3 Things You Should Know About Small Business: July 26
NEW YORK (TheStreet) -- What's happening in small business today?
1. The age of F-commerce has arrived. More and more small businesses are taking their companies to Facebook(FB) , and not just creating a page on the social media site for fans to "like." These businesses are setting up e-commerce shops to sell directly through Facebook as opposed to a website, according to the New York Times.
Facebook uses start-up Payvment, which provides shopping transaction support. Payvment says it has 170,000 clients and is adding about 1,500 stores a week, many with fewer than five employees, the Times says.
Small businesses seem to be having more success selling through Facebook than their larger retail counterparts: Gap, Nordstrom, J. C. Penney and GameStop have all shut down their Facebook stores, primarily because customers are already used to shopping on their direct websites, the article says.
But there are challenges. For one, customers have yet to trust the Facebook storefront. And business owners need to remember that they don't own their storefronts, Facebook does.
2. And the states that are most business-friendly to black business owners are ... Black business owners are increasingly gaining in entrepreneurial success, and parts of the U.S. like Texas, Ohio and Pennsylvania, among others, are seen as more favorable locations for these business owners, according to Huffington Post.
According to the most recent Census data from 2007, the number of black-owned businesses in the U.S. rose 60.5% between 2002 and 2007, to 1.9 million. That compares to a national rate of growth for businesses at 18% during the same time period. Black women-owned businesses particularly excelled, HuffPo notes.
That said, black-owned businesses generated just 0.5% of all receipts in 2007, according to the Census report.