Because recession seems imminent again, our country appears to be in a depression. Jobs are hard to find, and many large corporations have been laying off people left and right. You can take advantage of good opportunities, even when the economy seems bad. Read this to learn how to deal with this new Great Depression.
Have a “soundbite” description of your business ready in your mind. The ability to sum your business up in a few simple sentences is an impressive skill that clients appreciate. Making your soundbite too long will lose the interest of potential customers.
Determining a fair price-point for any home-made goods you sell is critical, so ensure you have an accurate idea of your production costs. Doubling the price of an item is the general rule of thumb for determining wholesale pricing. On the other hand, the standard retail markup is double the cost of wholesale. A fair price-point should adequately support you, but be well within the comfort zone of your customers.
Do you have an office with the needed supplies that you feel comfortable in? This may seem silly or trivial, but you’ll need a comfortable office and the right supplies to be able to get to work.
Research anyone you plan to hire for your online business. You want to make sure that your employees are reliable and skilled in the product that you are going to sell, or else you are taking the risk of your business flopping.
Do you have an office? It doesn’t have to be very large, but it should be inviting. Set up a room that inspires you to work hard and makes you feel comfortable and calm. It doesn’t matter what size it is, you can do well in any space with the right planning.
The separate checking account you open specifically for your business will double as a financial record keeping tool. Get in the habit of sending everything to this account. Doing this ensures that you always know what is going on with your business. If you need to place credit card orders for supplies, you should have a separate business account for that as well.
As you heard earlier, it seems that the economic news is all bad these days. This might cause you to question how you and your family are going to survive. Hopefully these tips will help you deal with this new Great Depression.