Tips For Researching Profitability?

Frank wants to start a small business, and he wants to know if there is a place where he can find out how much revenue a certain type of business generates.

QUESTION: Frank wants to start a small business, and he wants to know if there is a place where he can find out how much revenue a certain type of business generates.

ANSWER: What a business makes is not public record. There’s not a clearinghouse of information. For instance, you couldn’t find what my business makes. It’s not recorded somewhere. It’s a privately held business. Thus, the information is confidential.

The best you can get are some indicators by reading trade journals or magazines or websites devoted to certain industries. From personal experience, in virtually any industry, there are people winning and people losing. It has more to do with their people skills, their location and their ability to look at the business and see what’s wrong with it and fix it than anything else.

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