Calculating profit margins are important for any small business. Regardless of if you're looking to take a hobby to a full-time business or if you're an existing apparel decorator trying to bring in more revenue, calculating your profit margins is an integral part of profit in your apparel business.
WHY IT MATTERS: With a detailed cost & profit analysis, you can clearly see how much money you're actually bringing in.
◾️ With accurate profit calculations you can modify your margins to win more business for budget-minded customers.
◾️ You can say 'no' to jobs that won't be profitable.
◾️ With a clear picture of profit and expenses, your small business can identify a low profit margin and explore ways to increase your take home pay.
Factoring in hidden costs like overhead or labor can account for shorting your own pockets, and while your incoming revenue might look good, you're not actually making enough to cover your expenses.
In this video we're breaking down how you can accurately calculate your profit margins and how they impact your business.
We'll cover overhead expenses, things like utilities, services, equipment, labor and technology.
Then we'll look at your small businesses cost of goods, essentially what costs go into creating printed apparel (at any scale).
Next, we'll calculate our gross and net profits, diving into calculating the actual profit margin as a percentage.
Then we apply everything to a real-world home based business to help guide future business decisions.
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