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    0 Replies Latest reply on Jul 8, 2008 12:37 PM by millydou

    Once Home-Based Business Returning To Nest

    millydou Wayfarer

      When a small business graduates from being home-based to having premises of its own, it's quite an accomplishment. But in this economy, some small company owners are deciding it makes more sense to move back home again.

      Robin Stein's company, Portamee, was started in her Manhattan apartment in 2006 and found quick success selling its baby carriers to big retailers. So Stein and her partner, Jennifer Gilbert, moved to an office in the garment district.But the weakening economy is making it harder for this young business. Stein said the company needs capital to be able to grow, but it's having a hard time raising it in the difficult economic climate."It's a lot more challenging to get customers to buy a new brand without supporting (it) with advertising and marketing, and that's expensive," she said.So, at the end of June, Portamee will relocate back to Stein's Upper West Side apartment."We need to be cautious so that we can manage this stage in business," Stein said. "I think we'll be fine in the long run."Richard Boggs, CEO of Los Angeles-based Nationwide Tax Relief, said he's seeing an increase in the number of his clients moving businesses back home.Boggs' company helps businesses resolve tax problems with the government, and he's seeing more companies unable to pay taxes because their cash flow is being hurt by the aftermath of the credit crisis. They tried to shore up their financial situation by not paying their taxes - never a good idea.
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