Been in the photo booth industry for nearly 10 years and generate $400k annually (set to do over half a mil by 2024) in the wedding and events space. I don’t feel like I am the expert by any means in business or entrepreneurship, but I’ve built a couple successful companies on a small scale, and have an MBA, so maybe I can contribute to your success. AMA!
Whatt? 57% cost??? how? you mean after tax?
There are lots of costs in running a business. Labor alone is like $130k. This includes payroll taxes etc, but not pass-through tax on any net profits.
I have a business, I know about the cost.
But I can tell you mines are not comparable with yours in % and volume, but I get way more money than you do.
57% of cost is fucking subreal, I work for companies in the last 20 years, really close to their finantial tram, so I always saw every number, never seen costs that high. No startup. No corporation. No bigcap.
Don’t know what to tell you but margins like mine are still incredible for most service companies. A quick search for stats will show you margins are not that high for majority of industries. But kudos to you with whatever industry your biz is in to generate better margins, sounds like a great one.
Your margins are good. I have taught entrepreneurship and seen hundreds of financials every year for many decades for real and projected ventures. Margins tend to be lower than 43%.
Restaurants are lucky to get 3-5%, and grocery stores even less. However, if you’re in the service industry, they tend to be higher. Essentially, you’re getting a 43% return, and very few investments can achieve this!