anyone run a penny auction site?
 

I have a friend that wants me to get in on one with him. Seem pretty straight forward but the software ranges from $200 to $10,000; all claiming to be the best.

Personally, I think those sites are for idiots... but there is an idiot born every second right :1orglaugh

If you have more to spend I can get you in contact with the exact people. I can give you the real run down. but honestly for 10k it is not going to happen. That is 100% truth.

You can get a script for up to 10k, but are you here to make 10k or more? that is what it boils down to.

$10k was just the price of the software (the most I've seen).

What do you think it would cost to start up? I'm guessing probably $25k or so..

if you arent in the range of 60k+ and know how to balance accounts it may not be something you are looking to get into.

easy decision for me then :thumbsup

I'm sure they make money, but I don't have a ton of time to devote to this and my buddy (who doesn't know a lot about online business) thinks its an easy/cheap win

I think you have pretty much answered yourself with this statement, even if it was last.

Ahaha. The second I read "my buddy wants to" I figured it was leading to this. Outside people always think "man that must be so easy!"

What is a penny auction?

it is by far easy or cheap i heard from a friend of a friend of mine.

this is not something that you want to go into with a cookie cutter script. also if you are not fully aware with the current state of processing you can very shortly have your entire investment drained.

my friend owns bidstick - he spent well over 100k starting it - making a killing now

I'm looking at one right now.

So every time somebody places a bid, the timer resets?

Thats where he got the idea from, another person he ran into that runs a bid site. Guy spent $20k on script + other necessaries and is pulling in $10k/mo after 3 months. Its not a killing, but sure pays the bills easy.

I'm not looking to invest large amounts of time and money into something unless it is going to pay off in the long run... Meaning, spending $60k and making it back in a year and then maybe a few $k per month is not worth it

You would need a ton of time - and a buddy who isn't an idiot.

Your main problem will be competition for customers.

n00b adult webmaster alert. :1orglaugh

True true. to make it successful, you need to have a LOT of customers bidding otherwise you will loose your ass.

Problem is the idiots are the ones with the money :1orglaugh