Advantages of the Online Auction Business Model

Online auctions have become a popular way for many people to make money. The online auction business model includes one party that sells products and services, while another party bids to purchase them.

There a number of advantages of this online auction business model. A few of them are listed below.

No geographical limitations: This is a strength of the online auction business model that is inherent by the fact that it is “online.” The Internet allows sellers and bidders to participate in online auctions from anywhere in the world. A seller in Japan can put up a doll on an online auction site that can be bid on by bidders that reside in the U.S. The “cost” of participating in an auction is essentially zero. This advantage also increases the number of products and services that can be listed, leading to an increased number of sellers and bidders.

No time constraints: Items can be posted on auction sites at any time of the day, and bids can be made on items any time of the day as well. And since items are listed for usually one to 10 days, potential bidders have a lot of time to ponder their bid.

Many bidders: Since online auctions allow for the potential to find a wide variety of items at lower-than-retail prices, it draws many consumers to try their hand at getting a bargain through an online auction. The ease of the bidding process also attracts consumers, who can bid from their computers in the comfort of their own home.

Many sellers: On the other hand, the potential to sell items at higher-than-retail prices also draws many sellers. Selling their items through online auctions also reduces their selling costs, and is also very simple and easy to do.

Joy of winning: Part of the fun pertaining to the entire bidding process is seeing whether or not you will “win” the auction and get the desired item. This aspect of the online auction process attracts many bidders who find the win just as rewarding as the

5 Real Ways to Make Money Online

This has always been a great question, and there are many different schools of thought on this subject.

A person could argue products like software, eBooks, and virtual information are amongst the most marketable as they are easy to duplicate and have no shipping costs. It’s true a virtual product can absolutely simplify your post-sale process, however are they truly the best overall product strategy? In my opinion it all comes down to the demand, then the numbers. Calculate what price you can create or retain a product for and then calculate what price you can sell it for while keeping in mind advertising, shipping, and other expenses that fall between those two processes.

Determine your total costs from start to finish. I wouldn’t even consider selling a product or service that fetches me any less than 80 percent gross profit per unit, unless it had a great backend or up-sell strategy or some type of recurring subscription based profit model.

lf you find that managing inventory or working with suppliers and drop shippers is more slanted towards your personal experience then work with a product that feels comfortable with you, you will benefit from the familiarity. The importance of comfort might just be the most influential factor for me when choosing a product to wrap around your marketing. Many people want to sell online but have no idea what products to sell. In my experience selling something for profit alone with no personal passion can be a mistake and I have found that building an email list for marketing and growing your brand is a cheap effective way to get started quickly.

5 Products you can sell and make money using “email marketing”.

  1. Digital products and virtual services. Digital products are easy to duplicate, store, and ship digitally via email or file sharing service.
  2. Affiliate marketing programs. Many companies online look for enthusiastic individuals to resell their products or services. Scrolling to the footer of a business’s website will typically link to any affiliate program if offered. You can also search for specific affiliate programs that suit your needs.
  3. Trendy products that are in demand. Great way to let product buzz and word of mouth help your cause. The Google Trends tool will show you the current trends of your product ideas based on total search volumes. This can be a great way to determine what’s currently popular.
  4. Start your own business. Get creative and bring your ideas online with a website or product page selling your creations, products or services. Accepting payments is easy these days with services like PayPal and all you need to do is promote your website using email marketing.
  5. Freelance writing services, or create a blog. Writing can be an interesting and rewarding way to make money online. You can publish and sell eBooks, blog posts can generate revenue from ads or affiliate links, sponsors, or you can write about your current products for sale.

When sending email in large volumes always be sure you choose a true high volume, web-based email marketing software that can grow with your ongoing success.

How to Turn $50 Into $5,000 in 30 Days

A critical first step in making more money is to determine your reason(s) for making the extra money. It could be that you want to make enough money for a down payment on a new car. I heard that Mercedes has a new offer on the stylish S-Class series. Maybe you want to take a well deserved vacation. The average vacation cost is $4,580 according to cnsnews.com. Perhaps you want to save up for a wedding. Weddings, by the way, are going for a whopping $28,400 on average according to money.ccn.com. It might be that your children are bugging you to create or add money to their education fund. Education costs are skyrocketing. College costs have surged 500% in the U.S. since 1985 according to Bloomberg.com. The reason could be debt related. The average credit card debt per adult in the U.S. is $4,878. The money you make could be used to pay off your credit card debt, or pay off medical bills. Medical bills incidentally, are the biggest cause of bankruptcies in the U.S. according to cnbc.com.

It’s critical to write down your reason(s) now. Please get a pen and paper and do so before continuing.

Next Steps -

  • Establish your goal. A goal is a desired result a person, plans and commits to achieve a personal or organizational desired end-point in some sort of assumed development. A goal is something you put in writing with a specific amount our outcome and a specific time frame or deadline. Your goal could be to earn $5,000 within 30 days as an example. Or it could be to earn $50,000 within 3 months. It’s your goal.
  • Define the objective. Objectives are closely related to goals. And the two terms are often used synonymously. But goals and objectives are different. Objectives are specific and measureable milestones that must be achieved in order to reach a goal. In this example, your objective is to find people who are interested in buying products and/or services and sell them those products and/or services at a price they can afford.
  • Create a strategy. With your goal and objective established and in writing, you can now proceed to the strategy. A strategy is a plan of action designed to achieve your objective and goal. The strategy is a high-level written statement of the methods you will use to reach your goal. In this example, your strategy will be to use affiliate marketing opportunities to and a blog to bring buyers and sellers together. When a sale is made, you will earn a commission.
  • Develop your tactics. Tactics are specific actions required to deliver on a strategy. Tactics are what you do, and for every strategy, there are a number of tactics. You will be using several marketing techniques in order to attract buyers to your blog. Social media marketing, article marketing, video marketing and other techniques will be utilized.

What is Affiliate Marketing? Affiliate marketing is a type of performance-based marketing in which a business rewards one or more affiliates for each visitor or customer brought by the affiliate’s own marketing efforts according to Wikipedia. It’s a function of e-commerce. By the way, total e-commerce spending in the United States will hit approximately $262 billion this year, up 13.4% from $231 billion last year, according to a new projection from Forrester Research Inc. Affiliate marketing is a low-risk, high-return strategy for online marketers. U.S. affiliate marketing spending will reach $4 billion by 2014 and will increase at a compound annual growth rate of 16% from 2009 through 2014 according to Forrester Research Inc. By becoming an affiliate marketer, you are plugging into this exchange of buyers and sellers and you are giving yourself an opportunity to make a lot of money.

Some of the top affiliate marketers are pocketing over $2 million a year. There’s plenty of money to go around but no promises that you’ll make $2 million a year right out of the gate. However, if you are committed to the process, you can make a full time income working part time hours.

Okay, so the next step is to identify the industries you want to help. You may be inclined to decide based on your personal interests. Maybe you’ve read that a particular industry is about to surge. There are many industries that offer affiliate marketing opportunities.

The renewable energy industry may be of interest to you. There are many products that are available online such as solar-powered flash lights. By the way, when is the last time you saw a solar-powered flash light in Wal-Mart or your local sporting goods store? They are incredibly hard to find. Many people who enjoy the outdoors would save a great deal of money on batteries and lantern fuel if they had solar-powered flash lights and lanterns. This is just one example of items that people will gladly buy from your blog.

Another example is personal financial services. Millions of people are struggling with personal debt and need solutions to help them get back on their feet financially. By offering people credit card debt reduction services or mortgage refinance services that they can’t get locally, you are helping them regain control of their life and you will get paid in the process!

Maybe you love to travel or wish you could travel more. Providing travel packages to exotic places may float your boat so to speak.

Provide health-related products/and or services to millions of people who are searching for ways to lose weight and live a more active lifestyle. There are many options to choose from and many ways to make money as an affiliate marketer in most industries.

The next step is to create a blog so you can inform people of the products and/or services that will improve their lives. There are many companies that offer free blog space or you can purchase blog space. It depends on your budget and your technical skills. Spend a day or two learning how to create a blog and how to add blog posts to your blog.

Write a few posts detailing information about your industry and the products and/or services that will soon be available on your blog. Make sure your content is informative and interesting. The last thing your visitors will want to read are blatant advertisements.

Next, apply to become an affiliate marketer for the companies in your industry. Use Google to locate the providers for the types of products and/or services you have selected to sell and complete their affiliate marketer application. You will get an answer within 48 hours in most cases. Be sure to keep track of which affiliate programs you have applied for and what the outcome is for each application.

You can then begin adding affiliate links to your blog for the products and/or services you wish to sell. Try to balance your blog with content and advertisements. A rule of thumb is to load up your blog with 70% content and 30% advertising. Another piece of advice is to offer products and/or services that will give you a good range of commissions. In other words, include high, medium, and low commissionable items on your blog to give yourself a good mix. You may sell several of each during the course of a day and having the right mix will enable you to reach your income goal.

Now it’s time to market your blog. People will learn about your blog through your marketing efforts. Your marketing plan should include social media (Twitter, Facebook, YouTube, and others). It should also include articles and e-books as well as SEO (Search Engine Optimized) blog posts.

Write down a list of keywords your niche market will most likely use to search online for the information and items you’re publishing on your blog.

Spend at least an hour each day marketing your blog. Be sure to include the list of keywords you just wrote down for your Twitter searches. Follow people who are industry leaders as well as people who appear to be novices in the industry. By the way, the industry leaders typically have many more followers than novices have.

There are many Twitter tools available which you can use to reduce the time required to build, maintain, and communicate with your Twitter following. Search for Twitter lists related to your industry and create a list for your account.

Use online automation tools for the delivery of your blog posts to your target audience to reduce the amount of time and effort required for tweets.

Include a Facebook Fan page in your marketing plan. Create a Facebook Fan page and add relevant content and photos. Post snippets of your posts on the Fan page to pique the Facebook visitors’ curiosity and encourage them to visit your blog.

Articles and videos should also be used to promote your blog. Ideally, you should write one or two articles each week. You can convert the article to an e-book and even a video after the article has been published. Establish goals for your marketing plan and adjust your efforts until your goals have been reached. I have written other articles as well as blog posts with thorough instructions on writing articles, setting social media marketing plan, conversion goals, and creating an overall online marketing plan as well as other tips and tricks.

Replace low-performing affiliate programs with other programs until the conversion rates are at acceptable levels.

Continue to market, measure, and adjust until you have reached your traffic, conversion, and income goals.

In summary, when you identify the reasons for making more money and you have clearly established a written goal, you can then proceed to creating objectives, strategies, and tactics for reaching your goal. Monitoring your progress on a daily basis and making adjustments, will keep you on track. E-commerce is here to stay and there is a growth surge just before the holiday season but anytime is a great time to get started. Your start-up costs should be around $50 or less depending on the blog service you use and other blog-related items you choose.

The two most important things to remember is you need to align yourself with the people and resources which will provide assistance to you at any point in the process and you need to get started now.

“Alone we can do so little; together we can do so much” — Helen Keller

“You may delay, but time will not.” –Benjamin Franklin

Know When Your Business Needs IT Consulting Services

Businesses must ensure that only the latest technologies and software are deployed at the workplace, in order to provide quality solutions to their clients, and to be ahead of the competition. With the ever-changing technological trends in the industry, businesses find it cumbersome to adopt these technologies. Instead they can hand the entire function over to a sound IT consulting services company – who in turn will tap into their global pool of highly skilled IT professionals, who have the advantage of working in various IT environments, and have extensive experience across sectors. By providing assistance to business, IT consulting services providers free up existing resources; ensure IT transitions are smooth and problem-free; optimise key business processes; identify areas that benefit with further cost saving; build competitive advantage through IT; reduce IT complexities; provide IT strategy consultancy services, IT project management services and provide specialised programme management solutions – all of which, help the organisation achieve significant business efficiencies and cost benefits.

Choosing to work with an IT firm definitely boosts a company’s overall efficiency, which in turn decreases costs. Firms tend to look for a flexible and bespoke solution to address the client’s IT needs, thereby delivering solutions that are in tandem with the client’s goals.

The advantages listed above necessitate hiring an IT company. But how will a business know that it needs IT consultancy services?

A business may function with its existing IT architecture without knowing the benefits of such services. In order to discern the need for IT consulting services, businesses must first understand the details of their services. According to Wikipedia, ‘IT consulting is a field that focuses on advising businesses on how best to use IT to meet their business objectives. In addition to providing advice, IT consultancies often estimate, manage, implement, deploy, and administer IT systems on businesses’ behalf, known as Outsourcing’. IT consulting services firms thereby help businesses strategise and evaluate their IT functions as a whole and take the necessary steps to implement and/or deploy and then administer effective and robust IT systems in place. Businesses can seek the services of an IT firm when:

  1. IT investments regularly overshoot the set budget. Fast-paced technologies and trends warrant proper planning. When making strategic use of the allocated budget seems difficult, seeking the advice of IT consultancy services providers is imperative.
  2. A business decides to relocate or reduce staff.
  3. Projects regularly miss deadlines. Lack of specialists, complex projects and shoestring budgets lead to inefficient project management. A sound IT consulting services company designs bespoke, safe and cost-effective solutions, either full time or part time.
  4. Challenges of globalization, technical and regulatory changes arise. Business and technology management when integrated help the business survive, and therefore IT strategy consultancy is important.
  5. Programmes and projects eat into the budget. A business needs specialised programme management solutions to achieve significant cost savings. A robust IT services company provides either the co-sourcing or the outsourcing model to help businesses remain ahead of the competition, by providing tailored solutions.
  6. There is a need to change networks or when the need to shift to a new IT architecture arises.
  7. The company is in need of a robust disaster recovery plan.
  8. There are no data storage systems in place.

Availing the services of the right IT consulting services company may be a challenge. A business must choose a provider before the problems stated above get worse – and must choose a provider who is able to set in place a sound IT system in place. Therefore, a business must choose a provider who provides flexible solutions. Businesses must also remember that though they think they are able to fix small issues, the reality is that these issues must be treated at the root, and they can be properly tackled only with strategic IT solutions – only provided by an effective IT consulting services company.