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Business strategy
What is the appropriate profit margin?
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[QUOTE="Mika, post: 345469, member: 29399"] If you are just starting out, you might be tempted to add 25-30 percent profit margins, however, setting 10 percent profit margin is most appropriate for beginners. This pricing strategy has always worked for me, and hopefully works for other people as well. If you start generating sales you can aim for 20-25 percent but as a beginner keep it under 10 percent. Having lower profit margin means you are offering cheaper products can attract buyers who are price conscious. People might be hesitant to trust you if you are new and have higher price. With a smaller profit margin, your prices can be lower than competitors', encouraging more sales and reviews. [/QUOTE]
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What is the appropriate profit margin?
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