An online auction is a virtual auction that’s held over the internet. There are many types of auctions and there are many types of sellers. There are many advantages to using an online auction platform and you can  pretty much buy or sell anything. Online auctions broaden the extent of who sees what you’re auctioning. Not only that, your auction can stay open twenty-four hours a day, seven days a week, three hundred sixty five days of the year! You can set your auction time to whatever you want it to be. You don’t have to physically be there and there are various ways of collecting payment. 

This is a business where you don’t need a team or a staff, If you don’t know how to use an online auction, there are plenty of ways to learn. You can learn how to sell, how to bid and what to buy. One of the best things about auctions is that you can bid and buy from the comfort of your own home. You can be on a iPhone or a smartphone and this setup will work. Another great thing is as a buyer you can put in your max bid and go do something else. You don’t have to be at the computer to see the bid through. Your max bid will continue to go up as others are bidding and once it gets to your max, it will stop. Some items you are allowed to look at for a few weeks before purchasing the item. That way you can be sure if you want the product or not. Running an online auction can be great for your business if you put in the time and effort. Here’s the definitive small business owners guide to using online auctions effectively. 

• Research
• Know your focus
• Set up your office
• List your auctions
• Grow your business
• Auction resources

RESEARCH

Before you do anything, make sure you research and get to know how the online auction system works. Research sites that would be similar to yours and try bidding on something yourself. You don’t have to spend much money, because there isn’t an overhead or any upfront costs, but at least you’ll become familiar with this type of business. Research every product you intend to auction off. How will you deliver your goods, what will be your minimum bid? There are so many questions that need an answer. Especially if your buyer is looking for these types of answers also. Search what’s being sold and search the SEO (Search Engine Optimization) keywords being used. Keywords are an important part of an online business. Keywords can make a difference as to how much traffic is driven to your site. Do your due diligence to make sure your auction goes off without any types of glitches. 

KNOW YOUR FOCUS

Knowing your focus is also important. What items will you be selling? Who’s your target audience? You can also do your research on the items you plan on selling. Browse other similar sites to see what items are being sold. See what they are pricing them at. Will what you’re selling be worth your effort and time? Those are important questions that you’ll need to know. It would be a waste of time for you to try and auction off items that aren’t selling. Whatever your focus, make sure you market it for your audience.   

SET UP YOUR OFFICE

Now that you’ve chosen what your focus is going to be, you need to set up your virtual office. It doesn’t take a lot of equipment to make this happen. Of course you’ll need a good computer with a good connection. It will make uploading and downloading your images and files easier and quicker. You may need a digital camera and a scanner to take pictures of the items you’re selling. And lastly, you’ll need a decent printer. Next, where are you storing your items and how will you ship them? You want to make sure your customers get their items in a timely manner. However, make sure not to boost up your shipping and handling prices as that may send your buyer looking in the other direction. 

LIST YOUR AUCTIONS

This is where you list your titles, photos and descriptions are there to attract your buyer. Again, make sure to use keywords in your descriptions so they will show up in a search when a buyer is looking for something specific. Make sure to highlight your terms of purchase also so that there are no issues later on down the line. 

GROW YOUR BUSINESS

Growing your online auction is important, especially if you want to get good feedback and a good rating. That alone will drive people to your site. People read reviews all the time and a lot of business is lost from a bad review. If you are consistent with a good rating, I am almost certain that your business will continue to grow. Make sure to use social media to drive potential customers to your site. Social media is an amazing platform for marketing virtually anything. Plut a plan together so that your content is being seen at least once or twice a week. There are platforms that will manage it for you where you can put a timer on your business. You can also use Twitter and ask your followers to retweet your content. Also, continue to tap into those who support you. Word of mouth is one of the best advertisements ever!

AUCTION RESOURCES

There are plenty of auction resources out there to help with your auction. There are all kinds of software to help you achieve your goals. Auction Wizard 2000 is an auction management software that can help you in your journey

You’re all set to go online and start your auction! You’ve studied and you’ve done your homework, now it’s time to take and pass the test and get rewarded for all your hard work!