You might consider targeting a niche market by specializing in a certain aspect of your industry, such as a private party paint and sip business, or virtual paint and sip classes. At this point, you might want to consider opening more locations. With annual revenue of $364,000, you’d make a healthy profit of $73,000. At this stage, you’d hire staff, reducing your profit margin to around 20%. As your studio gains popularity, you might do 10 classes a week for 20 people each. This would mean $36,000 in profit, assuming that 40% margin. In your first year or two, you might hold five classes per week for 10 people, bringing in more than $90,000 in annual revenue. Your profit margin after rent, supplies, and overhead should be about 40%. The average price of a paint and sip class is $35 per person. How much can you earn from a paint and sip business? Setting up a business name and corporation
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