Many people are looking for ways to start a home based business for creating wealth. Some people turn to home based businesses in order to make extra money. Others want to replace their job salary with an online business. It really doesn’t matter what goals are laid out for the business. The key is choosing the right home based business that has the potential to grow. In addition, there are a variety of ways to start a home based business. In short, internet marketing has become one of the most popular ways to earn money from home.Here are some factors to consider for having a successful home based business.Huge and Expanding Market
It is important to start a home based business in a niche that is expanding and with a huge market. If not, a business with a decreasing market will not succeed. A business will be successful in a huge market that has long term potential. What are some markets with long term potential and with a huge market? Some of the expanding markets are internet marketing, health, nutrition, fitness, personal care and ecommerce.Provide a Product that Solves a Problem
It is important to provide a product that’s needed and will be used by the target audience. Marketing a product that’s used on a regular basis means repeat buyers. This will lead to a steady income for the home based business. Characteristics of a good product are a product that provide benefits and solve a problem. You want to provide or market a product that’s in demand. These are some of the factors that will help with creating wealth and building a successful business.Try a Proven Successful Business System
It is important to find a successful business system and improve on the model. You want to start a home based business that can generate income as soon as possible. Time is very valuable when starting any business. Also, you want to invest in tools that will automate tasks and make tasks simpler in order to generate income.Most people would like to be their own bosses and to become financially free. There are several steps involved to when it comes to having a successful business and replacing a job’s salary with a home based business. It is important to research the niche and to learn everything about running that type of business. Furthermore, creating wealth involves making smart marketing decisions and choosing a profitable business system.

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.

Starting your own home based business can be hard, never easy. You always need money to pay your bills, and things just don’t happen for you very easily in terms of getting unique visitors, them turning into leads, converting those leads into prospects and then actual clients, and then enrolling them into your primary business. All of this while trying to pay your bills. It’s hard for a person whether they are single or whether they have a big family to support so I won’t talk about that. What a lot of people don’t realize is that business expenses are 100% tax deductible, but that doesn’t make it free, especially if you’re not earning any money. So most people that start with a home based business do so while having a job or do so from savings as a big investment.They are many types of home based businesses and most of them, I mean besides the kind that are there for stuffing envelopes, require the use of a telephone or more often the computer with an internet connection. All home based businesses pay you for how much processing or prospect conversions that you do.This is especially true with a Network Marketing or MLM home based business. So how do you get your unique visitors to come to you? How do you turn those unique visitors into leads? How do you get them as prospects who are interested in your company or product? And, how do you actually enroll them into your business as a client? That’s when they are now in your boat asking these exact same questions. Questions that you, like I will have to answer for them.So the first step, getting unique visitors is usually the most easiest thing to do, specifically you must invest enough money into marketing. But how much does it cost, and are you marketing in a specific niche that is interested or caters to your product or service? Once you find your target niche, after that you have to worry about your competition. So how do you stay ahead? Well, it’s really up to you. And I’m going to try to help you as much as I can.First of all, what is a niche market? A niche market is composed of individuals and businesses that have similar interests and needs, which can be readily identified, and that can be easily targeted and reached. Finding a niche for your business means finding a great product or service for a highly targeted audience. An example of a niche market is women teenagers clothing, or boys clothing, or catering for needs of the elderly.A great tool is ranking on Google for free, and I have a few tricks up my sleeve which I won’t discuss in this article and am saving for my personal team. Another great tool is pay per click advertising using overture, word tracker, or my favorite, Google AdWords. This is where you can find a specific keyword term with less than 300,000 results that you can actually compete in. Of course pay per click marketing is very expensive, and seldom people can afford this at first unless you’re already making money with your online business. But to find a good keyword phrase with little competition use Google’s, Google AdWords: Keyword Tool. Just Google that phrase on Google and you’ll find it.But before I get into more trends, I have to establish that if you’re going to have an online business, what you need is a lead capture page and an email auto-responder so people can subscribe to your newsletter and it helps you keep track of your leads. Now if your great with computer technology you can get a very affordable domain name with GoDaddy and host it for less than $4 per month using HostGator but then you have to really understand html and create a programming environment where every time someone clicks somewhere on your page that, that information is tracked, stored, and processed using some type of program environment tool. Most people that have a home based online business or are interested in having one are not savvy enough with computers, much less savvy when it comes down to html and especially programming. Things like cgi scripting, perl scripting, php, asp, java, java scripting, etc. What most people need is a capture page that already has everything set up and running for you. A capture page that lets you sit back, relax, and see exactly what is going on with your online campaign. This isn’t going to cost you $4 dollars per month. If you want all these tools available to you you’re going to have to find something a lot more technologically practical, useful, convenient, sound, and concrete; and yet still at an affordable price. Say for under $50 per month? I personally recommend this site. It’s called lead system pro and it automates a lot of or all of the things necessary to effectively host a web capture or lead page and allowing you to track your visitors and doing a whole bunch of other cool things, basically also giving you a back office where you can manage and edit your site and content without any knowledge of html or web based programming. You could also take advantage of a whole bunch of Web 2.0 applications that are all free and link them into your capture page. Applications such as youtube, MySpace, Facebook, twitter, and more are covered in the tutorial section with step by step video guidance in lead system pro. The company also has recorded webinars or phone/computer seminars that are pre-recorded that you can watch or listen to so you can take examples from what others already know and apply it to your own site(s) and business and market that way.You’ll also need some type of advertising that you can do about every 3 days or so in order to get consistent traffic coming to your site. I know about two services which cost about $200 each for 1 year and I think that, that is a great offer. It comes down to advertising costs of about a little over $16 dollars per month each, and lead system pro shows and tells you about these great non-spamming email list advertising programs. So you can learn a lot of information from that website, and I highly recommend it. It costs about $1 for a 14 day trial, where all other similar hosting sites only give you a 7 day trial for the same price, and probably offer a lot less. They also offer you a bunch of affiliate programs that you can sign up for on other websites to generate money from each lead whether or not they join you in your primary business or not.Now I know I’m talking about a lot of upfront money here just for a capture page and advertising, but if you decide that you want to join my team, I’ll share with you ways to do marketing and generate 20 leads per day guaranteed and all for free.But for now, let’s get back to more trends. How do you turn those unique visitors to turn into leads? Leads are people that opt-in or sign up for your newsletter, an interested market, that put in their real name, email, and phone number and automatically get put on your auto-responder newsletter. If you’re worried about the auto-responder newsletter, don’t be, lead system pro has all of that built in and taken care of so you don’t have to write a thing to your list unless you want to. Once a person is a lead, there’s no cold calling, no hunting people down, no convincing other people or telling them about your business. These are people that are already interested, so they are called your warm market. What that means is that they’re open to you, what you have to say, and what you have to offer. But although I’ve told you what a warm market is and what a lead is, I never explained how you turn those unique visitors into these leads.Simply put, to turn a unique visitor into a lead requires original content. Just like you’re reading my article now, or watching one of my videos on YouTube, you need to be descriptive, creative, and unique basically coming up with a marketing formula or system that brands you instead of your company. That is what makes people interested in what you have to offer them. People are not generally interested in buying into a company. People are more interested in leaders so what they will usually do is sign up with the person that offers them the most value. And that person, that leader, is going to be you. And I’ll show you how.You need to create Your own unique selling position – study your competition to find out what they emphasize about the product which makes them stand out from the crowd or their niche that you want to compete in. Then decide on something that will make your business unique from the others. It could be something unique about the product, the service, or you, or you could choose a more highly defined target market. You need to build and promote your web site – to develop a profitable web site for your niche product you need to create a number of informative pages that will not only attract visitors from the search engines, but inform and move them to purchase from your site.Define Your Purpose – Without a clear purpose for your site, you will not know where you are heading, for example, to help small business owners attain a presence on the web to sell their product or service. Now, write down the statement of purpose for your web site. Go over it a few times to make sure it is crystal clear, then write an article and/or make a video. Otherwise your unique visitors will be trying to figure it out for themselves.Realize many others may be competing to sell the same product. Focus on something unique you may have to offer, that stands out from your competitors. If you are setting up a company, make sure it is a reputable company with a good track record with lots of help available from others involved, such as your upline, partners, coaches, mentors, etc. Don’t recklessly jump in – you will waste a lot of time and money. This is the number one reason, why many entrepreneurs give up so quickly and basically fail.You have to have to put on your customers shoes. Make a thumb nail sketch of this person – who is your customer? What is his/her wants, needs and worries? Try to understand what makes them tick. Then you can understand what gain you can offer and what worry you can solve. This is the only way to gain trust or confidence in your customer so that they will buy from you in a very competitive market.Develop your product that addresses one or more of these needs. Always refer back to your thumbnail sketch as you write for your site. Elaborate on the points that fit your product and what it delivers. As you start writing, new ideas will naturally emerge, but always keep them focused on your targeted customer so you won’t go off the track of what your customer wants. Remember, to sell to your customer you have to have their wants and needs in mind.Maybe you have seen the ads, “Get 10,000 visitors to your site, for only $20″. Wow, you think, that’s a great bargain, I’ll go for it. The result – 10 people visiting your site and no one buying. What do you do?Write Your Copy to Sell – When you begin to write the copy for your site, always stress the benefits. Develop a theme for your site that focuses on this benefit and don’t stray from it.Also, make your customer want to click through to the next page or click through to your order page.Now, that you have identified your targeted customer and written copy tailored to solving your customers’ problems, you will no longer lose those that you have driven to your site.More realistically put, to turn a unique visitor into a lead, as mother said, you only get one chance to make a first impression – and that’s the one that sticks. What she didn’t say was that when it comes to web sites, not only must it create a good impression, it must be effective.Your web site has two choices. It can choose to sit quietly in the corner like a wimp, or it can engage with visitors, make contact, and do business. Not much different to a real world encounter when you think about it. If you have something to offer, you either go out and tell people about or sit home and get ignored. And guess which web site does more business – the inactive wimp or the pro-active go-getter?But there’s a problem. To interact online, you have to have some way of establishing contact with your visitor. Most importantly, finding out who they are, what they need and when they need it. With lead system pro, on your capture page they have a form where people put in their name, email, and phone number. This is what you need to contact the person and truly find out their needs.Let’s get one very common misconception out of the way. However good it is, don’t expect your web site to sell your organization, your product or your service immediately; it won’t.Using the Web is called browsing for a reason. Visitors are browsing, not shopping. But be it on the Net or in the local shopping mall or store, people do see things that catch their eye while browsing [aka window shopping]. They do ‘come in’ and ‘look around’. They may not need what you have at the moment. They may not even be able to afford it right now. But they are interested or they would not have ‘come in’ and browsed around. Your web site’s critical task is to ensure that when they can afford it or when they do need it; they know exactly where to find your web site – easily and quickly. But how do we achieve that?I use the term pro-active. To me web sites that just sit there and wait for visitor requests or signs of interest are re-active [aka: wimps]. They do nothing until poked by the visitor. Pro-active web sites poke the visitor – in the nicest possible way, of course! It is vital your web site finds a way to engage your visitors again in the future.You must always give in order to receive. The better quality you give, the more you receive. It is a universal law of nature established long before the Internet or probably even the dinosaurs. Provide a *quality* ‘something’ to you visitors in exchange for the ability to contact them. Then treat this exchange with the care and respect it deserves and, sooner or later, that visitor will become your client. It may take days, maybe months, but sooner or later, when they have a real need of what you provide, they will come to you and ask for it – guaranteed. You won’t have to sell it. They will want to buy it.A good example of this is building that email list and writing articles for your leads to read on a weekly basis, sort of like a newsletter, adding value and insight, not just promoting what you can do for them but also helping them to solve a want or need as well.Thousands of people may visit your site every day. This is totally futile unless you help them to help themselves. Help them remember you by offering articles, newsletters, RSS feeds, Blogs, Videos or whatever does it for you. There are many avenues you can choose from. Whichever you choose, don’t just have your web site sit there in the corner looking pretty – and doing nothing. Make it work for its living.You invested time, effort and probably money in putting your website up. Make it earn its keep – it owes you that. Ensure it greets the visitor, what you do, have plenty of attractive and useful content, but above all else, ensure you make all efforts to get your visitor’s calling card/email address before they leave your web site.I think by now you’ve got the general idea. We’ve also covered how do you get them as prospects who are interested in your company or product.The last step is, how do you actually enroll them into your business as a client? Well we’ve covered that as well, and with a system like lead system pro it is all automatically done. Your content, your brand/image, and what you put into your site will make the browsers actual shoppers.