In the last article, we looked at how small businesses can take advantage of commercial, technical, and marketing economies of scale. But there are two more types of economies of scale that I’d like to talk about: network and managerial. Let’s see what small businesses can do to exploit these.
Continue readingAuthor: Francois Maingret (Page 13 of 13)
As you probably already know, economies of scale are cost reductions that occur when companies increase production. When you open an economics textbook and you read about it, you might find examples about company XYZ ordering 1 million units from their supplier instead of 100,000. I remember being a college student and learning about these economics concepts; it did not feel much different than learning about trigonometry in middle school: “When am I going to use this outside the classroom?” was my immediate thought.
Continue reading
Earlier this year, I was talking to a student who told me she was considering starting a side online business to generate extra income, and she told me about some challenges she was facing. One of them was about graphic design, our conversation basically went like this:
- “The thing is, I’m not good enough at graphic design.”
- “You don’t have to do it yourself. Do you know anyone who can help you?”
- “I don’t think so.”
- “Well, why don’t you hire a graphic designer?”
- “I don’t think I can afford it. This must be expensive, right?”
And that is when I told her about marketplaces for freelance services.
Continue reading
If you have ever studied business, you’ve probably heard of this concept called Product Life Cycle(and if not, you’ll definitely hear about it again soon). It represents the phases that a product goes through from its birth to its death.
Continue reading
In the first part of this article, we talked about the basic AIDA funnel. If that funnel was too theoretical to you, let’s look at a real-world example on an ecommerce website. We will use the same example as above; we sell nutritional products on our online website.
Continue reading
Ecommerce sales funnels – Part 1
Let’s say you are single, and you are trying to meet your soulmate on a dating app. You see an attractive stranger, start a conversation, and within a few texts, they ask you to marry them. What are you going to do? Say “Yes”? Or block them and never talk to them again? You might think that it’s a weird way to start a conversation.
Continue readingAbout This Blog
My name is François, I’m the author of this blog. I love writing and talking about business and ecommerce. I hope you enjoy my work, feel free to contact me for any suggestion!