All the business entrepreneurs work towards success in their respective businesses. It doesn’t really matter if you are poor or rich everyone has an aspiration to become successful in all aspects of life, be it related to money, fame or relationships.When you are aiming at building a home based business opportunities, you will need to incorporate various habits or practices which can bring about positive changes to your business. Incorporating the basic values in life can help you to achieve the desired heights of success.The most important elements which you will need to incorporate in your life are mentioned below:Optimistic thinking – It is very crucial for a person to be an optimistic thinker for the home based business opportunities. With that, you will be able to tackle each and every problem that comes your way. Life is full of challenges and difficulties and if you have a pessimistic attitude towards the problems which occur in your business, then you could drive potential clients away.Importance of time management – Every successful man has a keyword in his life i.e. importance of time and its proper management. As the famous proverb suggests “time never waits for anyone”. The time lost doesn’t provide a second chance to improve oneself. Understanding its importance will open new doors towards the success of your business.Updated knowledge – To be successful, you need to know what is happening around you globally. The quality of being updated, distinguishes you from others. You need to move and think ahead of the times to enhance your business in a successful manner.Goal sitting – You need to set the goals and ambitions for your home based business. By setting goals, you can accomplish a more successful business and cover each and every milestone in your journey.Proper scheduling of the tasks performed – Even for the people working from home, proper scheduling or proper planning is an essential constituent. If you are looking to build a successful business, make up your work schedules and follow it strictly. By doing that, you can achieve what you are aspiring for.Discipline – Discipline is very necessary to accomplish the elevation of success. If you are not disciplined towards your life or work, you cannot think of even getting close to success. Your discipline regarding social networking and personal relationship should be maintained effectively.Truthfulness and hard work – You must have heard of the popular phrase “God helps those who help themselves”. Hard work is the most essential ingredient of your business. Being true towards your home based business opportunities acts as an icing on the cake for the hard work done.
Start a Home Based Business Online – What Are the Keys to Success?
When you start a home based business online there are 3 keys to success. You need to know that you are involved with the best people and the best opportunity that is right for you. You need to brand yourself and tell people your story and what your all about. You need to develop a millionaire mindset and become mentally bulletproof.When you are looking for opportunities to start a home based business online you want to make sure you have the best information, and that you are involved with the best people. There is a lot of junk on the internet, and that can lead to overwhelm and frustration. The smartest way to find a quality online business opportunity, is to do good research. When you have found something, I suggest searching for the company name on Google and searching for blogs of the people who are involved in that company. Get to know their story and what they’re all about.Once you are happy with what you have chosen it is time to start your business. The key to success when you start a home based business online is “Personal Branding”. With all the junk on the net people need to feel that it’s a real business and they need to feel excited about joining that business. Just like you did, they will do their research on you and your business. When they find you and what you are offering, you need to tell them about “You”. E.g. Where you came from, What your goals are, and what your all about. Tell them your story, let them get to know who you are.Without a doubt the biggest challenge newbies face when they start a home based business online is their mindset. The majority of people who search for business opportunities online have a lottery mentality, they want to make BIG money with little to no effort. Other people have excuse-itis, they constantly make excuses why they cant succeed. Make no mistake, an online business, is a real business and requires hard work to succeed. If you want to have a highly successful online business, and make big money, you need to develop a “Millionaire Mindset”. The way to do this is to constantly feed your mind with personal development materials. You need to only allow positive energy in your world and you need to weed out all the negative energy in your world.3 simple things to start a home based business online:1. You need the best information and opportunity
2. You need to get your name out there and show yourself to the world. And…
3. You need to develop an unstoppable mindset, a mindset that empowers you and pushes you towards your goal.
Home Based Business
Are you tired of the daily eight to twelve hours work shift? Is the every day rush in the morning, a hectic day in the office, pricking comments of the boss or dirty politics of colleagues pushing you in the sea of stress? Home based business opportunities will show you the light of a new earning scope apart from the dreary world. It is also suitable for the homemakers or women who have to stay back home for children. You can manage the home based business the way you want, invest time and resource as per your need. Therefore, you have freedom and control over your life that you do not get in normal official jobs.However, before starting any business you have to do a lot of research about your preference, scope, resources, time and capability. You have to be very clear of what you want to do. There are various types of employees in various home based businesses; you may opt to be a freelancer, take contract independently; work as telephone operator, a virtual assistant or even a consultant.Prepare your CV perfectly, emphasize your skills and experience, and select the most suitable time frame for you. Especially the time frame is very important as you have to be available to the clients on time and also attend your family responsibilities. As you are working from home so you must have plenty of time. Again, staying home is a drawback if the household chores take over your working hour.Investigate about what resources you have. A computer machine, a telephone, any software and even your special skill will be beneficial. There are various types of home based business and you are the mastermind to select the right one, design and develop your business. There are many alluring advertisements broadcasting lump some money, but be careful because a hefty income from business is not possible overnight. The advertisers invested years behind the business to make money.Some common home based business solutions are-
Website-based business: if you can design websites then this is for you. If you are not that skilled you can buy website or hire experts and run the business.
Freelance writer: if you do not have any special skill but knowledge of the basics of computer use, then you can write articles, do data entry work online.
Manage to buy and sell products online: become familiar with the auction sites, use your intelligence and sell the products online.
Virtual assistant: you can work as administrative assistant or office assistant without going office.
Other online jobs: these include online coaching, web-content management, consulting, transcription works etc.
All these were based on internet. However, you can do business without a computer also. If you have any hobby like painting, craftwork, music, knitting, cooking etc then you can sell your handwork or give training on them from home.As with all other jobs, home based business also have some shortcomings. You do not get any health or life insurance on the basis of home based work. Your income may not be steady and stable every month and affording all expense of the family may be impossible at times. As you are staying home, you have to be present in all family matters, distracting you from the job. Home based business is no less than regular jobs and it is very challenging. After all, you have to be confident enough that at the end you will succeed.
How To Determine Which Home Based Business Is Right For You!
In today’s world, who DOESN’T want to make money from home? The 2 primary things at your disposal are that the economy calls for this but also that technology has never made it easier for us! You can literally reach the globe and have things become viral today via Facebook and the power of social networking. It is almost harder to believe that despite these things, the majority of people that get involved STILL fail for some reason. So how do you pick and choose which home based business is proper for you?1.) Your “Why” – You will need to CLEARLY determine what is motivating you to want to work from home. If your “why” isn’t strong enough, typically you won’t succeed. I’m not talking about “I need the money” type of why. I’m talking about a true passion or desire to succeed at something that you feel you can/will make a difference with. Unlike punching a clock and exchanging your time for money (usually piddly money), working from home REQUIRES consistency and drive to the fullest. You will not continually display this on a consistent basis if you don’t enjoy what you’re doing and believe it has a purpose for you and for your customers.When I quit my “job” and started marketing online full time, I was torn between the “Should I or shouldn’t I” phase. I was making enough money online to justify it but my fear of “what if?” set in. I figured out that my “Why” was due to overwhelming medical bills and having NO chance to pay for them until/unless I did something different. My “job” was capped and my income was capped. Home based businesses are notorious for not “capping” you, your potential or your income. Quite attractive when your “Why” is strong.2.) Skill – Let’s face it. There is a certain amount of skill required for a particular business opportunity. This is something that I deal with everyday with my students. They want to get into internet marketing but they “Don’t know how to build websites” and many other excuses. Guess what? Either did I! That’s the beauty of these businesses is that although skill might be required, it CAN be learned and improved upon.I am now building sites, landing pages, sales funnels, blogs, installing plugins, etc. If you would have mentioned these to me years ago, I wouldn’t have even known what they were! So rejoice in the fact that whatever your opportunity is, it WILL require skill that you can improve upon!. The smart “go getter” will pick an opportunity where they are already skilled if possible OR be willing to dive in and learn and not be intimidated by it!3.) Experience – It isn’t likely that you will have experience in whichever opportunity you decide to get involved in and that is normal I think. When I bring experience up, I am referring to being realistic about YOUR personal experience level with this opportunity you are considering. In other words, just because Ralph down the street is achieving success does NOT mean that you will. Draw your OWN conclusions from your OWN experiences, NOT from Ralph’s experience.These opportunities are generally only going to share results from their highest achievers. I believe that means the 1 or 2% that actually achieve tremendous success in this opportunity. They are the ones that do the sales pitches and the infomercials and such because they don’t want to tell you about the other 98% that never made a dime. Be realistic and draw YOUR conclusions. Don’t allow outside influence like this distort your perspective of a particular home based business opportunity. Only YOU can draw this conclusion.4.) Start Up Fees – Many opportunities will ask for and require payment for many different things and reasons. This is normal and shouldn’t scare you away. Businesses require money to start up and require money to build them. However, do NOT blow your budget for any opportunity. If you wish to start or join an opportunity that requires more money than you currently have or can spend, SAVE the money and get involved then. Reason being is this…..you will learn to resent your decision and the opportunity when you don’t see immediate results. It is common for the opportunities to insinuate that if you spend xxxx amount NOW, you can recoup your loss by working the system.Sometimes this is true and I believe it is always possible but it certainly is not probable. If they try to persuade you to move forward when you resist, I would say that is a red flag. Start up fees should be paid and disbursed and forgotten about. Move forward in your decision and give it an honest effort. This leads me to my next helpful tip….5.) Seed Planting – When a farmer goes out and plants seeds, they don’t do this so that they can come back tomorrow and see results. They plant the seeds knowing full well that the results might not happen for quite some time. This is how I always treat home based business also. Many get started, they plant some seeds and get some things accomplished, they don’t see immediate results and the bail out. This is a HUGE problem and one of the leading causes of failure in these home based business opportunities in my opinion.You need to generally give these opportunities adequate time to develop and you need to be smart enough to stick it out for the harvest! You certainly wouldn’t want to be involved in something that yielded immediate results because THAT would most likely be some kind of bogus scam. Instead, moderate results and/or dismal results that continually get better are what you’re looking for. The harvest is waiting and you certainly can’t enjoy it if you bail.In closing, I’d like to simply point out that it is my opinion that ANY home based business CAN generate a good living for the right person. It is usually the person behind the opportunity promoting it that causes the failure. Self sabotage and “re-inventing the wheel” are SO common. Instead of doing what you were taught, you decide to skip this or talk yourself out of doing that…and the next thing you know, you don’t have anything to show for your efforts.However, your efforts weren’t done properly so of course your results weren’t good. Now that I have reached the level of success that I have, I can honestly say that there has never been a better time to get involved in home based business. The decision to do this has changed my life completely in all ways and it has done the same for thousands in this poor economy.I strongly suggest that while evaluating ANY home based business opportunity, you FIRST evaluate yourself because it will most likely be YOU and only YOU that create the failure. We are self sabotaging humans and our loved ones are notorious for not being supportive in these ventures. Surround yourself with others that are successful and ask for help. If you are willing to do the work and go through the motions properly, most that are successful will be more than happy to help you.They should appreciate that you are striving to learn but do NOT expect them to offer advice and then watch you decide to NOT do what they said or to “modify” it and do it YOUR way. Your “Why” simply needs to be strong enough to do any of these things. If it were as easy as it sounds on paper, nobody would work for anyone and we’d all be working from home. If you don’t have determination and drive to be successful, you won’t. It’s not rocket science! I encourage you to go for it. It sure has made ALL the difference in my life!
Signs of a Successful Small Business Owner
When starting a new business, there are numerous signs that can indicate whether you’re succeeding as an entrepreneur or aren’t. A small business can be risky. This is particularly true if you specialize in a niche that bigger companies already excel in. However, if you display some particular qualities, it’s a sign that you’re doing a good job to stay afloat.That’s because small business owner who have a positive attitude towards success are the most likely to get a taste of it than his counterparts. Their counterparts focus only on stability and nothing more. While business success has a lot to do with your initial idea and how you build upon that idea, it still depends on your personality and capabilities. Here are the few signs of a successful small business owner that you should develop as part of your personality.You Like To Form CollaborationsMost successful entrepreneurs display this common trait. They understand the importance of having a well-connected network in the business world. Nevertheless, just like in every other change, collaboration needs to start from within your business. This means you’ll need to start delegating tasks effectively. Another crucial part of this is building good relationships with everyone on your team. This includes your employees and suppliers.Of course, you also need to establish a position in the network of small businesses. It’s unwise to act alone without any partners. You needn’t form friendly relationships with your competitors. However, at the least, you should be on good terms with other small businesses that complement yours. By obtaining a position in the community of other businesses, you’ll be able to create new opportunities that can benefit others. Moreover, others can do the same for you. What results is a beneficial support system that allows all members to rely on one another.You Have Your Eyes Set on the FutureYou never know what the future holds, especially if it’s for something as volatile as a new startup business. That’s why successful entrepreneurs share a common characteristic of looking towards long-term future goals.Some struggle to stay afloat amidst a rocky economic climate, and such desperate conditions can lead to business owners not looking farther than the near future. Such thoughts are understandable, but think of it this way; acting upon well-structured long-term goals at the same time as day-to-day tasks can ensure far more than financial stability and simple peace of mind.Your Leverage the Benefit of TechnologyNowadays, when it comes to operating a small business, it all comes down to incorporating the use of technology, whether in marketing, management, or everything else. Technology and software have made it easier for entrepreneurs and small business owner to meet their goals, and now with services like Google AdWords and personal assistants, functions have become much more streamlined than ever before.Take websites, for instance, they’re a business’ online identity and that’s where most potential customers will go to check whether your brand is legitimate or not. Then comes social media, which is a useful marketing tactic that produces results without requiring you to spend too much of your ad revenue. Then there are other business-related applications like customer support live chat software, fixed responses for keywords and budgeting tools that boost your productivity so you can focus on product quality.You Love to LearnYou’re never ready to run a business until you’re prepared to improve yourself by learning from others. You may be determined to make it through with a method involving trial and error, but that costs precious resources; you need to start learning from others’ success and failures. Data is the most powerful weapon that a business can possess because it helps you discover trends and important details.If you aim to learn about what strategies lead to profitable ideas and which ones are just downright terrible, you’ll be able to devise a solution of your own. The best way to fulfill your curiosity is to read and look into insights regarding management, marketing, customer satisfaction, and product quality. Archives can provide you with numerous researches and surveys conducted by different companies. While it isn’t necessary that the results apply to your business, you’re still bound to learn something.You Don’t Just Think; You ActWhile we’re at it, we might as well establish that being a smart business owner doesn’t mean that you’ll never have to take risks; it’s merely the ability to take risks with confidence. One sign that your business will soon see the light of success is that you don’t just think, you also act when the time is right. This sign is associated with the confident ability to make good decisions, even if they’re risky.It’s true that before you put any plan into action, you need to examine it carefully all the way through. However, if you become stuck on the evaluating stage, you’ll miss your chance to implement your idea. That’s why you should have some faith in yourself and build confidence in your abilities to make a good decision.You Seek FulfillmentThere are many small businesses operating in the market, but very few businesses owner seek fulfillment. The rest of them, however, only look at it as a means to make ends meet. Success-oriented entrepreneurs always chase after their goal of doing something fulfilling for a living. Your ability to see value in everything you create is contributory to success because you’ll want to build upon ideas to increase that value.If you realize these traits in yourself, then congratulations; you have what it takes to turn your small business into a success! However, even if you don’t, do not fear! Owning a small business can change you as a person. But, it depends on you whether you take something positive from the experience. All these above-mentioned aspects will greatly improve not just the quality of business, but your life as well. If you can learn to find a hint of success-oriented personality within yourself, then you’ve hit the jackpot.
Home Based Business Services – Stop Throwing Money Away!
If you’re looking for more home based business services to help you quickly and efficiently build your business, then you are going to want to read this article from top to bottom. In it, I am going to show you how to stop throwing money away, and how certain types of home based business services are not “serving” you or your business…and are basically serving only to drain your bank account.
Most people when they look for home based business services, end up spending their money for business card services, vehicle magnets and related things. So the very first thing I want you to do, is to stop throwing your money away by constantly putting your money into things which, from a long-term perspective, aren’t going to benefit you or your business.
Although these types of techniques can build a business, the process is painstakingly slow and full of constant rejection. Think about the numbers associated with utilizing these techniques and this type of home based business services.
Even if you used these home based business services and they garnered you 10 calls and 1-2 closes a week (translating to you recruiting 7-8 people per month). Not only are you working your tail off to get them, but you have to worry about retention issues. After a few months, these prospects are likely to be dropping off faster than you can get new ones.
When you are encouraged to use these kind of home based business services – the ones that by nature have you marketing your company (instead of you) and leading with the business opportunity (instead of with the benefits) — that is the half of the equation that they never seem to tell you. While these things may work to recruit people, they are MUCH more likely to recruit people who are likely to drop out within a month or two. It makes it so much harder to get to your goal, because you are spending so much energy having to recruit enough people to make up for the number of people who are dropping out each month.
You need to understand how to take advantage of much larger marketing platforms than these home based business services can create for you, so that you can expose your business to a much, MUCH larger pool of prospects. This is best done using the Internet.
With that said, there are a couple of things that must be in place for that to be effective. First, you need some sort of lead capture page. The ONLY objective with that lead capture page should be to get the contact information (the email) of people who are already looking for what you’ve got.
Second, you need to drive traffic to this page, so that you can build relationships with these people (so that they ultimately WANT to buy the things you have and WANT to be in business with you). In doing this, there are really only a couple of home based business systems you need.
Pick up a GoDaddy or HostGator account. Either one of these options will be fine, and the only fees you will be looking at incurring are ~$12.00 a year for the hosting package and ~$15.00 a month to host an unlimited number of websites. The other service that is really essential to get the process moving is an autoresponder. Good ones to check out are GetResponse and AWeber. Both run about $20.00 a month.
In conclusion, stop spending money on various tools and home based business systems that are likely not to provide you any great or long-term results. Take those funds, and instead apply them to the part of your business that will give you a great return on your investment.
Innovative Advertising Ideas: For the Success of Your Business
Be it a small scale entry level firm or a multinational company, advertising is an integral part of every business. Effective advertising is a useful tool that results in increase in product visibility and hence the sales. Besides making the marketing strategies successful, it increases the brand awareness among the consumers. If your business is currently using advertising that is not helpful in increasing your sales or profile, it is high time that you transition to innovative and effective Advertising Ideas.
Ineffective marketing or advertising is equivalent to burning money. It is important that your advertisement partner should be innovative enough to provide you with effective advertising options. Most of the businesses get swayed by the sweet talk of the advertising executives and some fall in for undue discounts. It is very important to find a company that can help you with an advertising plan that is not just affordable but also adds value.
If you are into food business, it is imperative that you have a perfectly designed marketing plan and innovative advertising ideas by your side that can help your products lapped off the market shelves. There are many companies involved in Food Advertising but one needs to make a wise choice amongst them. Your advertising partner reflects your brand’s image in the market. Your choice should be in sync with your business plans. Many tools such as video advertising, background advertising, roadblock advertising, and display advertising, form an important part of strategies of various Private Exchange advertising.
In order to make your advertising campaign a success, you can benefit from utilizing ideas like:
i) Whatever you advertise, provide the users a glimpse of how your product is different from others. Utilize all that you can, to paint a colorful picture of your product’s unique identity.
ii) Lay emphasis on how the other products around are usual stuff. Many advertisers use this tool. This helps distinguish your product from the pile of ordinary products in the category.
iii) Utilize motion to your benefit. Cheese oozing from the pizza, melting butter on the bread, creamy waffles from the coffee cream, and steam from the bowl of piping hot soup are a few examples of using motion where it is. This gives a tempting effect to the customers.
iv) Emphasize the utility of your product for an ordinary person. This is the sure-shot way to target the wide market. If your product or food connects to the usage of ordinary people, it will sound more real and desirable. You can use average-looking models for the video or picture advertising to comprehensively attain the goal.
Besides the above, more emphasis should be laid on benefits of the product rather than the product itself. Good advertising helps your marketing techniques achieve desired results without looking repetitive and redundant. With out-of-the box Advertising Ideas, you can boost your sales and can increase your profit many folds.
The Finer Points of Internet Auctions
WHAT IS A PENNY AUCTION?
Penny auctions have exploded in popularity with the massive growth of the internet. However, few people know the true origins of penny auctions.Beginnings actually stretch back to the Great Depression. Those were hard times for everyone, but even harder for farmers. Farmers struggled to bring in steady income because of droughts and crops not selling as well as they had previously. As a result, the banks would foreclose on the farmers who couldn’t keep up with their mortgage payments.
The banks weren’t satisfied with just repossessing the house, they wanted to raise as much capital as possible, so they resorted to selling off the possessions of the owners of the repossessed houses. There was not much the farmers could do about it so they began bidding ridiculously low prices, pennies, on the items while threatening others who dared to bid higher than a few pennies.
The auctions of today hardly resemble their tremulous beginnings. Being part of a penny auction today is exhilarating, fun, and addictive. It combines the selling format of auctioning with a little bit of chance factored in.Auctions are a game of strategy but also a game of luck.
The premise behind penny auctions is giving people the chance to win an item at a drastically reduced price.Auctions make that possible by spreading out the cost of the product among multiple bidders. In order for a person to take part in an auction, they must pay a set price for each bid. For example, if a person wanted to bid on a fifty dollar Amazon gift card then he would spend a dollar for each time a bid placed. If he ended up winning the gift card, then he would only have spent a few dollars for a fifty dollar gift card. Usually penny auctions sell bids in packages.
HOW PENNY AUCTIONS WORK!
The main foundation of penny auctions is the pay-per-bid format. It is the key that allows bidders to win items at the fraction of their retail value and allows the auction owners to keep their site profitable. Most y auction sites run on the same premise: people pay a set amount for each bid, whenever a person places a bid within the closing seconds of the auction time will be added, the last person left with a unique bid after the clocks runs out will win the item. There are a large variety of items that can be won, but they tend to be popular electronics or gift cards to popular stores.
There are two types of auctions: lowest unique bid auction and highest unique bid auction. Lowest unique auction sounds confusing but it is actually quite simple. A unique bid is when only one person has a bid at a certain price. Bids usually start at one penny, a bidder can then place a bid at two pennies. Until another bidder places a higher bid, the most recent bidder will be the lowest unique bid because that was the only bid at two cents and nobody bid higher. However, penny auctions generally don’t stop at one penny. It is not uncommon to find auctions that end up at a couple hundred dollars based on the popularity of the item being auctioned. However, the same principles apply for those auctions. Highest unique bid auctions follow the more traditional auction format such as eBay. The person with the highest bid at the end of the auction wins the item.
Auction site owners turn a profit by selling bids. Say twenty people are bidding on a ten dollar gift card at one dollar per bid, at the end of the auction if there were twenty bids placed in total then the site owner would have made twenty dollars with a ten dollar profit.Auctions do seem like a win-win situation:The site owner makes money while the bidder gets an item for dirt cheap. However, not everyone wins in penny auctions. The people who paid one dollar each bid but left with nothing to show for their investments will not be so happy.
HOW TO WIN!
Penny auction has a lot of chance mixed into it, but one can incorporate strategy that will help raise the chances of winning. Playing smart can make all the difference between gambling and auctioning.
The first crucial tip to winning penny auctions is to know how to manage your bids. Your goal should be to win as much as possible without spending a ton of money buying bids. Managing your bids means that you should already know how much you are willing to risk in order to win an item. The amount of capital you are willing to risk will determine how many bids you can use. Once you know how many bids you have to spend on an item, then you will be better able to manage how and when you place a bid. That will keep you from blowing away all of your bids in the first few seconds of the auction.
The next tip is to practice time management. When fighting in the trenches of penny auctions, you have two enemies: other bidders and time. Knowing when to bid is a must if you want to have success. Placing a bid when there is a lot of time left on the clock is never a good idea. You have to remember that the key to winning a penny auction is being the last one standing when the clock runs out and that each bid increases the amount of time left. It would be a good practice to wait until the last few minutes of the auction before you begin to bid.
The final tip for successful auctioning is to keep your emotions under control.Auctions have a lot of similarities to gambling, and just like gambling, your spending can get out of control. If you keep your emotions level, it will keep you from making rash decisions and blowing loads of cash. Keep your mind clear so that you can gage the behavior of the other bidders and outsmart them.
HOW TO AVOID SCAM SITES!
Penny auctions are a great addition to the web whether you want to win an item that otherwise you wouldn’t be able to afford or if you simply enjoy the thrill that comes with bidding in auctions. Unfortunately, scam sites have tarnished the reputation of the legitimate penny auction sites. However, there are ways that you can protect yourself from scamers and enjoy your auctioning without having to worry about losing your money due to dishonesty.
Checking the reputation of the auction site before you start spending your hard earned money is always a good idea. Chances are other people have tried the site before you and some of them have left reviews. The reviews are your way to gage whether a auction site is trustworthy or not. If a site is getting overwhelmingly negative reviews, then that is a clear indication that you should steer your business elsewhere.
Another tool you can use to protect yourself is checking the Alexia ranks of the auction sites. Alexia rank will give a solid view of how much traffic the auction is getting. If you see a huge difference in the amount of traffic Alexia is projecting and the amount of active bidders on the site, then warning signals should be ringing in your head. Some auction sites have been known to set up robots that automatically bid on projects in order to keep the auction going and inflate the price. That is known as shill bidding. You can sniff out those sites by comparing the traffic the site should be getting to the amount of users using this site.
CONCLUSION!
New legislation may come out later down the road that will officially make penny auctions gambling, but until then, it is a fun, exciting auction that allows one to win the item they’ve always wanted but couldn’t afford.Auctions are also quite lucrative for the site owners because of the pay-per-bid strategy they’ve incorporated. Penny auctions had humble beginnings with farmers who just wanted to get back at the banks who kicked them out of their house. More recently, auctions have enjoyed an explosion in popularity with the rise of the internet.
There are two main formats fora auctions, lowest and highest unique auction, however they both run on the same premise where the last unique bid wins the item. Winning a penny auction will require a certain amount of mental tactic and a bit of luck. However, you can increase your odds of winning by practicing certain techniques such as managing your bids wisely, learning how to work with the time, and keeping a level head and your emotions under control. When you combine those three strategies to your bidding plan, you will find that you win a lot more often.
It is important that you do your due diligence to protect yourself when participating in auctions. Not every auction is run by honest and trustworthy people. There are people out there who just want to take your money. You can protect yourself by ensuring that you only bid on sites that already have a very positive reputation from real users.
How to Find Great Live Auctions for Resale Items
Hi, my name is Walt. I’m an auctioneer with 25 years of experience in the auction business and licensed in the state of MA. I own Quick Auction Service, a company that specializes in building and running custom auctions, I’m also the webmaster of my own site and have been on eBay for 8 years. Besides eBay, the types of auctions I run most frequently are antiques and on-site estate auctions, although I’ve run everything from business overstock auctions to charity & special event auctions.
I enjoy sharing my knowledge and stories of the auction business. My goal for article is to help folks get the absolute most out of their auction experience.
Whether your fresh out of the package or a seasoned dealer I think I can offer something in this article to help you with your auciton adventures.
There may be as many reasons to attend auctions as there are types of auctions to attend. Maybe you want to attend an auction to buy items for re-sale on eBay, or some other market. Maybe you want to furnish your home with wonderful antiques, or you want to furnish your home as inexpensively without sacrificing quality.Some folks are just looking for a fun night out. With a little perseverance all these things are possible.
There are antiques and estate auctions, auto auctions, overstock auctions, absolute and no reserve auctions, real estate auctions, specialty auctions where only one genre of items are sold, tailgate auctions, live auctions, online auctions, sealed bid auctions, silent auctions, charity and fund raising auctions and many more.
Can you really buy for pennies on the dollar at an auction? You bet! Many times I’ve seen folks buy and re-sell at the same auction on the same night for a good profit, although be advised, this should only be done after the auction is over.
There are a lot of ways to find an auction, but here are some tips on how to find and attend the best ones.
Visit the genre of shops in the area that apply to the type of auction you want to attend. IE: If your looking for a good antique auction to attend, stop in the local antiques shops and ask for what there are for good auctions in the area. Sounds obvious right? But listen to what they don’t say as well as what they do say. Oftentimes when a dealer speaks poorly about an auction he or she attends, it may be likely that they are trying to keep a good thing secret. Think for a moment, why would a dealer keep attending a lousy auction?
Newspaper ads: I personally like to find ads in the classified ad section rather than flashy display ads. Flashy ads are usually indicative of an auction that will be high priced, may have reserves, (a set price on an item), and usually an enormous crowd. While any auction can be profitable to attend, it is usually best to steer clear of the glitzy ones, at least for the beginner.
Here’s the minimum you want to find out before you go. If there is a phone number in the ad, call and ask for the terms of the sale. What forms of payment do they accept? Is it an absolute auction? An absolute auction is one that has no minimum or reserve bids on items. These are the best auctions to attend! Is there a buyers premium? A buyers premium is like a tax that everyone who makes purchases at that auction must pay above the winning bid price. Most auctions these days do charge a buyers premium, 10% is not unreasonable but I feel much more than that is greedy, and the auctioneer that charges over 10% is counting on most bidders not doing the extra math as the bids quicken in pace.
A fair auction will have ample time to inspect the merchandise, usually at least 2 or 3 hours. Find out when inspection starts and make sure to attend! Never attend an auction if you can’t make the inspection, not unless your prepared to gamble. Most auctioneers sell at a rate of about 100 items per hour, which is why they sell “as is”. They simply don’t have the time to give a detailed description of all the items. Since almost all items at auction are sold AS IS, there are sure to be some damaged, refinished, fake and incomplete items at any given auction. Beware of any auctions that offer very little or no inspection time.
Good auctions will usually have 150 to 400 lots. A lot may be one item or a group of items. The exception to this are specialty auctions, auto auctions, real estate auctions etc.
When you attend your first sale, take note of the 1/2 dozen or so dealers that buy the most often. See if you can find out about other area auctions they attend.
When you do find an excellent auction, attend it as often as possible. By frequenting good sales, you help increase the bottom line of that business. It’s difficult for many auctioneers to keep the quality of merchandise consistent, so good attendance certainly helps. And when an auctioneer gets to know you as a buyer, he/she will go out of the way to accommodate you, to keep you coming back.
Hiring An Auction Company
Estimating your assets value:
Typically, one of the first questions a business owner will ask me is, “how much will the assets bring at an auction”. After taking the time to review the assets, the auctioneer should give the client a conservative estimate of the sale based upon his experience and the current market trends. It is important that the company give realistic expectations so the seller can make informed decisions based on their best interest.
Compensation and Expenses:
Is the company you are considering working for you or against you? The agreement you decide may determine this.
A business owner should carefully consider how the auction company is compensated. The most common commission structures include: straight commission, outright purchase of assets, guaranteed base with a split above to both auctioneer and seller, guaranteed base with anything above going to auctioneer or a flat fee structure.
In a straight commission structure, the company is paid an agreed upon percentage of the total sale.
In an outright purchase agreement, the auctioneer simply becomes your end buyer. The company purchases your assets and relocates them. While this can be an option in some unique situations, keep in mind that they will want to purchase your assets at a very reduced price to make a profit at a later date.
In a minimum base guarantee, the auction company guarantees the seller that the auction will generate a minimum amount of sales. Anything above that amount either goes to the auction company or split with the seller. While a seller might feel more comfortable doing an auction knowing that he is guaranteed a minimum amount for his sale, keep in mind that it is the best interest of the auction company to secure a minimum base price as low as possible in order reduce their financial liability to the seller and secure higher compensation for the sale.
In a flat fee structure, the auctioneer agrees to show up for the sale and call the auction. There is no incentive for the auctioneer to get the best prices for your assets. The auction company is compensated regardless of the outcome of your sale.
What is the best option for business owners? In my experience, an agreed upon straight commission structure. This puts the responsibility on the auction company to offer the best outcome for everyone involved. There is an incentive for the auction company to work hard for both parties, set up and run a professional sale, get the highest bid and sell every item on the inventory. Successful auctions translate to a higher bottom line for both the seller and the auction company.
Auction Expenses:
In most auction agreements the expenses to conduct an auction are passed to the seller. If the auction company pays for the expenses, it is simply absorbed in higher commission rates.
All expenses should be agreed upon in advance in a written contract. Typical expenses will include the costs of advertising, labor, legal fees, travel, equipment rentals, security, postage and printing. A reputable auction company will be able to estimate all expenses based upon their experience in previous auctions. An agreement should be actual costs charged as expenses, not an estimated amount.
Advertising is typically the highest cost in conducting an auction. The auction company needs to set up an advertising campaign that will promote the sale to its best advantage and not overspend to simply advertise the auction company.
Once the auction is complete, the auction company should provide a complete breakdown of all expenses to the seller, including copies of receipts within the auction summary report.
Buyer’s Premium:
What is a buyer’s premium? If you attend auctions regularly, you are very familiar with this term. The auction company charges a fee to the buyer when they buy an item at auction.
The buyer’s premium has been around since the 1980′s and is standard auction practice. It was first used by auction houses to help offset costs of running brick and mortar permanent auction facilities. Since then, it has spread to all aspects of the auction industry. It is prominent in online auctions and allows auction companies to cover added expenses incurred from online sales.
It is the responsibility of the auction company to provide clear disclosure of the buyer’s premium to both the buyers and the sellers. Those not familiar with auctions are often taken back by the buyer’s premium. They looked upon it as an under handed way for the auction company to make more money. Reputable auction companies will provide full disclosure within the auction contract, advertisement and bidder registration.
Typically, an auction company will charge online buyers a higher buyer’s premium percentage than those attending an auction in person. Extra fees are incurred with online bidding and are charged accordingly to online buyers. This provides the seller a level playing field for both online buyers and those attending the auction in person. Without the buyer’s premium, there is no way to do this.
Pre-Sales:
We’ve all been there. We’re looking forward to attending an auction only to find that some items were sold prior to the auction date.
As an auctioneer with over thirty-six years of experience, I can honestly state that pre-sales will hurt an auction. When a company decides to liquidate their assets, it is easy to sell off high-end pieces of equipment through online sources, equipment vendors or to other businesses. The seller receives instant cash and avoids paying a commission to an auction company.
Auctioneer’s find themselves appearing to acting in a self-serving capacity when potential clients say they are planning to sell off parts of their inventory prior to an auction. It’s hard not to consider the auctioneer’s commission when they warn you not to pre-sell anything. Yes, the auctioneer wants to earn a commission on those sales but it is more important that the auctioneer protect the sale from potential negative backlash that comes from pre-selling. The buying public knows when an auction has been “cherry picked” prior to the sale and it reflects in their bidding. It becomes a sale of “leftovers” and that impacts prices.
A buyer who purchases prior to the auction usually does not attend the sale. They already bought equipment at a good price with no competition. If they do attend the auction, they tend to let others know of their great pre-sale purchases which again, impacts prices and the overall excitement of the sale.
It is important to understand that auctions work best with a complete inventory. You want competition on your higher end equipment. The easy to sell items make it possible to gain respectable prices for hard to sell items.
When a business owner decides to liquidate their equipment assets, there is only one opportunity to do it right. Hiring a reputable auction company will assist you with a professional, orderly and timely liquidation.