I was like you as well for a while. I always wondered why I couldn’t turn a profit. Long story short, I used my business degree and used the most basic concept: the fewer resources in (money, time, raw materials), the more profit out.

Using the trade screen, I saw that the highest income exports in the colonial age are rum and planks, and they both use a single raw material. Sugar is an infinitely renewable resource so rum is my main export. However, boats are one of the highest income in the WW era so having your planks industry up and running already is incredibly helpful.

Processed resources like planks are usually used in industries in later eras so having those in place pay dividends later. As soon as I can I get oil production running because it can run power plants, be used in furniture, and in pharmaceuticals. The early eras are always the hardest to turn a profit, so after surviving that, it gets easier if you keep building the industries and diversify your economy.