. It is just like other science lab. Its aim is to reduce the cost and increase the quality of product. Now, profit margin is very less but sale is in billion dollars. There are lots of mobile brands which have international reputation. So, you should also do experiments, if you want to get success and earn enough profit what do you want.

Story Behind Writing this Content 

Recently, I received the phone call of a govt. employee who is interested to do new business but do not have the knowledge. So, I have suggested above as my advice.

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Accounting Education: How much Profit in New Business
How much Profit in New Business
Accounting Education
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