As the popularity of owning a home based business continues to rise, it is clear that there are more and more people desperately searching for another way to make money and survive. Recent reports on the population of the USA puts the number of people who want to start their own home based business, using the Internet, at over 70 million.Even a recent MSNBC study says that 75% of all new jobs being created right now are as a direct result of small home based businesses.On top of that, the US Census Bureau says that home based businesses account for 49% of all businesses in the USA. The number of American citizens who own a home based business is put at over 45 million by some industry analysts.Numbers which possibly don’t mean a great deal to you right now, but which do point to a growing trend for starting an Internet based home business, in spite of the ongoing economic problems. As if this point needed hammering home any further, Yahoo!® interviewed it’s user-base, and found that 75% of them claim the Internet had helped them to start their own business.Even though all we hear on the news and in the media is more and more bad news about the economy from around the world, people are still trying to start their own businesses, as they’re forced to take matters into their own hands to ensure their survival. It’s now obvious to most that nobody else can help, least of all any government.Although more and more businesses are being started by people, who are to be applauded for taking action, far too many are still falling short, with the failure rate standing firm at an eye-watering 97%!For any business to survive, irrespective of the economy, there must be a steady flow of prospective customer leads, which in turn drive sales and income. These leads will inevitably come from a variety of marketing activities, which makes the ability to market well, extremely important; lacking this ability can, and will, severely and fatally harm your business.The absence of effective marketing to drive up revenue and sales has been at the root of nearly all business failures, and is a path that you too may find yourself following if you lack these same vital skills. All marketing costs money in some way, shape, or form, and bad marketing will not see any return on investment. Bad marketing is worse than no marketing and only serves as a financial burden on your business that can’t be sustained. Some may blame ‘cashflow’ for failure, but the root of that lack of ‘cashflow’ is often a result of the heavy financial drain from bad marketing that brings a business to its knees and ultimately causes failure.However, on the other hand, there are many businesses that see great success, and these all have two things in common:MarketingBeing able to market your business properly is one of the most important ingredients in having a successful business. Some businesspeople may claim that they don’t market their business, but rely on the endorsements and testimonials of their customers. But it is as a result of receiving quality and value that these customers are ‘spreading the word’, and as such, referral marketing is still marketing, whether these businesses see it that way or not.Giving value to the customer is the first step in setting this whole process in motion. How often have you recommended someone’s services to a friend based on the experience you have had? The more exceptional the service, the more likely there will be positive recommendations and so some companies will strive to provide exceptional value which whether they know it or not, actually becomes part of their marketing strategy. This is a very powerful marketing tactic, because most people will accept the word of a friend’s recommendation over anything else, which when combined with the greater reach and power of the Internet, becomes explosive!The description I’ve given above can easily be applied to the mechanics behind social networking websites. These websites effectively take the social interaction that has always been there between people, and puts it on steroids! Tapping into the power of these websites such as Twitter® and Facebook® is enabling a great many Internet marketers to exploit the power of this marketing strategy on a completely new level.Customer will naturally be attracted to any business that provides real value and it is taking this first step by providing value to your prospects that results in more customers approaching your business. Sometimes known as providing a ‘loss leader’ to attract customers, it is one of the most valuable marketing techniques that all Internet marketers should be making extensive use of. If this is new to you or you’re not sure how to implement it in your own business, then you should seek out some training and get a good marketing education.Without a good marketing education, you will never really be able to keep up with those who power ahead using the same strategies that you are in the dark about. Worse than that, your business may completely fail as you fail to capitalise on this lead generating strategy.SystemThe World Wide Web is now littered with examples of online businesses that have come out of nowhere to completely dominate a market in no time at all. The leverage that the Internet provides, means that there are now many businesses such as Twitter®, Facebook® and YouTube® who just didn’t exist not that long ago.However, whilst the Internet has helped to move things along at a much faster rate, it’s not the only major factor in their success. There are many more ‘traditional’ businesses such as McDonald’s® or KFC® that have another core element that is vital to their success:A System!The power of a system is its ability to allow tasks and processes to be standardised so that even unskilled workers can undertake them. McDonald’s® is a prime example of how a system allows you to deliver a consistent product and service despite massive differences in staff qualification. To make fries only requires the most basic of skills because the system of standardising the equipment, the ingredients and the cooking process removes the human variable from the equation. This practise of employing a system that can quickly be rolled out is at the heart of all successful businesses, particularly those employing the franchise strategy for expansion. If you are in any doubt as to whether your business needs a system, then you only have to make a comparison between those successful businesses with systems, and those without.So how does this work in a small home based business? Well, combining the need for marketing and a system is going to allow you to leverage your time so that it is not spent taking on the tasks that are not generating revenue directly.The ‘telling and selling’ processes of your sales funnel are prime candidates for a system. Sales is just a game of numbers, where the more prospective customers you’re able to push through your system, the more sales you will make.If this is all news to you and sounds complicated, then your prospects for succeeding in any home based business are going to rely heavily on you getting educated in how to market effectively online. Even if this is all old news to you, and you’ve heard it all before, then proceeding without a system is only going to mean you exerting lots of time and energy unnecessarily.A good marketing system combined with a proper education in how to market your business effectively online is an absolute must for anyone who wants to have any hope of succeeding as an online business entrepreneur.
How Important Is the Fundraising Auctioneer to the Success of Your Event?
I want you to think about the term “Fundraising Auction”.
A “Fundraising Auction” is an event where items of value are gathered, and then sold in a competitive bidding situation, either in a Silent Auction format, or in a Live Auction format by a Live Auctioneer. And since typically the best items are saved for the Live Auction, arguably it is the Live Auction that should generate a significant portion of the proceeds in any Fundraising Auction.
So why do so many non-profit groups consider the Fundraising Auctioneer to be the least valuable component in a Fundraising Auction?
The Hosting Facility gets paid.
The Printer gets paid.
The Caterer gets paid.
The Liquor Store gets paid.
The DJ gets paid.
The Florist gets paid.
But the Auctioneer … the individual who is expected to raise the lion’s share of the event’s proceeds… is expected to work for Free. And is usually under-appreciated for the professional services he/she provides.
I’m not trying to underscore the value of the invitations & programs, food, booze, music, and decorations. All are important in their own way. But each of these are “Expenses”. It is the Auctioneer who is going to bring “Revenue”… and thus, the “Profits”… into any event. Which is the ultimate objective of any Fundraising Auction.
Here is a real-life example of how under-appreciated the Auctioneer can be. In two comparable events we worked last year, during the dinner portion of the event one non-profit group sat the Auctioneer (me) at a table with the DJ, the Interns, the Volunteer Staff, and other event “Help”. The 2nd non-profit group sat the Auctioneer (me) directly next to the CEO of their organization, where we chatted about how important the pending revenue would be to their organization. Which group do you think valued the services of the Fundraising Auctioneer more?
Don’t ever under-estimate the value that a professional Fundraising Auctioneer can bring to your event. The Auctioneer adds value as a pre-event consultant. And the Auctioneer can change an event from a moderate to a huge success.
A Case Study Once I was scheduled to call an Auction for a major local non-profit group. They represented a very good cause and they had a strong and dedicated following. Their event was sold out, quality Live & Silent Auction items had been solicited, and the Special Pledge Appeal had been choreographed and was ready to go. The facility was first class, the appropriate caterer was booked, and the food was ready to cook.
But quite unexpectedly, some unseasonably inclement weather forced the event’s cancellation. Despite all of the committee’s hard work, cancelling the event was the proper decision considering the circumstances.
So the Event Committee scrambled to re-schedule the event for the following weekend.
They confirmed with the Hosting Facility.
They confirmed with the Caterer.
They confirmed with the Liquor Store.
They confirmed with the DJ.
They confirmed with the Florist.
Since they already had the Mailing List of those scheduled to attend, no new invitations had to be printed as all were contacted by email or telephone. So with everything in place, the group went ahead and re-scheduled the event for the following weekend.
But guess who they failed to confirm? You got it… the Professional Auctioneer. They thought so little of the Auctioneer’s contribution that they “assumed” that the Auctioneer would be available and at their beck and call.
But the Auctioneer already had another Fundraising Auction booked for that date with another non-profit group. It was only hour away from the re-scheduled event, and things could have been easily worked out. All Group #1 had to do was start their event one hour earlier, or one hour later, than the Group #2, and the Auctioneer could have helped both groups on the same day.
But because Group #1 failed to anticipate a possible Auctioneer conflict, because they failed to confirm with the Auctioneer before re-scheduling their event, their preferred Auctioneer had to bow out and they had to scramble to locate substitute “Volunteer” Auctioneer only days before their event.
And it cost them.
Learning Points
The Live Auction is usually where the profits are made at any Fundraising Auction.
A Professional Fundraising Auctioneer can be vital to the success of any Fundraising Auction.
The better Fundraising Auctioneers usually get booked quickly.
You need to recognize the important contributions that a good Auctioneer can make to your event.
Michael Ivankovich is a Bucks County Fundraising Auctioneer based in Doylestown PA, and serves the Great Philadelphia PA area. He has been a professionally licensed and bonded Auctioneer in Pennsylvania for nearly 20 years, has been named Pennsylvania’s Auctioneer of the Year, and has considerable experience in conducting Fundraising Auctions. Michael loves helping groups raise needed funds for good causes and one of his specialties is the “Special Pledge Appeal” or “Fund-A-Cause Appeal” which usually enables clients to double their revenue in a single evening.
Differences in the Types of Auctions That Take Place Around the World
Auctions are those events where properties or goods are sold to the highest bidder. Auctions are mostly public events, where bidders make a series of bids and purchase a particular item for a high price. During auctions, bidders decide the price of an item rather than the seller. It depends on bidders to decide the amount they would want to pay for a specific item. During an auction, a bid is a proof of a legal binding. Bidders agree to pay the amount that they have bid. In a high profile auction, bidders may have to pay a deposit in escrow accounts or give a proof that they can pay for those items.
Types of Auctions:
Different types of auctions take place around the world. Below mentioned are some types of auctions:
1. English auction:
This is a basic type of auction. In this type, people can see the item and then start bidding. Bidders slowly raise the value of their bid until everyone gives up. The highest bidder is the winner. An auctioneer manages an auction, keeps records of the on going bid and decides the winner. Sometimes, the seller will quote a minimum amount for an item to the auctioneer, below which the auctioneer cannot sell that item.
2. Dutch auction:
In this type, the auctioneer sets a particular price and then gradually lowers the price. People in public will start bidding and later decide which prices are suitable for the item. A seller may use this type of auction to sell large quantities of same products to the public. For instance, a seller may want to sell a large amount of hay and will thus, decide to sell this hay to people for the same amount, once a reasonable price is decided.
3. Silent auction:
In this type, the bidders in public will present their bids in a sealed format. These sealed bids open at the same time and bidder with the highest bid wins. There could be a modification in this type of auction. The bidders are allotted a specific period to bid. They can roam in a room displaying the items, and write their bids on an associated sheet of paper. The bidders are allowed to see bids of other bidders and can choose a higher price for an item. At the end of the allotted time, bidder with the highest bid is the winner.
Examples of Auctions:
Auctions can be of two types either public or private. Sellers may trade any kind of items in both types of auctions. Some areas where auctions take place are:
1. Antique auction: An antique auction consists of a trade opportunity as well as provides entertainment.
2. Collectable auction: In a collectable auction, the seller may put up collectables like coins, vintage cars, luxury, stamps, real estate, and luxury for sale.
3. Wine auction: In wine auction, bidders can bid for rare wine, which may not be available in retail wine shops.
4. Horse auction: Bidders can bid for young horses of the best breed.
5. Livestock auction: In livestock auction, bidders can buy pigs, sheep, cattle, and other livestock.
The other examples of auctions may not be public. These auctions are for bidders from corporate levels. Some examples of private auctions are:
1. Timber auction
2. Spectrum auction
3. Electricity auction
4. Debit auction
5. Environmental auction
6. Auto auction
7. Electronic market auction
8. Sales of business auction
Bidders in an auction need to examine the items displayed and decide an appropriate price for an item. Thus, auctions help buyers in getting the best deals and in gaining better profits for sellers.