There are many definitions of e-business, for example we can defines e-business as any net business activity that transforms internal and external relationships to create value and exploit market opportunities driven by new rules of the connected economy. actually the word e means electronic so it means business via electronic channels as website, social networks and emails. Therefore e-commerce is result of e business.
First of all, look at the word e-business, it includes from two words 1- e 2- business so we can define it electronic business however, it is more than an absolute state of a company and it targets the market opportunities of conducting business under new electronic channels. which revolve around the Internet.
e-business communications in markets
e Business Range
This is an acknowledgement that e business comes in many forms and can be implemented to a very small or a large degree. It is also an acknowledgement that the Internet is an essential component of an e-business strategy. Laudon and Laudon s (2002) definition of e-business, as the use of the Internet and other digital technology for organizational communication, coordination and the management of the firm, encompasses these different adaptations. In the broadest possible terms, however, e-business is an electronic way of doing business. The fact that the value proposition of e-business includes the creation of new market opportunities through electronic channels, should not be ignored as these electronically channeled market opportunities enable companies to lower transaction costs, reduce delivery times, improve customer services, and add convenience.
This site is concerned with the implementation of e-business in the construction industry. In this context, e-business is defined broadly as the conduct of construction business by electronic means.
This fits with broad definitions of the term e-commerce exemplified by the definitions below:
- The Organization for Economic Cooperation and Development (OECD): The electronic exchange of information that support and govern commercial activities including organizational management, commercial management, commercial negotiations and contracts, legal and regulatory frameworks, financial settlement arrangements and taxation (OECD,1999).
- Learnthat. e-Commerce is not just about buying and selling online, but also includes all forms of business activities that are conducted over the Internet (e.g. the business-to-business flow of information between companies or within a company, communication between businesses, online advertising, etc.).
- Kalakota and Whinston: e-Commerce at its grass root level can be described as an electronic method of doing business, typically over the Internet. Broadly defined, however, eCommerce is a modern business methodology that addresses the needs of organizations, merchants and consumers to cut costs while improving the quality of goods and services, and increasing the speed of service delivery .
Thus, the term, e-business, as used in this site should not be considered synonymous with narrow definitions of e-commerce as the process of buying and selling goods and services online.
#low investment business ideas
10 ways to save money using these websites
In today’s world everyone wants to save more money that is the reason we always look for buzz words like offers, sale, discount, free etc. When we see something is available like this we grab that opportunity without fail. We even don’t notice word written in smaller font *Condition Applied.
Keeping that in mind we are herewith websites that gives free service and by availing these services you can save your money.
Website to send Text Messages:-
While selecting mobile plan we always select tariff which allows us to send certain number of SMS free, and we pay sometime more money to avail this facility. Many of us are not aware that this type of facility is available free on multiple websites. Just Sign up with website, enter your friend’s number write your message and click ‘send’ completely free.
Website that offer free online storage:-
Few years back small storage facility was costing us big money, but today storage is commodity item. Today you can avail 8 GB storage mini SD card in just 300 Rs. If you want to save money on storage there are multiple website which can provide you personalized storage facility online free of cost. You can store your document, photos, music online free of cost. This storage space is varying from 15GB to 2 GB.
Website for Long distance call
Gone are days where you need to have ISD facility for making long distance call. Today it is very easy to make long distance call to relatives and friends. Just logon to website of Skype and stay in touch with your friends and relative with one click.
Website for Matchmaking
Traditional way to do match making was by relatives, friends and family member. But as time changed the traditional ways has also changed. Today we have multiple matrimony website which provides free trial for match making. Certain site has paid membership but we can always refer to free part to save money.
Website to save commission money
We pay lot of money to buy, sell or rent our property. We can straight away save this money if we try to use online portal available for this purpose. Online portals provide facilities to post our advertisement free of cost. You can use this facility not only for property but also to buy sell products services.
Website for Books
If you are book lover and if you want to save money you spend on book or you want to make sure book you are buying is worth or not you can use these book websites which gives facility to preview and download books from any arena of your interest like, technology, health, finance, fiction, romances and horror etc.
Website delivering free music
In good old days music lover was visiting CD/DVD store for purchasing music CD/DVD but today everything is available online. So if you are music lover and want to save money you can visit following websites which gives facility to listen downloading of songs.
Website for Movies
We all love watching movies so here are sites where you can download/watch movie for free instead of paying money. If you want to capture movie from youtube you can use tool like atube catcher will help you.
Website for Greeting Card
Greeting cards are a ways through which you express your special feelings to your loved and dear ones. Such greetings websites save you money which you might have wasted on a paper card and its postage. Not only that you can always set the date and time in advance, that at which the card to be sent.
Website for learning Language
Many people today love to learn multiple languages, knowing additional language always helps. Livemocha.com is a well-liked language learning site where you can learn many languages around the globe, whether it’s French or Bengali. There you get to interact with other language learners around the world. You can also practice the conversation with a native.
If you come across any website you feel saves you money do share it in comment section given below.
#small business investment
New Ways to Invest in Small Businesses
When nonprofessional investors are able to put money into small businesses, everyone can benefit.
I met with Paul on Tuesday. He is the CFO of a business start-up. He s not sure if the next phase of his company s financing is going to go through. Although he believes in the business model and the mission of the company, some days he thinks he won t have a job in three weeks.
I met with David on Wednesday. While he s a great saver and earns a decent buck, he isn t wealthy. He wants to invest in small companies so much that we ve set up a fun money account, which is 10% of his otherwise well-diversified, passively managed portfolio. Fun money is specifically set aside so that he can make individual investments he believes in.
Because of the way small business investing is structured in this country, the likelihood of Paul and David connecting has been infinitesimally small.
This drives me mad.
It s not just these two who are missing out. Because small companies drive job and economic growth, the economy of the country loses when Paul and David don t connect. And because the current system of funding is biased, some small businesses are a lot less likely to get funding despite their worthy ideas.
Recent developments could change all this.
To raise their initial start up money, small business owners typically first use their savings, and then appeal to their friends and family. Next, they go to banks. If they get big enough and have certain ambitions and contacts, they can get venture capital funding or private equity funding, which is what Paul was waiting on.
These sources of capital are all enhanced if you are affluent and well connected. Do your friends and family have extra money to invest in your business? Do you know anyone you can talk to at a bank? What about impressing people in the venture capital world? A lot of people with good ideas are shut out.
Enter the Internet. Raising money got a lot easier.
The Power of Reward Sites
With reward sites, startups with good ideas raise money in exchange for rewards.
Sesame, which opens doors remotely from smartphones, raised over $1.4 million on Kickstarter.com. The reward here was a chance to order the device.
Then there is Lammily. Barbie s realistically proportioned cousin, whose designer raised almost $500,000 through Tilt.com. The reward for funding Lammily was the chance to pre-order the doll, and sticker packs with stretch marks, cellulite, freckles, and boo-boos.
The reward sites show that companies can raise large amounts of money through small contributions from a large number of people. Research suggests that Kickstarter.com reduces company funding gender bias by an order of magnitude and reduces geographic bias as well. Reward sites cater to consumers who love new products and want to support new ideas.
You may get first dibs on a cool new doll, but sending money to a reward site isn t investing.
The Risks of Private Equity
Traditionally, to get private equity funding, you have to sell to accredited investors the richest 1% of the population, roughly speaking.
Accredited investor regulations were set up in in the wake of the 1929 crash, when a lot of people got ripped off because they invested in dubious enterprises. The idea was that people with a high level of wealth are sophisticated enough to understand investment risk. Unfortunately, this leaves the Davids of the world investors who are sophisticated but wealthy shut out of these types of investments.
Private equity placements are not always a great deal. When I ve looked into them for clients, I ve concluded they are expensive, risky, and difficult to get out of, even if you die. The middlemen who offer these and the advisers who sell these seem to be the ones most likely to make money. The best deals I ve looked at weren t hawked by sales people or investment advisers, but came through clients friends and family.
The rise of Internet portals set up to connect small companies with accredited investors has the potential to cut down on intermediary costs. Still, the sector remains small.
In 2012, President Obama signed the JOBS act, which directed the Securities and Exchange Commission to devise rules opening up small business investing to non-accredited investors.
Some organizations didn t wait for the SEC to issue the rules. Instead, they dusted off exemptions in the securities legislation that most of us have ignored for 80 years.
States Get Into the Act
Some states have picked up on crowdfunding to boost their economies. Terms vary, but generally investors are subject to investment limits and companies are subject to a cap on raising money. Each individual, for example, might be limited to investing $10,000; each company might be limited to raising $1 million. Both investor and company are generally required to reside in the state.
This is music to ears of people who want to invest locally. The first successful offering using this type of exemption was in Georgia in 2013, where Bohemian Guitars raised approximately $130,000 through SparkMarket.com.
Village Power is another example of raising money using an exemption. This intermediary helps organizations set up and fund solar power projects. Village Power coaches their community partners to use an exemption in the SEC rules, which allows for up to 35 local, non-accredited investors.
New Rules Open Doors
New rules issued March 25 by the SEC removed a lot of the barriers for companies raising money and for non-accredited investors.
Companies will be able to raise up to $50 million. Non-accredited investors are welcome to invest, sometimes with limits 10% of their net worth, say, or 10% of their net income.
Although Kickstarter has said that it won t sell securities, other fundraising portals, such as Indiegogo. are looking into it.
And if all goes well, Paul, David, and I can start looking for the new opportunities in June of 2015.
Bridget Sullivan Mermel helps clients throughout the country with her comprehensive fee-only financial planning firm based in Chicago. She s the author of the upcoming book More Money, More Meaning. Both a certified public accountant and a certified financial planner, she specializes in helping clients lower their tax burden with tax-smart investing.
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#advertise your business
7 Ways To Promote Your Business Online For Free
Senior reporter, The Huffington Post
Hi there, you can call me Kim. I’m Senior reporter at The Huffington Post and I’m based in Greater New York City Area.
You may not have wads of cash to spend on marketing in the early stages of your startup, but that doesn’t mean that there aren’t effective ways to get your brand out there.
Before the Internet, small businesses only had a few ways to market their products cheaply, through methods like printing out fliers or sponsoring little local events. Now there are all kinds of opportunities out there on the Web—you just need to know where to look.
Here are seven ways to promote your business online that won’t cost you a dime:
1. Use the three big local listing services
Registering your business with Google Places allows it to be found more easily on Google searches and it shows up on Google Maps. All you have to do is fill out the form and register, then get your business verified through their confirmation process, which can be done either with a phone call or snail mail. Yahoo! also has a big database of businesses called Yahoo! Local. It’s free, and is certainly worth the few minutes it takes to set up. Microsoft’s Bing has a similar service that’s easy to sign up for.
2. Embrace social media
Social media isn’t just a tool to gain exposure—it has now become a necessary time investment for every business to make. You can tie in ads and offers on your Facebook page and have a direct channel with your customers on Twitter. Networking on LinkedIn—both at the personal and company level—can be another way to help your startup.
3. Start a blog
A blog not only helps your company get its name out through followers, but is a way to connect with your consumers more directly. But remember that one of the major keys of blogging is to keep your stream updated as frequently as you can. A dormant, abandoned blog is worth nothing.
4. Put up multimedia on YouTube and Flickr
YouTube provides a free way to distribute creative promotional videos, but in order to succeed you must put up content that people want to view and are relevant to your business—a simple ad will not work. A Flickr profile can also help by giving you one place to compile all the photos for your business, and allows you to link back to your website.
5. SEO your company website
Search engine optimization cannot be underestimated in the world of constant Googling. Pick up a book or head over to an online how-to-guide on SEO and make sure your site is primed for performance on search engines.
6. Press releases
Every time your business does something newsworthy, don’t hesitate to shoot off a press release—maybe folks will pick up on it. They’re a powerful media tool to use to help generate publicity, and having free distribution of them is a bonus. There are dozens of websites out there that you can use for your press releases, such as PRLog and 24/7 Press Release .
7. Join a relevant online community and contribute
Every niche has communities online that you can get involved in. But just signing up for a forum and posting every once in a while about your business isn’t beneficial for anyone, and will likely just annoy people. Actively contribute and build a rapport with the community, while keeping your business out of it. Passively promote your business by putting a link in your signature or mentioning it only when the context is appropriate.
#advertise your business
3 Ways To Advertise Your Business Without Spending a Dime
As a business owner, you already have a lot to worry about. From meeting deadlines and exceeding expectations to making sure all of your expenses are paid, it’s hard to wear so many hats at once. Add in a whole marketing plan and budget. and the costs can quickly get out of hand.
Luckily there are many ways to advertise your business without spending a dime. Here are some examples:
Every business website should have a blog attached to it. A blog enables a business to connect with their customers. You can show some behind the scenes action at your business, describe your products, and introduce your team. Starting a blog is very simple and if you have an already established website, you can typically download a blog template for free and get started right away.
Once you get more proficient with your blog. you can learn about search engine optimization and how to leverage your blog to ensure your customers can find you easier through a Google search.
Learn Pinterest Marketing
Pinterest is quickly becoming one of the most important social media sites out there. You can learn how to create images for your blog posts or your business for free with a service like Canva. and then post those images on Pinterest for free.
Watch free videos on how to use Pinterest effectively, join group boards, and regularly pin every day to find the marketing plan that works best for you. The best part is that this strategy will only cost you your time, not your money. and it can dramatically improve the traffic that goes to your website.
Word of Mouth Marketing
It might seem old school, but word of mouth marketing is still one of the best (free) ways to market your business. You can start by asking your current clients or customers to tell their friends and family about you. Lots of business owners don’t think to ask their clients to write a testimonial or offer to give a discount to them if they send business your way. For example, if you’re a hair stylist within a salon, you can tell your customers that you will give them a free haircut for every three new customers they send you. It’s a simple way to market that again, only costs you your time.
You should also regularly build your business contacts through attending networking events in your local area. Join your chamber of commerce, attending networking dinners, and hand out your business cards when you strike up a conversation with someone new. Remember, you are your best asset when it comes to your business and you’re also your own best salesperson because you know your business best.
Ultimately, you don’t have to spend thousands of dollars on marketing for your business. With a little bit of time and focused effort, you can absolutely grow your business without spending a dime by networking with other business owners, optimizing your website, and learning social media strategies to grow your business.
From Our Partners
#stock market results
4 Ways To Predict Market Performance
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There are two prices that are critical for any investor to know: the current price of the investment he or she owns, or plans to own, and its future selling price. Despite this, investors are constantly reviewing past pricing history and using it to influence their future investment decisions. Some investors won’t buy a stock or index that has risen too sharply, because they assume that it’s due for a correction, while other investors avoid a falling stock, because they fear that it will continue to deteriorate.
Does academic evidence support these types of predictions, based on recent pricing? In this article, we’ll look at four different views of the market and learn more about the associated academic research that supports each view. The conclusions will help you better understand how the market functions, and perhaps eliminate some of your own biases.
“Don’t fight the tape.” This widely quoted piece of stock market wisdom warns investors not to get in the way of market trends. The assumption is that the best bet about market movements is that they will continue in the same direction. This concept has is roots in behavioral finance. With so many stocks to choose from, why would investors keep their money in a stock that’s falling, as opposed to one that’s climbing? It’s classic fear and greed. (For more insight, see the Behavioral Finance tutorial.)
Studies have found that mutual fund inflows are positively correlated with market returns. Momentum plays a part in the decision to invest and when more people invest, the market goes up, encouraging even more people to buy. It’s a positive feedback loop.
A 1993 study by Narasimhan Jagadeesh and Sheridan Titman, “Returns to Buying Winners and Selling Losers,” suggests that individual stocks have momentum. They found that stocks that have performed well during the past few months, are more likely to continue their outperformance next month. The inverse also applies; stocks that have performed poorly, are more likely to continue their poor performance.
However, this study only looked ahead a single month. Over longer periods, the momentum effect appears to reverse. According to a 1985 study by Werner DeBondt and Richard Thaler, “Does the Stock Market Overreact?” stocks that have performed well in the past three to five years are more likely to underperform the market in the next three to five years and vice versa. This suggests that something else is going on: mean reversion .
Experienced investors who have seen many market ups and downs, often take the view that the market will even out, over time. Historically high market prices often discourage these investors from investing, while historically low prices may represent an opportunity.
The tendency of a variable, such as a stock price, to converge on an average value over time is called mean reversion. The phenomenon has been found in several economic indicators. including exchange rates. gross domestic product (GDP) growth, interest rates and unemployment. Mean reversion may also be responsible for business cycles. (For more insight, check out Economic Indicators To Know and Economic Indicators For The Do-It-Yoursel Investor .)
The research is still inconclusive about whether stock prices revert to the mean. Some studies show mean reversion in some data sets over some periods, but many others do not. For example, in 2000, Ronald Balvers, Yangru Wu and Erik Gilliland found some evidence of mean reversion over long investment horizons. in the relative stock index prices of 18 countries, which they described in the “Journal of Finance.”
However, even they weren’t completely convinced, as they wrote in their study, “A serious obstacle in detecting mean reversion is the absence of reliable long-term series, especially because mean-reversion, if it exists, is thought to be slow and can only be picked up over long horizons.”
Given that academia has access to at least 80 years of stock market research. this suggests that if the market does have a tendency to mean revert, it is a phenomenon that happens slowly and almost imperceptibly, over many years or even decades.
Another possibility is that past returns just don’t matter. In 1965, Paul Samuelson studied market returns and found that past pricing trends had no effect on future prices and reasoned that in an efficient market. there should be no such effect. His conclusion was that market prices are martingales. (To read more, see Working Through The Efficient Market Hypothesis .)
A martingale is a mathematical series in which the best prediction for the next number is the current number. The concept is used in probability theory, to estimate the results of random motion. For example, suppose that you have $50 and bet it all on a coin toss. How much money will you have after the toss? You may have $100 or you may have $0 after the toss, but statistically the best prediction is $50; your original starting position. The prediction of your fortunes after the toss is a martingale. (To learn how this applies to trading, see Forex Trading The Martingale Way .)
In stock option pricing, stock market returns could be assumed to be martingales. According to this theory, the valuation of the option does not depend on the past pricing trend, or on any estimate of future price trends. The current price and the estimated volatility are the only stock-specific inputs.
A martingale in which the next number is more likely to be higher, is known as a sub-martingale. In popular literature, this motion is known as a random walk with upward drift. This description is consistent with the more than 80 years of stock market pricing history. Despite many short-term reversals. the overall trend has been consistently higher. (To learn more about random walk, read Financial Concepts: Random Walk .)
If stock returns are essentially random, the best prediction for tomorrow’s market price is simply today’s price, plus a very small increase. Rather than focusing on past trends and looking for possible momentum or mean reversion, investors should instead concentrate on managing the risk inherent in their volatile investments.
The Search for Value
Value investors purchase stock cheaply and expect to be rewarded later. Their hope is that an inefficient market has underpriced the stock, but that the price will adjust over time. The question is does this happen and why would an inefficient market make this adjustment?
Research suggests that this mispricing and readjustment consistently happens, although it presents very little evidence for why it happens.
In 1964, Gene Fama and Ken French studied decades of stock market history and developed the three-factor model to explain stock market prices. The most significant factor in explaining future price returns was valuation, as measured by the price-to-book ratio. Stocks with low price-to-book ratios delivered significantly better returns than other stocks. (To read more about this ratio, see Value By The Book .)
Valuation ratios tend to move in the same direction and in 1977, Sanjoy Basu found similar results for stocks with low price-earnings (P/E) ratios. Since then, the same effect has been found in many other studies across dozens of markets. (For more on this, check out Understanding The P/E Ratio .)
However, studies have not explained why the market is consistently mispricing these “value” stocks and then adjusting later. The only conclusion that could be drawn is that these stocks have extra risk, for which investors demand additional compensation. (To learn more about this phenomenon, read The Equity-Risk Premium: More Risk For Higher Returns and Calculating The Equity Risk Premium .)
Price is the driver of the valuation ratios, therefore, the findings do support the idea of a mean-reverting stock market. As prices climb, the valuation ratios get higher and, as a result, future predicted returns are lower. However, the market P/E ratio has fluctuated widely over time and has never been a consistent buy or sell signal .
The Bottom Line
Even after decades of study by the brightest minds in finance, there are no solid answers. The only conclusion that can be drawn is that there may be some momentum effects, in the short term. and a weak mean reversion effect, in the long term.
The current price is a key component of valuation ratios such as P/B and P/E, that have been shown to have some predictive power on the future returns of a stock. However, these ratios should not be viewed as specific buy and sell signals, just factors that have been shown to play a role in increasing or reducing the expected long-term return.
#advertise my business
4 Ways to Market Your Business for Free
CEO and Founder of Tack
Ask any entrepreneur that s just starting out what the most difficult aspect of their business is and they ll likely point you to the challenge of reaching and retaining customers. Yes, marketing a new business or product can be a time consuming, costly endeavor — something many entrepreneurs don t have.
Small businesses and startups generally don t have the luxury of outsourcing their marketing needs to professionals. However, there are a handful of marketing practices available to entrepreneurs that don t require them to burn through valuable resources to get this challenge under foot and get their business humming.
As the co-founder and CEO of a media technology startup. I ve learned a few helpful secrets on how to market your business for free.
1. Create local awareness.
Gaining coverage in local papers, trade magazines and websites can greatly increase name recognition and educate people about your business – driving new customer acquisition. While many growing businesses in competitive landscapes may want to hire an expensive public relations firm, startups and small businesses can start off with some simple do-it-yourself PR.
Start by researching publications and writers that cover your industry — or local business. Once you have a grasp on the writers you want to reach and the stories they typically write for their publication, craft a pitch around your business that will pique their interest.
For example, if you re in the widget business, explain how your widget business is impacting the local economy — or your industry. Entrepreneurs and small business owners can also subscribe to Help a Reporter Out. This free service provides queries for upcoming articles — allowing you to contact the writer directly.
2. Increase lead generation and customer engagement with email marketing.
According to a recent survey conducted by Ascend2. email is the most effective digital marketing tactic, the one that delivers the best ROI and the least difficult to execute. Start a customer newsletter that offers timely information about the business, special promotions or an inside look at the company. This helps build a community with your customers, and it keeps your product and business on their minds.
Entrepreneurs don t need to pay an agency or marketing consultant to develop an email campaign either. You can do it yourself with free services, such as MailChimp. which allows small-business owners to send marketing emails, automated messages and targeted campaigns to customers. If you want to get more personal and send one-on-one messages, use a new free product called Sidekick that automatically notifies you when someone opens an email you sent them.
3. Leverage social media.
It s free, easy to get started and offers a massive network of potential customers. The hard part is increasing your followers without wasting your precious time. Make sure you focus on value over volume. Identify the social channels that reach your customers best including Facebook, Twitter, Pinterest, Instagram, LinkedIn and the new guy, Ello.
The goal is to provide your followers with something that s useful, interesting and shareable. Start small, post a few times a week and learn who your audience is. Once you have an understanding of who s consuming your content, and what they re interested in, you can start ramping up efforts.
Also, tools like my company, Tack. allows you to take a post you ve already created and turn it into an online ad outside of the social network — increasing your post s reach.
4. Stand on the shoulders of your customers.
Satisfied clients can be a business s best marketing tool. Actively engage pre-existing clients through PR, social media and email.
For example, pitching your business and a satisfied customer to a writer can be mutually beneficial for both parties. This tactic generally leads to a more compelling story and a stronger relationship between you and your customer. Once you have a customer army of spokespeople, let them share positive experiences and tell your company story for you.
Marketing a small or new business is extremely crucial to a company s success but that doesn t necessarily mean you have to invest a huge chunk of capital into it. Savvy, frugal entrepreneurs can find products and services that can help increase visibility and drive customer acquisition without spending any overhead.
#how to finance a business
10 Ways to Finance a New Business
When you were eight years old, you launched a highly profitable lemonade stand in your front yard. With nothing but a packet of instant drink mix, a crudely drawn sign and a winning smile, you grossed a whopping $2.35 in just an hour and 15 minutes. If only all new businesses were that easy.
According to the Global Entrepreneurship Monitor, a research group, the average cost of starting a new business in the United States in 2005 was $70,000 [source: Consumer Reports]. In a 2004 survey of failed businesses, 79 percent of respondents said that starting out with too little money was a major cause of their collapse [source: Sugars ].
But how do you finance a new business? When you were eight, you could borrow the drink mix from mom. But now that you’re grown up, will she let you borrow her life savings?
Luckily, you’re not the first entrepreneur to start with nothing but a good idea. Keep reading to learn about 10 effective and creative ways to raise start-up capital for your new business.
a data-track-gtm Byline href about-author.htm roos Dave Roos a 10 Ways to Finance a New Business 5 May 2009. br HowStuffWorks.com. lt http money.howstuffworks.com 10-ways-to-finance-new-business.htm gt 3 September 2016″ href=”#”>Citation Date
10 Ways to Maximize Your Facebook Business Page
If you are wondering how to get the most out of your Facebook business page, you are not alone. With over 1.440 billion monthly active users, the social network is attractive to businesses across the globe. While some businesses just have a Facebook page for the sake of having one, you can learn how to get the most out of your Facebook business page by applying best practices.
Here are ten things that can boost your Facebook page.
1. Upload behind-the-scenes photos.
Imagine you are looking to hire a consultant. You clicked on an ad and land on the website. It all looks nice and well taken care of but the about page and a photo of the consultant are nowhere to be found. If you don t show behind-the-scenes photos or videos on your Facebook page, you are as anonymous as this consultant s website.
2. Upload videos and create playlists.
Videos that are uploaded to Facebook, and not embedded from YouTube, for instance, can be put into playlists. Show off how-to tutorials, new product features, instructions, a behind-the-scenes video series and more, all while showing up better on people s timelines.
3. Test the call-to-action button on the page header.
Facebook pages can have a call-to-action button on the page header. If the button has been enabled by Facebook, you will see the button Create Call to Action on the bottom right of your Facebook page header. Split test what call to action results in the most sales, likes and page website visits. Typically Watch Video, Shop Now, and Contact Us are good choices to start with.
4. Share exclusive offers.
Give people a reason to come back to your Facebook page timeline. Share giveaways and special offers that expire within 24 hours of posting. If you have already grown engagement on your page successfully, try sooner expiration times such as 60 minutes or have people vote a winner among submissions of fans (e.g. the best selfie with the product).
5. Run a contest.
One of the main reasons so many people spend so much time on Facebook is because it is entertaining. Publish a funny photo and run a caption contest to keep fans entertained and attract new people to your page. Contests do not necessarily need to result in vouchers or a financial reward such as discounts or freebies.
6. Interact with other Facebook pages.
Comment as your page on other business pages and like pages of your employees, companies near you if you have a physical location, businesses you are collaborating with or companies whose services or products you are using. Liked or tagged pages will often times return the favor and mention or like your page in return, which is free cross-promotion. Any pages you like with your own page can be displayed on the left hand side as vertical tab.
7. Celebrate milestones.
Let fans know what is happening with your page so they feel part of your community. Use Google Analytics and post updates what geographic region new fans are from. That increases chances that these fans feel addressed and click like or comment which then results in your post on their timelines. More each increases the chances to get more likes and in this case, you might get a like simply because someone it from the same town.
8. Create a custom tab.
Custom tabs require some programming but are worth considering for any business focused on more than a very few customers. Integrate live chat, billing, policies, shipping information, your background story, subscriptions, signups for upcoming events, webinars and downloadable content such as ebooks or case studies.
9. Split test engagement strategies.
Start split testing strategically what kinds of posts boost engagement. If you have fewer than 10,000 likes or not much engagement on your page, start with a simple schedule and content type test. Post every Tuesday, Thursday and Friday at a specific time of the day with specific kind of content, such as photos on Tuesday and Friday, long text on Thursday. After two to four weeks, switch one weekday out with another (e.g. Monday instead of Tuesday) and see what performs better.
10. Show other social media pages.
Facebook business pages are an effective way to showcase pages and profiles on other social media networks. Add Instagram, Pinterest, Twitter, and other tabs to your Facebook page to give potential customers and fans a holistic overview of your corporate culture and brand. Besides showing what you are all about, it is an opportunity to have a one stop destination for all social media activity.
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10 Ways to Know If You Have a Great Business Idea
Ready to take on the world of entrepreneurship? In order to find startup success, you need a great business idea. But a winning business idea is more than just something you’re excited about or good at — you have to make sure your idea is actually viable.
Business News Daily asked experts how you can tell if your business idea is poised for success. Here are 10 questions to ask yourself before pursuing your business idea.
Does it solve a problem?
Entrepreneur and co-founder of the Web design school The Starter League Mike McGee thinks the best business ideas are those that solve a problem in some way.
If there is a problem that affects you, your friends, family, co-workers, etc. then the chances are high that it affects people you don t know as well, McGee said.
Will people will pay for it?
It s paying customers who validate an idea and determine which ones have the greatest chance for success, said Wil Schroter, co-founder and CEO of Fundable .
An idea is just an idea until you have a paying customer attached to it, Schroter said. Anyone can discredit a simple idea, but no one can discredit paying customers.
What’s your price point?
Credit: Profit Growth Image via Shutterstock
Charlie Harary, founder and partner of investment firm H3 Co., said that while there are many ways to solve problems, great business ideas do it in a way that is less expensive than what the market will endure.
Once you have determined that you are solving a legitimate problem in a scalable way, you need to determine not only the value that it delivers to the world, but what people would pay for that value, Harary said. Once you determine the price, then you can assess if your solution is businessworthy or not.
Is there a sizable niche market for it?
Without a large enough market, your business idea may never get off the ground. Ruben Soto, CEO of shapewear company Hourglass Angel. said your business should cater to a strong niche market.
“Start by focusing on a niche market you know that can be served better,” Soto said. “Make sure the market is large enough and that you can serve those customers better than the alternative. Large companies won’t focus on niche markets, so there is room to compete and exceed customer expectations.”
Are you passionate enough about it?
Credit: Andy Dean Photography/Shutterstock
Your business will likely take up all of your time, so make sure you’re passionate enough about it to make it successful.
“Since starting a business requires an inordinate amount of time, energy and patience, ideally, the idea will be one that you are passionate about, as well as one that you have skills or experience [in],” said Melissa Bradley, executive-in-residence and director of entrepreneurship and innovation at the Kogod School of Business at American University .
Have you tested your idea?
Credit: Michael R Ross/Shutterstock
You won’t know if your business is viable until you test it on strangers.
“Test it not just with friends who will be too polite to tell the truth, but with honest people who would make up your ideal target audience, and then listen to the feedback,” said Lisa McCartney, chief “PLYTer” at educational math board game company PLYT. “
“If your target sample is saying [your idea] is fantastic and [asking] where can they get it, you know that you’re onto something, but if they are less than enthusiastic, it’s probably not as good an idea as you thought.”
Are you open to advice?
If you’re not open to changing or adapting your idea to fit what your customers will want, your business idea might not be worth pursuing.
“Success happens when you are willing to listen and consider others’ advice,” said Angie Yasulitis, CEO and managing partner at YaZo Marketing and Business Development Strategies. “Most good ideas take some tweaking to get to market. Being closed-minded is a business killer.”
How will you market your business?
Many entrepreneurs think about the problems their business will solve but not about how they intend to market their business to their target customers. Jesse Lipson, corporate vice president and general manager at cloud company Citrix Cloud Services. said that your marketing strategy can determine if your business idea is a good one.
“If you have a solid go-to market strategy and a decent product, you’ll probably be successful,” Lipson said. “But if you have a great product without any idea how to reach your potential customers, then it’s going to be really tough to make it successful. Thinking through that as early as possible is really key.”
Are you being realistic about your goals?
As excited as you may be about a new business idea, it’s important to stay grounded and be realistic about it. Thomas J. Gravina chairman, co-founder and CEO of cloud services company Evolve IP said you shouldn’t have a “Field of Dreams” mentality when starting your business.
“Just because you have a vision and decide to build it does not mean the rest will follow,” Gravina said. “While you may have an idea that is original, revolutionary or ahead of its time, there should be a real, solid market opportunity to ensure it is successful. Any new business case or new endeavor has to have a viable market that you believe you can sell now not theoretically or on the premise that there is a future for this market.”
Can you explain your idea in the simplest terms?
Your business may solve a complicated problem, but you should be able to explain it in simple terms so that anyone can understand it, said Kris Duggan, CEO of goal management company BetterWorks. Duggan suggested using what he calls “the grandma test.”
“When you typically hear someone pitch their idea, it’s usually chock-full of important-sounding jargon that rarely makes sense,” Duggan said. “When you think about your new business idea, ask yourself, ‘Can it pass the grandma test?’ In other words, would your grandma understand what you do? Perhaps your business is solving a complicated problem, but early on, come up with a way to explain it that makes sense to the masses.”
Updated Jan. 13, 2016. Business News Daily Senior Writer Chad Brooks also contributed to this story.