With yet another recession looming, it often looks like our country is suffering from an economic depression. There aren’t many jobs and big businesses have been downsizing and closing everywhere. It may feel that the current depression has made things impossible, but that’s not true. There are plenty of paths to get through it. Read on to learn how make the most of a home business in these uncertain economic times.

Any expense incurred by you for business purposes, such as lunch with a client, may qualify as a legitimate tax deduction. Anything you spend on business can be deducted, even food! 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.

Take the time to figure out your total costs to produce your product. Not knowing the exact figure can lead to you losing money. A basic wholesale mark-up would be twice the price of your cost. Businesses that purchase goods from wholesalers generally charge twice the amount they have spent on goods. 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.

Send out an email announcement to your loved ones and colleagues when you start your home business. Make sure there is a freebie or some type of discount offered when you start your business. Encourage these people to share your name. Word of mouth is a very effective method of advertising.

Try to keep your personal appearance up at home the same as you would when working in an office environment. Even though it can be extremely fulfilling to have a home business, your self-esteem could suffer if you place work before your own needs. Keep yourself clean and well dressed, don’t overeat, and exercise regularly. Doing this will boost how you and others see yourself.

As stated earlier, another recession threatens us, and the country seems headed toward depression. You may wish to know how you’re going to make money to survive. Hopefully, these tips can help you survive.

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