Starting an auction platform requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell auction platform, or selling auction platform online, you can use this page as a guide for everything you'll need to know.
Want to learn more? You can check out our full guide on how to start an auction platform ➜
|Min Startup Costs||Max Startup Costs|
|Office Space Expenses||$35||$3,250|
|Employee & Freelancer Expenses||$0||$5,500|
|Equipment & Supply Expenses||$525||$5,500|
|Business Formation Fees||$5,600||$20,400|
|App Creation Costs||$1,000||$20,000|
|Advertising & Marketing Costs||$0||$3,000|
|Live and Online Auctions on HiBid.com||hibid.com||#8,669|
|Access to this page has been denied.||invaluable.com||#16,676|
|Flexibility||You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.|
|Ability to start your business from home||It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!|
|Traffic to your website||A auction platform gives people a reason to visit your website and to keep coming back to you!|
|Meaningful business connections||You never know who you will meet or get to work with for your auction platform. This could be the start of an incredible business opportunity!|
|High customer retention rates||Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your auction platform becomes an integral piece of their every day lives.|
|Control of workload||With a auction platform, you get the unique ability to choose how little or how much you want to work. You also have the freedom to decide which projects you want to work on, and can turn down the ones that do not interest you.|
|Motivation of employees||If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.|
|Longer Sales Process||A auction platform can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.|
|Low margins||The gross margins for your auction platform are typically around 20%, which can make it more challenging to incur new expenses and maintain profitability.|
|High employee turnover||In the auction platform, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.|
|Taxes||As a auction platform, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.|
|High overhead expenses||With starting an auction platform, there are overhead expenses that come with selling a physical product. You will want to make sure you strategically budget for these overhead costs. We discuss this more in the startup costs section below.|
An affiliate program is a way to reward people outside your organization to share your product.
The most tried and true way to grow a auction platform is through word of mouth - some entrepreneurs would say it's more important than all social media.
Social media advertising is one of the leading ways to get the word out when it comes to auction platform.
There are various different Social Media platforms available to you. Some may be more critical for your marketing efforts than others, however, it's important to have an understanding of what's out there and available to you.