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.

What are the best rated home based businesses of 2009? As you know, a successful home based business can give you a tremendous opportunity to fire your boss, end that daily commute, and have much more of that needed time with your loved ones. Unfortunately, finding a legitimate home business opportunity can prove to be very difficult. You really need to do your due diligence to find the best opportunity that is right for you and your family. To help you with your research efforts, I would like to give you more information regarding businesses that I have come across. In my opinion, these are the top three best rated home based businesses of 2009.1. Medical Billing & Coding:This is an industry that has found favor with many stay at home moms who are trying to bring in another source of income for their family. Medical Billing and Coding consists of properly coding procedures that were administered to patients, and submitting those claims to the insurance carrier. This allows the medical provider to receive payment for his or her services. This industry does have a steep learning curve, and it is recommended that you have prior office experience. If you do not have experience in this industry, there might be someone in your local area who can offer you more information and expertise.2. Product Sales From Home or Online:Selling products from home is still a very popular choice for many. Many people are selling products like cosmetics, purses, home decor, etc. Many people are beginning to offer these sort of products via an online retail store, or website. If you participate in an opportunity like this one, I encourage you to utilize the power of the internet to market your business. I will go into more detail about this later on in my article. Many people are still participating in the traditional efforts of referring to family and friends, organizing hotel meetings, and hosting product shows for this sort of business. In my opinion, only using these methods can prove to be very difficult to achieve long-term success.3. Online Marketing:This home based business is my personal favorite. I have found that more and more people are finding tremendous success in this online business. With Online Marketing, you are using proven techniques and strategies to drive targeted traffic to a website where you offer a product or service. It does not matter if you are already involved in another business opportunity, Online Marketing can give you the increased exposure that your business thrives on, and give you a steady stream of new prospective customers. All you need is the right training, a computer, and an internet connection.

The Internet has become the largest medium of communication; and has presented a lot of business opportunities.

Online home based business owners tend to limit themselves to online marketing methods. Nevertheless, there is a huge potential to promote your home based business through some cost effective offline marketing strategies.

So what are the most effective offline marketing strategies for your home based business?

1. Word of mouth in your circle of influence Word of mouth is one of the best free advertising channels. We all have people we interact with on a daily basis, and these are potential customers. Make a list of all the people you know or interact with and how can you best tell them about your internet business. Be passionate about your internet business and always be prepared to tell someone about it when an opportunity to do so presents itself!

2. Mail-out newsletters and flyers Mail-out newsletter or flyers can be effective if you target it to a specific ‘group’. You could create one to distribute to local day care centers just as an example – and in your newsletter or flyer, highlight the benefits of an online business to the targeted group, for example earning money at home for stay at home moms or dads. Posting your home based business URL on bulletin boards can also be effective.

3. Use and give away free branded ‘stuff’ You can promote your business by having your URL on all your stationery, all written communication and other items you can give away for free. If you want to get a lot of people to know about your home based business, you will need to come up with some creative ways of promoting your URL. You can be limited only by your imagination. Have your business cards with your home based business URL. Give them out to people you meet, leave them about where you can, such as in your local coffee shop.

4. Newspapers and magazines Local newspapers are good for advertising your online business. Most local papers have ‘home business opportunities’ section, so you run a regular classified advert. In addition, contact your local newspaper or business-oriented magazine and let the business editor know you have a new business and web site and what you offer. Local newspapers are frequently interested in featuring local business people and their accomplishments. This is free advertising and should always be used. You can also contact your local magazine and offer to write a monthly or weekly guest column for them, and include your ‘author bio’ and home based business URL.

5. Joint ventures with offline business You can get into a joint venture partnership with an offline business which sells a complementary product or service to your home based business. If you can identify a partner that best fit your business, this is an important offline marketing strategy that can help you succeed in your home based business by enabling you to reach potential customers that you could not reach before. As an example, if you have a website selling fitness/health products or tips, you could prepare a leaflet and make a deal with an offline local fitness/health shop where they giveaway your leaflet to their shoppers with each purchase.

The offline marketing strategies strategies outlined above can help you grow your home based business.