With yet another recession looming, it often looks like our country is suffering from an economic depression. Jobs can be tough to find and companies are folding in every state. Even though things seem bleak during the depression, there’s always good things going on too. This article has the advice you need to get through unscathed.
What else can you do if your business fails? Establish contingency plans so you can face issues such as your website being offline or problems with your distributors. When you have all your bases covered, you’ll find obstacles rarely impact you negatively.
Keep your business phone line separate from your personal line. Looking professional is the best way to build a customer base, so having a separate number you answer professionally is key.
Don’t take half-measures when it comes to pleasing your customers. For example, you could include a free gift with their order to show them that you value their business. Customers like to feel acknowledged for their business. Show your customers that that you’re taking their business seriously.
If you create and sell a product, calculate how much it costs you to create it, as you want to make a profit. Doubling the price of an item is the general rule of thumb for determining wholesale pricing. Retail pricing mark-up is twice the wholesale price. Establish an agreeable price point for both you and the consumer.
Dress up, even when you work from home. It can be easy to not put any effort in your appearance when working at home. If you want to succeed, put in the effort and dress as you would if you were working at any other job. This puts you in the right mindset to be as productive as possible.
You should know exactly how much a product costs to make, if you plan on selling something that you created. Traditionally, a wholesale mark-up from cost is approximately twice the base cost. Retail pricing mark-up is twice the wholesale price. Sometimes following this rule is not ideal. Be sure that your price is something that benefits both your client and you.
A good protective step you can take when establishing a home business enterprise is to rent a PO box and use it as your business address. Don’t use your home address when putting things on the Internet. Taking this step allows you and your family to remain anonymous.
These economic times are not wonderful, and show no signs of improving. Be careful, and do your homework, but do not be afraid to take a chance. With any luck, this piece has shown you how to deal with these difficult times.
