Because recession seems imminent again, our country appears to be in a depression. Jobs are few and far between and people across the country are getting laid off. The depression may make everything seem grim, but there are some things you can do to ease the burden. This article can help you navigate your way through The Great Recession.
If a home based business is your main source of income, a fallback option is key. Know what you’d do if there’s a big disaster, for instance if your products are lost in shipping. When you are prepared for things going wrong you won’t be caught short if you suddenly lose your income.
Keep your focus on maintaining your relationship with current customers. It isn’t as hard to build a repeat customer base as it is to bring in new customers. Your repeat customers are the bulk of your business and when they are happy, they will keep coming back!
Keep your business phone line separate from your personal line. Your message recording must be professional, and you want to ensure that no one else in your family takes your work calls.
If you market products that are your own creation, price out how much it costs you to make a single unit. You don’t want to lose money by charging too little. Doubling the price of an item is the general rule of thumb for determining wholesale pricing. Usually, standard retail is double the price of a wholesale item. You will need to price the item accordingly, so that you can be sure that you are making a profit off of the sale of the product.
You should wear nice clothing! Working from home does not mean you should slack off and not get dressed. Dress up for work like you would for any other business. Getting dressed professionally will help you feel professional and improve your productivity.
Operating your own online business sounds glamorous and fun, but it takes a real desire to succeed, a ton of initiative, and a whole lot of discipline. It may be easier and more cost-effective to build an office at your home and work out of their rather than leasing pricey office space in a commercial lot. This is also helpful for drawing a clear line between your work and your personal life.
If a product you normally sell is currently out of stock, you need to be honest and say that on the website. It is a sure-fire way to upset your customers when they find out their products had to be placed on back order, and will not be ready for immediate delivery. If an item will be back ordered, give your customers options; either let them choose another product or refund their money.
It is advisable to have a PO box as a mailing address for your home based business. Never use your house address when posting things online. This will help protect the identities of you and your family.
As mentioned, times are tough. You may be wondering, “How is my family going to get by? Hopefully, these tips can help you survive.