With the recent slowdown in the economy, millions of people across the globe have lost their jobs. It has become difficult for these individuals to support the daily expenditure of their families. They have started looking for alternative means of income, which is stable and does not get affected by the unstable economy that has already caused them considerable damage.With the advent of the internet and technology, the world has shrunk. Internet has emerged as a powerful tool in many ways. Not only information sharing has become easier with this technology but also it has led to the development of a new form of trade known as E-commerce. Billions of dollars worth of trade is being done on the internet every year. In its short span of existence, the statistics say that a large portion of the world’s economy comes from the businesses that are done on the internet. The internet has the ability to instantly connect people located at remote places on the earth separated by thousands of miles. Thus, the growing communication between people across the globe is leading to business, which is eventually proving beneficial for everyone.There are various types and kinds of businesses that are being done on the internet. Some of these are huge and are worth billions of dollars while others are small home based businesses. In this fluctuating economy, a home based business that is run through the internet has become very popular among masses. There are various factors that account to this growing success of a small business that people are running from their homes.The first and foremost thing among several reasons for people picking up to do business from their homes is its unlimited income potential. People can earn as much as they desires as opposed to their 9am to 6pm jobs, where they were paid a fixed salary every month. Moreover, you are under no obligation to work on a set schedule daily, you can adjust your work timings every day to suit to other activities. There is no boss on your head. You are your own boss, who keeps all the profit that the business generates.Staring up a new business with the help of the internet has become a lot easier these days. All you need is a computer and an internet connection. Business ideas can vary from selling products and services to providing consultation to those who are in need of your opinion. A website can immensely help your business grow in a short time. Once you own a piece of the ever-expanding space on the World Wide Web, you can sell services and products on your website to potential customers. Billions of people search the internet looking for products and services they need. This number is increasing day by day as it is much convenient to purchase an item or service on the internet than to visit the brick and mortar store, which kills time. This is why the world is fast adopting the internet, which is growing exponentially. The increasing number of visitors every day means more business and enormous earning potential for everyone with something to sell and offer.The other reason why so many people are choosing to do a home based business from the internet is that there is no investment that needs to be done upfront, unlike the other startups where people risk thousands of dollars. The growth potential of an internet business is far more than that of any other kind of business because of its ability to spread at a staggering rate.Those people who have started their home based business have realized their goals of making substantial money to support their families and enjoy their life to the fullest. However, there are certain qualities like entrepreneurship, hardworking capabilities and positive attitude. Setting up a home office to run your business online can be of great help. When you sit in a dedicated space on dedicated equipments, you get a professional feel that enhances your performance and thinking capabilities. As you will be working from your home, you would have to be more disciplined to accomplish long-term goals because there are so many distractions, otherwise. Home based businesses have greatly contributed to the growing economy as people are earning and spending this money, which in turn leads to more commerce. In short, this is the perfect time to adapt to the most rewarding and enriching way of doing business, harnessing the unlimited potential of the internet.

No matter what you read in textbooks, online or hear from anyone else, you need to realise that traditional mainstream media advertising doesn’t work. I mean, it can work if you have millions of dollars worth of advertising budget, but for most businesses it is not an effective tool.Public relations techniques become the best option for home-based business owners, especially when you consider the possibilities presented from using both online and offline techniques.The purpose of this article is to share with home-based business owners 5 tips that you can utilise relatively quickly.Learn to write a basic press release- The press release follows a basic template that almost any business owner will be able to fulfill. You need to learn to write a basic press release so that every time your business does something newsworthy you can send off a press release to try and get some media coverage.Start a blog and utilise social media- I definitely think that you cannot overlook mainstream media coverage but you should also start your own blog, set up a Facebook page and set up a Twitter account so you can reach out to your audience directly without having to worry about your message being mediated.Join an online networking forum- You should also look at joining an online networking forum. There are plenty of online groups that you can join and there is bound to be one that is related to you your niche. You should join one or more of these forums in order to build your reputation as a respectable business owner.Referral marketing is the best way to grow your business- Going out and getting a sale can be tough. It is much better to make referral marketing a large part of your business plan. You need to aim to get as much as possible of your business through referrals. My personal preference would be for 100% of business through referrals.Credibility is more important than visibility- As a home-based business owner credibility is much more important than visibility. It is now much more about what you say and what others say about you then how many times people see your name.The old rules of advertising no longer apply. You need to make sure that you utilise the PR tips that I mentioned above so that you can grow your business effectively in this new economy. Otherwise you will find that you are doomed to failure.

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.