With yet another recession looming, it often looks like our country is suffering from an economic depression. There are less jobs to go around, and many businesses have had to shut their doors. Things may appear bleak now, but you can work through it. Read on to learn how to handle the current bad economic news.
Make sure you take all deductions that you should, including the cost of entertaining clients, in order to save what money you can on your taxes. In these cases, these meetings are actual business expenses. Make sure that the people you meet with are either already clients or potential clients, as the IRS doesn’t look too favorably on claiming pleasure as business.
It is important to know how much it truly costs to manufacture any product that you are making and selling on your own. If you want to sell the product wholesale, you would take how much it cost you to make it and multiply that by two. Retail pricing mark-up is twice the wholesale price. Set your prices at a level that is fair for you, as well as your customers.
Establish a difference between work and personal time by creating a set schedule of work hours. Pick a time of day when after which you’ll no longer accept a business call. Be sure to schedule enough time for your loved ones and friends and for your own interests.
A PO box is crucial if you are trying to start a home business enterprise. Do not make your home address your mailing address when you post your online ads. This protects the identity of your family and your online identity.
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. Hopefully this article has given you some helpful tips to help you survive this “Second Great Depression.”