When an economic recession is possible, a depression is often not far behind. Jobs are almost non-existent and major corporations have been closing down shop all across the country. The depression may make everything seem grim, but there are some things you can do to ease the burden. This article will give you some tips for dealing with our generations “Second Great Depression.”
Make sure you can sum up your business with a few choice words. If your business purpose can be summarized well in only a few sentences, it can impress prospective clients. A brief statement of your business function may be the basis of a catchy slogan too.
Know what your production costs are when trying to sell products you make to avoid losing money. You can typically mark up your wholesale price to be two times your product cost. A standard retail mark-up would be twice the price of wholesale. 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.
When you are in the hiring process, do your research. You will want to know that the people you are employing have the skills to sell your product.
You need to to let your customers know if you have an item on back-order. Customers find it especially frustrating when orders they’ve placed will not be fulfilled for several days, let alone weeks. If an item will be back ordered, give your customers options; either let them choose another product or refund their money.
Find your niche. Look for the perfect customers that are the right target audience for your product. This will help facilitate the selling process for you. Talk to your family, friends or business associates about the niche you are interested in. Ask people for referrals. Go to trade shows related to your industry and look at who is buying. Then, be sure to reach out to this audience.
Your family needs to be supportive of your home business. It can take a lot of time and effort to maintain a online business. When friends and family can not help out, you will have trouble running your business.
You should always be looking forward. Celebrating your success in the past is good, but remember that those successes have already occurred. The things that will happen in the future are things in which your focus needs to be. This will help you to prepare for any future opportunities or possible obstacles along the way. That way, you won’t be blindsided by something you weren’t looking for.
As stated earlier, another recession threatens us, and the country seems headed toward depression. Are you asking yourself “How will I get through it?” Hopefully this article has given you some helpful tips to help you survive this “Second Great Depression.”
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 San Mateo County where you can make the most impact on the youth in the community.