In my article, ‘The Job Trap’, I spoke of “Recurring Income Streams”, as a powerful tool for creating financial independence. What is clear merely having a job, as the singular income stream, will not lead to financial independence. What is also clear, the pursuit of financial independence, by creating wealth is not a hobby. Instead it is a committed fulltime endeavor that is rewarded with passive income that continues to flow, long after the work has been done. What is also clear that individuals who successfully are financially independent develop recurring income streams primarily through investments, real estate, and business ownership. For many people, lacking enough funds to begin investing, or purchasing real estate are difficult initial choices to develop recurring income. Therefore entrepreneurship, developing a business becomes a feasible initial income creating stream..Home Based Business: Passive Income StreamLiving in a highly charged technology age, has given rise to more people developing a home based business. With the power of the internet, literally developing an international business very possible. Additionally, the potential to generate thousands, and in some cases, millions of dollars in revenue is quite possible with a successful home based business. Without a doubt, you can make money online. And setting up a potential successful online business is possible with very little initial money. While the potential is great for a successful home business there are some factors that should be considered. If your entrepreneur money stream involves something online, are you looking simply to make money online? Or are you truly looking to develop a home based business? First impression it may appear that there really isn’t any difference between the two options. Opportunities to earn money online, are plentiful. They might include surveys, visiting websites, to name a few. These along with other similar opportunities result in earning money only when engaged in the money producing activity. On the other hand, creating a successful online home based business, requires work, similar to any business. Particularly in the initial stage of developing the business, putting in the work is vital to creating ongoing success. Here’s just some of the tasks: researching products, services that your business potentially will offer. Setting up your website, acquiring your own domain name, hosting for your website, etc… The great thing though is you potentially will be rewarded many times over for the work you performed. Just as there are many opportunities to make money online, there are also many opportunities that are excellent tools for creating a home based online business.Affiliate Marketing: An Online Home Based BusinessFor a newbie lacking experience in creating a business, and in particular an online home based business, affiliate marketing is an excellent choice to begin. Why? For several reasons. For starters, a product or services that is already in high demand now becomes available to your business to profit from. Additionally, when you place a link on your web site, and customers click to purchase, you won’t have to worry about shipping, collecting payments, or finding a payment processor to do that. In return for generating the sale through your site, you will receive a commission payment. Another bonus that a solid affiliate program will provide for your business, is the tools, training, and support to effectively market their product or services through your business. A real simple process, right? Wrong!!! Yes you simply find a company, join as an affiliate. But remember you’re creating a business, therefore work is required on your part. Choosing the right affiliate program for your business requires research on your part to find a company, product that you feel comfortable, with that you would use yourself, that you want to learn everything about it, and how to effectively market it. It takes work to increase your knowledge requiring having and developing a successful online business. While it is true, that many people who start a home based, especially, an online business initially in the infancy of development, generally start while yet still employed, and committed to family. Certainly the issue of committing to your business often get clouded. The truth is that in beginning, you must constantly be working on your business in some capacity if having a successful business and recurring income stream is important to you.
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.
Ways To Start A Home Based Business On The Internet
There are numerous ways you can make money today. Do you need to earn some extra money? One of the best ways is to start a home based business on the Internet. If this sounds like something that would interest you, let me offer a few tips to keep in mind before you get started.
1. What kind of business? To me this is the most important thing you will need to consider.
Do you have any specific skills you can use to start a business? There are people who use the Internet to run a home based business that takes them outside of their home.
Examples of this would be dog grooming, landscaping, furnace repair, painter, and so on. There are also people who start a home based business and run it in their home such as a day care provider.
You can still benefit from the Internet when you operate this type of business. Every business today needs a website and customers to find them online.
2. Online business. An even better approach would be to start your own internet business doing something you enjoy.
For Instance, you could simply start a blog relating to a hobby or something in which you have a special interest or something you have a passion for. You see this all the time on everything from gardening and cooking to sports and fishing.
Virtually anything can be turned into a blog and you can make money from it. Monetizing a blog with Google AdSense is the fastest way to get started.
You might set your blog up using Blogger.com which is owned by Google. This is free to do and a fast way to get approved for the AdSense affiliate program.
3. Network marketing. This business model has been around for over 50 years now and is very popular online.
There are many Internet-based MLM companies you can join. The good thing about taking this approach is that your products are based online. As a result you do not have to worry about maintaining any inventory or shipping the products. Your work is confined to enrolling distributors all around the world to sell the products for you.
This works well for retailing products which allows you to make good money selling them. It also works very well for enrolling new distributors who can also purchase products that allow you to make money on the volume created in your downline.
These are a handful of tips to consider if you want to start a home based business on the Internet. You can use the Internet at home and still run a business away from it. You can also start in various business models such as blogging, affiliate marketing, and network marketing to make money.