As we plow through these difficult economic times, the financial horizon still looks cloudy. Joblessness is up and businesses are closing their doors nationwide. Things may seem bleak in this depression, but there are ways to make the most of it. This article has great advice for handling the “Second Great Depression.”
Your business and your home should have separate phone lines. Your business will need a professional recorded message for off-hours as well as a company greeting when you are there to answer. Also, you don’t want to run the risk of other family members picking up the phone when customers call.
Take the time to figure out your total costs to produce your product. Not knowing the exact figure can lead to you losing money. A basic wholesale mark-up would be twice the price of your cost. Usually, standard retail is double the price of a wholesale item. Carefully determine your product price so that it is reasonable for both you and your clients.
Spend time in a business forum on the Internet. These forums will let you collaborate with others in a similar situation. You can all compare strategies and share your concerns.
The separate checking account you open specifically for your business will double as a financial record keeping tool. Keep all of your business expenses going through this account, and all of your personal finances out. Doing this ensures that you always know what is going on with your business. The credit card you use to make business purchases should be separate as well.
Provide incentives to your clients or customers when they refer their friends to you. Word-of-mouth advertising is powerful since friends’ recommendations are more reliable than flyers. This will also help your customers stick with your business.
Business Cards
Have business cards made up. There are companies that offer free and low-cost business cards. Your cards should include all relevant information including your name, your business name and logo and your phone number. Don’t forget your website and email address. This is so customers will have more options for contacting you.
This country is possibly facing another recession, so this must be taken into account. Be careful, and do your homework, but do not be afraid to take a chance. Use these tips you’ve learned to help you build up a work from home business that will make a real difference.
There are tremendous opportunities for small businesses and social entrepreneurs to support their communities through community foundations, donor advised funds and other means of giving back. Find the neighborhoods in Erie, Pennsylvania where you can make the most impact on the health of the community.