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.

Small Business Idea for Bangladesh

Bangladesh is quickly growing as a small business center. There’s plenty of small and micro business opportunities. Setting up and running a business is full of challenges, but opportunities always welcome those who are ready to take challenges.Below is a list of manageable business ideas.1- Grocery Store with Delivery Service: Something that saves time of busy people has great business potential. Starting a small grocery store with delivery option can be a very good business.2- Tea & Breakfast Corner: Tea being most popular drink everywhere in Bangladesh has a huge business potential in cities like Dhaka. With breakfast and snacks to supplement you can set up a small scale yet profitable business. You can be different from other uneducated tea seller by cleaner and better looking tea cups. Your tea stall should have a touch of creativity.3- Fast Food Spot: Fast food is as popular in Dhaka as in any other city in Bangladesh. A small food cart with an initial investment of TK.10,000-Tk.25,000 can have a good scope in just any busy location.4- Fresh Juice Kiosk: It’s one of the low cost business idea that can be established within TK. 5,000 – 7,000. However, success depends on the product you offer and you must have the business set up on right location.5- Organic Food Production & Delivery: Since a large population in Dhaka is most concerned about their health, they love buying organic. If you own a small or large area for cultivation, or you can rent one, starting organic gardening is one of the profitable ideas. You can grow one on your roof-top.You can grow and deliver at doorstep for their best experience and your profits.6- Small Bakery: Let it be a small town or a large metropolis, Bakery is bought everyday by people making it an evergreen business. You may find a lot of them already operating, however with a twist you can enter in the market and grab your share, by offering custom cakes, fast delivery, taking large orders, partnering with corporate for bulk orders and so on!7- Home Cooked Food Delivered on Doorstep: Desiring for freshly cooked homemade food during lunchtime is common among working class and there’s a large population in Bangladesh that would love the idea!8- Catering Business: Let it be a business, religious or personal event, they all need the best catering. Starting one will surely need investment, but it’s not that high!9- Bed & Breakfast: If you are owner of a big property and have many extra rooms in your house then consider letting them out to the tourists. This will help you to earn quick cash for your unused space. This is more apt in case the property is located in cultural heritages lush landscapes, airport and places of tourist interests.10- Everything Tk. 1-99 Gift Shop: Everyone loves to give and receive gifts but often budget constraints do not allow. With a budget gift shop you allow more people to enjoy the occasions and so you get more profits!11- Tailoring: Though it’s more of ladies tailoring, a huge male population also wants the services. Starting such a business with a partner whereby one is specialist in ladies tailoring while other is best at men’s clothing can be profitable!12- Photography & Videography: Showcase your photography skills with quick portfolio or do some voluntarily photography at various wedding and corporate events to get noticed.13- Home Based Gym: If you’ve a spare room in your house and can invest in some machines, it’s one profitable business idea, however your training shall be class apart.14- Tutoring: Let it be tutoring primary classes or college students, the potential is always there if you are good at explaining the concepts!15- Mobile Phones/Gadgets Repair: A large section of people who do not buy new device or gadget till the time they have a working device in their hand would love this service Though there’re too many existing already, why not to promote your business online, get reviews and become an authentic repair company!16. Website Business: You can start a web development business. All you need is a desktop or a laptop and a quite place to unleash your creativity. Of course, you need to attain the necessary skills to be a web developer. It can be a very profitable business without investing much.17- Tech/Gadgets Shop: There is a big market for tech and gadgets at every place throughout the world and thus opening a business which sells tech products is a smart choices. Irrespective of the type of business, it will require PCs and its accessories.18- Online Retailing: Buying products from a wholesale market and then selling the same online is good money making proposition. You can take use of ads to find new customers. You just need to brainstorm what people may be looking for.19- Webpreneur: Becoming one in a city like Dhaka is none too difficult, because it has all the technology and infrastructure to let you explore the web and build up your own empire online. Let it be a local information website, city deals website or just anything that creates value for locals or for a broader community, bring it on!20- Software Firm: Dhaka is the most fertile ground for software companies to grow. If you’re a good programmer and or have a couple of more experts with you, you can actually setup a fast growing software company in Bangladesh.21- Small Scale Cloth Shop: People in Bangladesh do buy readymade clothes, but a huge population prefers buying the material to get it stitched according to their specifications. This is why the cloth shops are more popular than readymade garments. It can be quite profitable if you start small and target a specific economic group!22- Readymade Garments: Well, this one will need a good investment to start, however, the profitability is in finding the cost effective supplier and cheap transportation.23- Photo Copier: The service is much needed in the commercial hubs or else nearby educations institutes. And, all these places do have such services already, but still you can find some hotspots near public courts, government offices etc.24- Computer Repairing Service: If you have knowledge and skill, you don’t just need any investment, but yes do spend a little amount on getting your business card and start meeting more and more people who can be your potential customers!25- Digital Studio: Though smartphone cameras do a lot, people prefer professional photographers to shoot their events. Much of households and businesses require services of a digital studio, and so it can be highly profitable if you have the skill. However, you need an initial investment of at least Tk. 100,000 to set up the computer, UPS, photo quality printer and of course a good digital camera.26- Online Trading Business: You can buy long life items from wholesale and sell them online, i.e. jewelry, cosmetics, accessories, cloth materials, T shirts and whatever else you can find from your research on local market!27- Blogging: All you need to have is good writing skills and subject knowledge and blogging can prove to be a great business. Though it suits almost everyone, stay at home mommies/housewives and students can make better use of it!

Home Based Business Opportunities – The Top 4 Best Ways to Find Success From Home For Women

A lot of women in the world today are very busy taking care of their families and their home that adding a 9 to 5 job to the list is very overwhelming. Most women want to be able to have that extra time with their families and not have to go outside the home to work. Fortunately the internet has expanded the list of business opportunities for women to consider. Let’s review a list of home based business opportunities. So here are the top 4 best ways to find success from home for women.The Top 4 Best Ways to Find Success from Home for Women:1- Internet Sales: One of the best ways to find success from home for women is through internet sales such as a specific product like candles, cooking and baking items, makeup, health and wellness products, and/ or selling items that you have on eBay. Internet sales is a very popular home based business. All you have to do is get your product out there on the internet and market that product effectively whether it be on or offline. Using the internet to market and promote your business can be very useful and gain you significant prospects.2- Affiliate Marketing: Another great home based business opportunity for women is through affiliate marketing which in return gives you extra income just by promoting a particular business, product, and/or service. That business gives you a referral link which you promote to thousands of people of the internet.3- Blogs: Most people have discovered that developing a blog is one of the best ways to find success from home with any home based business opportunity. Blogs are easy to develop and will target specific groups of people to your website. Certain blogs also allow your prospects to subscribe to any new content that you add so that they can stay up to date with your online business.4- Online Marketing Consulting: And lastly, another home based business that is very popular is online marketing consulting which allows you to set up small or large businesses social sites, blogs, and search engine optimization work right from the comfort of your own home. Basically you promote and market the business for the business. But in order to understand and effectively learn how to market you need to enroll in a marketing and mentoring program that gives you the proper training to drive massive traffic to your website.How to Effectively Learn Online Marketing Consulting:Remember that the internet is very powerful and is continuing to grow by the minute for everyone including entrepreneurial women. Make sure that you do your due diligence and search for a online mentoring and marketing program that teaches you effective marketing for your specific product and/or service if you choose to take your business online. Find a good quality company that offers you search engine optimization keyword research training. Once you learn how to master these marketing tactics and strategies for your online business your website will rank high in the search engines helping you find success with your online business.


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