Profit in Business
Get ready for an enlightening expedition with “Profit in Business”! This video invites you to delve into the dynamic world of entrepreneurship and financial success. From revenue to expenses, we’re about to uncover the essential facts and insights that shape profitability in business. Join us as we navigate through the strategies and principles that contribute to generating profit, such as pricing, cost management, and market analysis. From understanding profit margins to exploring methods for maximizing profitability, we’ll unravel the intricacies of this crucial aspect of running a successful business. So, prepare to enhance your knowledge and join us on this informative journey through the world of profit in business. It’s an exploration that will leave you informed and empowered, equipping you with the tools to make sound financial decisions and achieve entrepreneurial success. ππΌπ‘
Transcription for Profit in Business
Please note this transcript is generated automatically and may contain errors.
it Yesterday I saw this amazing tablet computer, isn’t it? Cool. It’s super speedy and it can do lots of things my old one cant. Unfortunately. I didn’t have enough money to pay for it. I was complaining that it would take ages to save up for it. So my dad asked me if I knew about my grandad’s business. Apparently you can make money from a profitable business. I shook my head. I didn’t know that my Grandad had a business. Dad, then told me when he was a boy Granddad had a very successful business buying old cars and fixing them.
He then sold them on to make a profit. I asked my dad. What a prophet was. He explained. Robert is how much money you make out of your business? He said it was very hard to run a business and there are lots of costs involved. But you should ask your granddaughter about it when he called rounds this afternoon. Grandad came over that afternoon and I was waiting on him. I needed to know how to make money from a business Grandad said sorry. I’m late Aaron. I was just tinkering with my old car.
I lost track of time. I was excited. I asked Grandad if he was going to sell the car and make lots of money because I saw a tablet. I really wanted Grandad laugh and shook his head. He said Arun I wouldn’t make any money out of that old Bangor. I’m working on I do it for fun now. I was a bit disappointed. Then I asked him but how do you make a profit when you run a business? Granddad said it was quite hard. But I love running my business.
There are some things you can do to ensure you can make a profit first. You have to work out how much running the business will cost you like. Will you have to rent some work to run it from? This is called the premises. I was lucky to have a garage at our house. Grandma wasn’t too Kane mind you when you have to employ someone to walk with you. I worked alone, so I didn’t have to pay anyone. You need to think about where you are getting your products from?
Cause I bought we’re from people who didn’t want them anymore. They couldn’t afford to fix them. So I always got them at a good price also the tools and components used to fix the cars were all recycled. So they were cheap. I have very few costs too that helped me with my profit. I nodded this made sense to me. You couldn’t make a profit if your business cost you more money than you are making. What else I asked he said I only sold one car at a time and I only bought a new one to fix when I sold one.
I never had lots of cars written to be sold. That would have cost the money and to keep buying more to fix would have been expensive. I control my stock carefully. He also told me that it was important for him to find the right customers in those days you put adverts in newspapers to help sell cars. This didn’t cost very much but it always attracted buyers today. We would probably use the internet to tell people about our businesses. He said, Then I filled up trust with my customers by telling them.
I do a good deal if they needed any work on their cars. They can easily come back to me. I also made sure my work was of high quality. I didn’t want people coming back complaining and wanting money back. I prided myself on excellent service. if there was a problem I was hoping Expanded my business to offer repairs and that helped me make more profit. He also told me that one very important change he made that made him the most profit was partnering up with Uncle Jimmy.
He did the same thing. He bought cars cheaply. Victim and sold them on with the two of them working together. They were able to buy more cars fixed him up quicker and make more money. Then they were able to buy more expensive cars and give people more choice. It was important that they kept the business small with low costs. So their profits were bigger. They didn’t want to lose the customers. They had by becoming a big company that had expensive cost along with expensive price tag.
I nodded an agreement Grandad. This sounds like an awful lot of work. I said he nodded and said yes. Running your own business can be very hard. and time-consuming you are all thinking about it, but it is a very rewarding and if you are clever and careful, you can make lots of profit then I made a suggestion. You really don’t think you can make a profit out of that old binder. What an apprentice help.
