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Urgent: Ways to lower your taxes

5 November 2012 2 CommentsBy Sarah Shaw

Did you know that if you are a corporation you pay taxes on inventory at the end of the year?

This is why I always do as many sales as possible prior to December 31st…….. rather put the money in my pocket.

To round things out each year, I try to do one or two home parties (or sample sales) to get rid of excess old inventory or showroom samples, press samples or anything that was returned from internet sales throughout the year that is still laying around. 

Home parties can be super fun – especially if you invite other designers you know to participate as well – it brings in more shoppers!

Here are a few tips to rockin' your home parties:
 
  1. Find a wealthy friend who can host the event at her home and invite her friends with money.
  2. Send (or she will) a Paperless Post e-vite. They are very upscale and are much more impressive than other “plain” evites. Provide her with the right descriptions and specials you are offering.
  3. Invite your friends too.  Send multiple times.
  4. Ask a local bakery, caterer, Restaurant, wine or coffee merchant if they want to donate food and beverages. If they say yes, ask them if they can invite their best customers.
  5. Have a GWP for purchases over $50 and a bigger one for over $250.
  6. Off your products at wholesale. This is ONLY to raise brand awareness and get more people using your products and talking about them.
  7. Have each person sign up on your mailing list and then send them an online coupon for 40% off their next purchase. In return, ask them to fan your FB page and post a comment about the item they bought.
  8. Send them an anonymous survey and ask them questions about your products, price points and quality to help you be better at what you do. In return, offer them a 30% off coupon.
  9. Offer to donate a portion of sales to the hostess's favorite charity.
  10. Invite other product companies to sell too so you can get them to promote to their lists.

Here's to lowering your taxes and putting more cash in your pocket!

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2 Comments »

  • Kristen said:

    I am thinking about doing a home party. As always, great tips!

  • Tracey Sanchez said:

    Sarah:

    Thank you for the excellent ideas. I must act on them immediately!

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