When an economic recession is possible, a depression is often not far behind. Employment is scarce and companies everywhere are shutting down. Things may seem bleak in this depression, but there are ways to make the most of it. Read on to learn how to handle the current bad economic news.

If you need to “wine and dine” your clients, make sure that you deduct the cost of these meetings during tax time. A dinner business meeting is a legitimate cost of doing business. Remember, these meetings must pertain to work and are with viable clients or potential clients, otherwise, they cannot be allowed as a tax deduction.

Repeat Customers

Make it a point to keep current and repeat customers satisfied with your business. It is easier to get sales from satisfied repeat customers than people who have never purchased anything from you. Happy customers will come back for more.

Develop a regular schedule of time to devote to your work at home that is separate from your personal time. Decide at what point each day you are going to stop taking business calls. Set aside personal time, and time to spend with your family and friends.

Do appropriate background checks on potential employees. Likewise, verify their employment references. The people that you hire must be dependable and knowledgeable with regard to the product you will be selling or else your business may fail.

One good way to make money at home is by offering lessons in something that you know how to do. You can offer a flexible schedule, and offering this to your clients allows them to avoid the rigid schedules of schools. You could, for instance, teach art or music from home.

The ideal time to begin your new online business venture is when you still have a job. It may take awhile to make any money, so do not give up your day job. Having money in your pocket while waiting for profits to build from your new venture is always advantageous.

As mentioned, it seems that a recession can be coming again, even though we are in an economic downturn right now. It is natural to wonder, “How will my family survive?” Hopefully these tips will help you deal with this new 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 Phoenix, Arizona where you can make the most impact on improving your community.