Time to start our own auction brand!?

[A_Iverson_I]

As a seller I would be more than happy to pay a final value fee from day one as a site has to make some money just to survive. If it works it should at least pay for itself very quickly and then maybe even make some $$$.

I am also happy to help in other ways too.

Good point. Even if the site is new members have nothing to lose by only paying a fee if they sell something. I guess the decision on this can be talked about more though.

I think the way to move forward is to form a planning committee, most probably 3-5 people max in such instance, otherwise there will be too many divergent views. All members in this planning committee must be potential investors as well. The agenda of the planning committee is to come up with a business plan. Not neccessary an elaborate one but must at least come up with basic points such mission, objectives, finances, marketing, technology, etc. A 2-page business plan at this point of time would suffice and would act as a "prospectus" for other investors who may be interested also. What do you think guys?

I am definitely interested to be an investor and count me in. Cheers Alex

Awesome. Thanks Alex! A good idea too about the 3-5 planning committee. Anyone have any experience in drawing up a business plan?

Some really great ideas here Brett.

I'd be interested in being a site supporter.

Just wondering how niche of a market we'd be looking at; just NBA cards or sports cards generally or trading cards in general?

Awesome...... thanks man!!

Hmmmm good question..... and one I'm sure will be a big part of the talks. I'm thinking probably all types of trading cards!?

 

[skip20]

Agree with anakinleo's comment above - should get some sort of plan together and then seek out investors. To put the plan together you'd need people to address, each component such as IT (platform etc), finance (tax, funding, revenue streams, start up costs, cash flow, profit / loss, adverttising etc), legal (structure, insurance, management etc) and someone to pull together the market data to see how viable the whole idea is.

Once you have the plan together then you'd seek out investors / owners because they know exactly what they'e investing in and being a part of.... I can help out with the finance / legal aspects in putting something together. Good sample business plan is on business.gov.au

If you have something like that to work with it focuses people's divergent thoughts and opinions into one clear direction which is what's needed at this stage.

Worst case scenario I'd be a Site Supporter, best case scenario an Owner / Investor if the numbers look promising.....

 

[A_Iverson_I]

Do any of the computer tech people on here know anything about storesonline? I own a couple of these platforms already and their spiel says they are capable of hosting auctions. I have only used them to sell at fixed prices. www.comfortcontrol.com.au

Cheers Glenn

Hmmmmmm..... never heard of them TBH and really I wouldn't want to be hosted by a third-party and restricted to doing what their system can handle.

 

[goldcoasttradingcards]

Hmmmmmm..... never heard of them TBH and really I wouldn't want to be hosted by a third-party and restricted to doing what their system can handle.

I have been using them for a few years now & have not had any problems at all with them but as I said I have only used them for fixed price. They are an excellent set up with the tools they have. They have things such as SEO tools built in and keyword search tools etc. They have 24 hour support desks available to assist with problems and its built for computer idiots like me. Comfort Control Air Conditioning has become one of the largest sellers of Actron Air Conditioners thanks to their set up. If the site takes off then maybe it wont handle that but I think it could be a good option to start with. If you have a better option that is basically free to start out with then please tell us what it is?
Cheers Glenn

 

[A_Iverson_I]

I'm not saying they are a bad option, I guess being a developer I don't like stuff like that as I don't have control over being able to customize things I want. You're kinda stuck with what they give you.

 

[goldcoasttradingcards]

I'm not saying they are a bad option, I guess being a developer I don't like stuff like that as I don't have control over being able to customize things I want. You're kinda stuck with what they give you.

Actually if you know more than i do, which isnt a lot, you can alter their set up a lot. My son is pretty good on computers and he has changed things on it for me. I can copy & paste and write spiel, thats why it worked for the air conditioning, and why someone like me can use their set up.
And as I said above I own them so start up costs drop a lot straight away. If it works and their system cant handle it then we know its worthwhile to look at better options.

Cheers Glenn

 

[A_Iverson_I]

Actually if you know more than i do, which isnt a lot, you can alter their set up a lot. My son is pretty good on computers and he has changed things on it for me. I can copy & paste and write spiel, thats why it worked for the air conditioning, and why someone like me can use their set up.
And as I said above I own them so start up costs drop a lot straight away. If it works and their system cant handle it then we know its worthwhile to look at better options.

Cheers Glenn

Well I meaning not being able to change things on the backend (the core behind the site) rather than the frontend. Plus, if the site DOES become successful and we want to move to our own system it would probably be a nightmare porting everything over to the new system from a third-party site.

 

[goldcoasttradingcards]

Well I meaning not being able to change things on the backend (the core behind the site) rather than the frontend. Plus, if the site DOES become successful and we want to move to our own system it would probably be a nightmare porting everything over to the new system from a third-party site.

Thats getting out of my depth now....lol Thats why my original post asked for computer techies. I cant say yes or no to this as I have no idea....lol

Maybe for these reasons it isnt a good idea. The main reason I suggested them is I own the sites, so no cost for that, and they have been great for what I have done so far.

Cheers Glenn

 

[lilreddevil]

Investor/Owner - You would have an equal say in everything that goes on with the site, share any related costs for the site and share any revenue made and be a part of the "BOG" . Also promote the site in anyway that you can and as much as you can.

I think you should be splitting these two categories. Much like a listed company on the ASX, you should budget how much would be needed and then allocate 'shares' or how much of the company/website each person would own for the amount of $$ invested. As an investor you shouldn't be part of the 'BOG', this should be a group of 3-4 people with specific jobs in making the website work/promotion. You should be outlining what your plans are for promotion/operation in the prospectus and investors would only be in the company if they like the ideas/process. Obviously people on the 'BOG' should all be investors too, but definitely not the other way around. There's no need to call investor meetings to consult them about decisions to be made, but only the need to inform them when they are.

 

[A_Iverson_I]

Interesting concept Bainy. Though this is all starting to sound very complicated lol.... I didn't really want the site to be about who has the deepest pockets get the biggest share though. I honestly preferred the idea of a bunch of original investors that were there from the beginning and they all get an equal share in the site. Also, there are things that can't really be measured in $$$... for example, I don't have a lot of cash to splash around, but I have the knowledge to run, develop and manage the site; then there are people who may get involved that are good at marketing etc etc....

 

[lilreddevil]

Interesting concept Bainy. Though this is all starting to sound very complicated lol.... I didn't really want the site to be about who has the deepest pockets get the biggest share though. I honestly preferred the idea of a bunch of original investors that were there from the beginning and they all get an equal share in the site. Also, there are things that can't really be measured in $$$... for example, I don't have a lot of cash to splash around, but I have the knowledge to run, develop and manage the site; then there are people who may get involved that are good at marketing etc etc....

Not at all. The simplest start-ups would just be an equal amount from each investor. Not sure how much costs would be, but say $500, you would have maybe 20 investors at $25 each, with 3-4 of them as a BOG.

 

[AyiosYiorgos]

Im happy to be in the Investor/Owner, also promoting the site etc wont be an issue for me, have a few ideas of spreading the word....

 

[skip20]

Good guides here fellas and it gives a fair idea of what needs to be considered upfront before they turn into problems down the track....

http://www.business.gov.au/Howtoguides/Thinkingofstartingabusiness/pages/default.aspx

I can help with all of it because let's just say I'm 'corporatised' and can give you the full run down on structures, costs, tax, insurance, the works...everything except IT and marketing. For example, setting up a simple Pty Ltd company isn't that expensive, $412 to register up front and $226 to review every year with ASIC. Insurance for a humble hobby website would be several hundred depending on what you wanted to cover, tax on any profits would be an issue to consider given the structure chosen etc.

Brett, I'd suggest you get a core group together to address each key area to come up with a business plan and take it from there. Get volunteers to help with the plan and then vote on the available options. I'm keen to help but needs to be done properly. Normally you get the number crunching done and then figure out how much cash you need to raise to make things 'Go'...

 

[ooneil]

Guys - im a financial adviser and do this stuff for a living. I can put together a business plan and recommendation for a business structure.

In terms of shareholders we will need to put together a document that is very specific about what a share entitles. I have a good mate that will be happy to help with this sort of thing.

Personally while it might be nice to think we can get away starting this for $500 in reality i think its a pipe dream. As said the first step is to get a group together to put a plan together. Then we know what sort of $$$ will be needed to get started and if this proposition is realistic or not. Also setting up a company is not as simple as registering with ASIC. You also have Accounting and Audit costs each year to factor in.

Happy to be an investor and volunteer my time setting up a business plan.

 

[lilreddevil]

Some really great ideas here Brett.

I'd be interested in being a site supporter.

Just wondering how niche of a market we'd be looking at; just NBA cards or sports cards generally or trading cards in general?

I would say trading cards in general as well as memorabilia and merchandise. Basically anything 'collectible'?

 

[Mattya123456]

I would be happy to be an investor if we can get the right set up in place.

 

[theflyinggerco]

Some really great ideas here Brett.

I'd be interested in being a site supporter.

Just wondering how niche of a market we'd be looking at; just NBA cards or sports cards generally or trading cards in general?

I would say trading cards in general as well as memorabilia and merchandise. Basically anything 'collectible'?

Yeah, that's what assumed would be the best way. Too niche and you'd really be struggling IMO and most people don't just collect NBA cards and refuse to even look other stuff.

 

[lilreddevil]

Yeah, that's what assumed would be the best way. Too niche and you'd really be struggling IMO and most people don't just collect NBA cards and refuse to even look other stuff.

Exactly. I wouldn't discount books and stamps either.

 

[anakinleo]

Alright judging by the comments everybody made here.

Here are the list of people who are potential investors;
A_Iverson_1
Ooneil
Goldcoastcards
lilreddevil
AyiosYiorgos
anakinleo
cobretti
ManC Perth
skip20
Mattya123456

Apologies in advance if I had missed out anybody's names or included any names by mistake. Just let me know. Maybe we should open this thread for another couple of days to garner more interest as potential investors. Lets say the cut off date is 31st January 2012.

Next, once we have identified a list of potential investors, we need up to 5 people to volunteer their time to draft up the business plan. Please only volunteer if you believe you have something to contribute to the business plan. At this point, I don't expect everybody to agree on everything but at least you have the basic belief that a seperate hobby market place is required for the Australian market. Please also be prepared to sacrifice some of your time in hooking up for conversations or emails or other forms of communication. I have got a full-time job and a family but willing to sacrifice my weekends and after hours on assisting on the business plan. I expect the same level of commitment if you decide to volunteer.

A simple business plan can easily be drawn up in about 2 - 4 weeks. And once it is drafted, it will be distributed to other potential investors who are not in the planning committee.

I belief this business plan will be our first hurdle so lets tackle this hurdle as hard as we can.

I am happy nominate Ooneil (Owen) as the business manager* and A_Iverson_1 (Brett) as the technical manager*.

* I can call you anything like CEO or CFO but at the end of the day, you guys are doing it for the love of the hobby which what matters.

 

[ooneil]

Im in. I would think this business plan could come together pretty quick and i can put whatever time in thats needed. Will send you a PM with my email address.