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Hiring An Auction Company

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.

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Home Based Business Ideas for Women Who Definitely Want to Make Money And Raise Families

You shouldn’t have to choose between going out to work and staying at home with your family. While making a living is important, so is being there to witness the major milestones in your children lives. Unfortunately with the state of the economy, many families are forced to become two-income families just to provide a comfortable live style for the family. Fortunately, the growing trends in home based businesses allows parents to spend more time at home while still providing a comfortable lifestyle for their families. The best home based business ideas for women, involves women creating a work schedule around their family life; having a home based business, means that you will never have to miss a milestone in your child’s life.Home based online businesses allow the working women to maintain the dual role of a professional businesswoman and involved family woman. Working from home has several advantages, in addition to working your own hours, as an entrepreneur you make the managerial decisions regarding the direction of your business. Initially you might experience some anxiety or fears, but with the right planning and structuring your business could become a financial cornerstone for your family.So WHAT IDEAS DO YOU HAVE for starting a business? I know you must have some ideas in mind or you wouldn’t be reading this article. So what are your ideas… How long have you had them…and have you written them down. If you haven’t written your ideas down, then that’s the 1st thing you need to do– even if it’s just a single idea write it down. Think about what it is you have written. Can you see yourself turning your ideas into a business. Maybe your idea is just a hobby you have, not sure if your idea could work, go online and Google your idea and see what comes up Are there businesses online with your idea…..If there are will it be easy enough for you to compete…if competition is stiff, maybe there’s a market that hasn’t been tapped into.Another thing you might do is to think about who your target market would be and take an informal survey from a variety of people who would fit into your market. You could do this survey just about any place where there are people– in supermarkets, department stores, malls, laundry mats, bus or train depots, anywhere people who fit your target market would be found.True, you could talk to friends and family, but strangers would be best. You could tell them that you were doing an informal survey and that you were thinking about selling a particular product or offering a particular service and you were wondering if they were to see what you were offering online, might it be something they would be interested in purchasing or taking advantage of.The combination of your informal survey and online research should give enough information to determine how viable your idea is. If you find that your ideas possibly may not work, again search the internet; you are bound to come up with a few doable ideas for a home based business.In setting up an online business, you don’t have to know a lot about computers, navigating the internet or maintaining a website in order to successfully run your business. There are online programs that will allow you to download the resources and tools you need automatically to set up your website, receive payment and assist customers with problems. Many of these programs are free of charge. Suggest you do your research to determine the ‘best fit’ for your business.Home based business ideas for women can be fruitful when the business plan is well thought out and organized. In-home businesses have low start-up costs and requires a relatively small amount of time to become established. After the first few months of operation, your business’s profits will exceed the amount of money you paid out in start-up costs and the business will begin to pay for its self.So if you’ve been on the fence thinking about ideas that you may have about setting up a business at home- Its TIME TO GET OFF THE FENCE and LET YOUR IDEAS BARE FRUIT! And while you’re at it…Think about all the benefits your family will be enjoying.

The Elements of a Good Advertisement

Advertisements are all around us. Whether we’re watching television, driving down the freeway, flipping through a magazine, or listening to the radio, we are bombarded on every side by messages trying to get us to buy a product or service. And although there have been countless debates over whether or not advertising is effective and whether it really does influence people to purchase products, the fact is many companies will spend billions of dollars on a single advertisement in the hopes that it will increase their profits.

Good advertisements have the power to make people stop and take notice. You have to have been living under a rock not to notice the success of Geico’s caveman series or the iPod’s silhouette series of commercials and advertisements. And as a result of those advertisements, sales went up significantly for those two companies.

Advertising creates awareness of the product and can convey messages, attitudes, and emotions to entice and intrigue audiences. At least those are the desired effects of an advertisement. Needless to say, some advertisements fail miserably in their purpose.

So, what makes the difference between a successful advertisement and an unsuccessful one? It’s all in the design. Typically, larger organizations produce more effective advertisements, while newer and smaller companies are the ones that produce the duds. This is largely because bigger organizations have the money to hire professionals while smaller companies do not.

The advantage of hiring an in-house advertising developer or hiring an advertising agency is that you get the skills of people who have been trained in creating effective advertisements. Many have spent years and years going to school, studying past effective advertisements, looking at elements of design, and learning how to create their own effective advertising campaigns.

Learning how to create effective advertisements does not happen overnight, but there are a few simple rules that many workers for professional advertising agencies follow to create effective advertisements that will appeal to audiences and hopefully increase the company’s revenue. The following paragraphs list a few advertising principles that companies and advertisers follow when creating their own advertising campaigns.

Perhaps the most important quality of an advertisement is its uniqueness. In a world where people often see hundreds of advertisements a day, an advertisement must be unique and different in order to capture audiences’ attention. Going back to the iPod example, the single block of color with an image of a black silhouette was extremely effective at the time because it was unlike anything else around it. The simplicity of the advertisement stood out against posters and billboards that had busier images and much more text. Also, the use of bright, bold colors made people stop and look at the image. Even though the advertisement had little text on it, people got the message that this product was new, fun, and bold.

Of course, there are a variety of ways to make your advertisement stand out. Look around your area and write down descriptions of advertisements you see. What are the trends? Are they text heavy? Do they use similar colors? What kinds of images are on the advertisements? Once you start noticing trends, try to think of ways your advertisement can go against those trends and be something different–something that will make people stop and look.

One word of caution: Once you’ve made people stop and look at your advertisement, they need to be able to understand what you’re selling. You may have the most eye-catching image on your advertisement, but if it is completely unrelated to your product or service, then viewers won’t understand what you want them to buy. So, be sure that when you are selecting your images and text for your advertisement, people will understand what you’re trying to sell.

A well-designed advertisement will also communicate well to audiences. In order to figure out how to make your advertisement effective, you need to identify your audience. Who are you trying to target? Teenagers? The Elderly? Business people? Parents? There are a variety of different audiences, and the more specifically you can identify the audience for your product, the better chance you have of designing an ad that will effectively influence your audience.

For instance, if your audience consists of young teenage girls, you might choose to use bright and bold colors, but for business people you may want to create an advertisement that uses more professional blues and blacks (but don’t be afraid to be a little bolder if you’re trying to stand out).

The key is to think of the general traits of your specific audience and try to reflect those traits in your advertisement. What do they value? What do they fear? What motivates them? Once you’ve answered those questions, it should be easier to come up with a few solid ideas for an advertising campaign.

Once you’ve developed some ideas for an eye-catching advertisement and identified how you want to communicate with your specific audience, some good, solid design principles need to come into play. The advertisement needs to be legible. Viewers shouldn’t have to work to get what you’re trying to say. The advertisement needs balance. One side shouldn’t feel heavier than the other. The advertisement should also make good use of contrast, repetition, color, and pattern. When these design elements are implemented well into an advertisement, the result is a fabulous ad that will appeal aesthetically to viewers.

The above is just a brief overview of what advertisers have to think about when designing an ad. You can see why many people find it helpful to hire an advertising agency to help them develop ideas and create effective advertisements. And whether you’re looking for a Seattle or a Miami advertising agency, you shouldn’t have a problem finding an organization in your area to help you create the perfect advertisement campaign for your company.

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