There are many concepts to consider when it comes to doing well in business:
-
Fundamentally, the most basic element of success is to sell a product for more than it costs you to make or buy it and sell it.
-
Your SELLING PRICE has to be higher than your cost to make the product (if you are a manufacturing business) or the cost to buy the product (if you are a retail business) … plus your cost of selling (operating costs, employee costs, etc.)
-
How much higher should your SELLING PRICE be? It depends on your costs of doing business. Some businesses try to set their SELLING PRICE to be two times their cost of manufacturing (or buying) the product. For example, if it costs you $10 to make or buy the product, you try to sell it for $20. The $10 in profit is used to cover your selling and operations costs. But, it’s not always possible to sell a product for 2 times what it cost you, sometimes you have to sell it for less such as 1.5 times. That may still be enough to make a profit, but it depends on your circumstances.
-
For more information on PRICING, watch the following video. Even though it is related to a different GoVenture game, the concepts in the video apply to GoVenture WORLD as well — https://goventureceo.com/Video/ProductPricing.html
-
Setting up reliable supply chains can be very helpful in your success. Find other business owners who you can trade with and who you can be sure will meet their promises of delivery and payment.
-
Consider if you are in a location that has too much competition — perhaps move to a better location.
-
If you are owed money, try to collect it by contacting the player that owes you the money.
-
If you are not comfortable with the fundamentals of business, enroll in the free courses provided in the game and do the many challenges.
-
If you are unsure how the game works, review the detailed USER GUIDE.
-
If you need help, post your help request in one of the player CHAT options as other players maybe willing to help you.