Time to start our own auction brand!?
- Thread starter A_Iverson_I
- Start date
- Status
Yeah i agree with you girds but the issue with COMC is that you have to store and scan every single card. COMC is a decent size operation and i dont think we would get together the capital for it.
In saying that i think we have the skills we need to get started in this. I think we really need to start looking at some costings/swot analysis etc. Once we have the costs we can take a figure back to the potential investors to see if there is enough support to get started. Once we know we have the support we go all in on a business plan.
My thinking is that if we come back and the cost to each investor is $1,000 (im just throwing around hypothetical $$$ here) then the investors will probably disappear pretty quick. Im not to keen on going all on a business plan straight up if its not going to be viable in the first place. Does that make sense??
What do you guys think??
In saying that i think we have the skills we need to get started in this. I think we really need to start looking at some costings/swot analysis etc. Once we have the costs we can take a figure back to the potential investors to see if there is enough support to get started. Once we know we have the support we go all in on a business plan.
My thinking is that if we come back and the cost to each investor is $1,000 (im just throwing around hypothetical $$$ here) then the investors will probably disappear pretty quick. Im not to keen on going all on a business plan straight up if its not going to be viable in the first place. Does that make sense??
What do you guys think??
We need to be able to provide potential investors a vision. Once we have a general consensus on the vision then the business plan can be done. I really think its the best way to go.
Lets face facts, revenue projections for a project would be shaky at best. Its going to be hard to calculate investment values with any accuracy. We really need to know whats it going to cost to start up and run for the first 12 months - at least those numbers will be pretty concrete.
The potential return for investors on this is pretty much zero. Think of your investment as a membership fee - it seems to be vision that Brett has. At the end of the day we are not asking people to invests thousands of dollars each.
Lets face facts, revenue projections for a project would be shaky at best. Its going to be hard to calculate investment values with any accuracy. We really need to know whats it going to cost to start up and run for the first 12 months - at least those numbers will be pretty concrete.
The potential return for investors on this is pretty much zero. Think of your investment as a membership fee - it seems to be vision that Brett has. At the end of the day we are not asking people to invests thousands of dollars each.
The COMC style of operations is still possible, I can envisage being an home-office operations (large home) so cost is pretty minimal. One thing which I cannot get my head around is the labour intensive of such operation ie scanning every single card. Unless MandC Perth or Goldcoastcards can tell me a faster way of scanning, I can't imagine one of us sitting on at home scanning every single card.
Agree with Adam, the business plan is always the first step to attract investors. Without that, there is absolutely no way anybody would just give us some money. At this point, the business plan do not have to be in full detail. From a financial perspective, I know we need to raise enough capital to last at least 2-3 years cash burnt. It is not hard to do up costings when we have some sort of agreement on what we are undertaking.
Again, with any new business or set-up, capital must be raised. They must be prepared for that.
Agree with Adam, the business plan is always the first step to attract investors. Without that, there is absolutely no way anybody would just give us some money. At this point, the business plan do not have to be in full detail. From a financial perspective, I know we need to raise enough capital to last at least 2-3 years cash burnt. It is not hard to do up costings when we have some sort of agreement on what we are undertaking.
Again, with any new business or set-up, capital must be raised. They must be prepared for that.
I think this is what you meant. We need to make the site self-sustaining and therefore must generate as much revenue as possible, otherwise the existing member will always be out of pocket. I think the more appropriate is "not-for-profit" where generally any extra profits goes back into the site or community.
I think everyone is on the same page... Just terminology is differing us.
The idea of the SWOT analysis is to work out whether it is a viable option at all, the I guess you can do a 2 step business plan - step 1 is estimations and predictions, step 2 would be exact figures and clear directions.
That way you don't waste your time on step 2 if it isn't worth it.
I also think that time needs to be seen as a form of investment. If someone (like Brett) spends his own time working on this, it needs to be comparable to someone who just throws money in!
You know - time is money
The idea of the SWOT analysis is to work out whether it is a viable option at all, the I guess you can do a 2 step business plan - step 1 is estimations and predictions, step 2 would be exact figures and clear directions.
That way you don't waste your time on step 2 if it isn't worth it.
I also think that time needs to be seen as a form of investment. If someone (like Brett) spends his own time working on this, it needs to be comparable to someone who just throws money in!
You know - time is money
WOW! Just had a brainwave.....
We have:
the original idea of a new, cheaper, all-round better auction site &
the idea of an Australian COMC
What if we have both???
Really, when you think about it, COMC is comparable to the 'Buy it Now' component of eBay, right? The only difference is that eBay is greedy and makes you relist every so many days so they get a new listing fee each time.
What if we offer 2 selling methods. Auction and Straight Sale??? We can have the seller holding and maintaining their own cards for the Auctions, but if they just want to list bulk cards at a fixed price, the can opt for Straight Selling which is like COMC where they would send us their cards for holding until they sell.
I know, I know.... who wants to scan 1 Billion cards??? Easy - Seller sends in their own scan with their cards. We are producing a cheaper alternative to the current systems and the only way to achieve 'cheaper' is to reduce costs!!
We have:
the original idea of a new, cheaper, all-round better auction site &
the idea of an Australian COMC
What if we have both???
Really, when you think about it, COMC is comparable to the 'Buy it Now' component of eBay, right? The only difference is that eBay is greedy and makes you relist every so many days so they get a new listing fee each time.
What if we offer 2 selling methods. Auction and Straight Sale??? We can have the seller holding and maintaining their own cards for the Auctions, but if they just want to list bulk cards at a fixed price, the can opt for Straight Selling which is like COMC where they would send us their cards for holding until they sell.
I know, I know.... who wants to scan 1 Billion cards??? Easy - Seller sends in their own scan with their cards. We are producing a cheaper alternative to the current systems and the only way to achieve 'cheaper' is to reduce costs!!
Adam, cha ching!!!!!!!
I used to work in an Auction house in my past life. One thing I realise is that you need to co-ordinate all auctions to end on the same day. What happens is that the auctions are co-ordinated that it ends on a Sunday or Saturday whichever is the nominated day. This attracts a lot of buyers to view all the listings becasue there is so much to buy. In fact buyers are willing to pay a registration fee just to bid.
I've got some ideas of my own, not sure how viable but like to share anyway. A cash converter style of business of buying and liquidating cards including estate cards. Good idea or bad idea?
I used to work in an Auction house in my past life. One thing I realise is that you need to co-ordinate all auctions to end on the same day. What happens is that the auctions are co-ordinated that it ends on a Sunday or Saturday whichever is the nominated day. This attracts a lot of buyers to view all the listings becasue there is so much to buy. In fact buyers are willing to pay a registration fee just to bid.
I've got some ideas of my own, not sure how viable but like to share anyway. A cash converter style of business of buying and liquidating cards including estate cards. Good idea or bad idea?
lilreddevil
KD35
What's an estate card? Also how would you judge the value of the card you're buying?
What I think you have in mind is what dacardworld has with the cards they sell right?
lilreddevil
KD35
Ah yes I see. How would you find these to buy though?
there is a lot of services in the US which provides a buying service. I have seen none in Australia yet. Imagine walking to cash converters with a jordan Mj auto... most probably give you 2 bucks for that. You want collectors to come to you who really understand how much a card is worth.
- Status
Similar threads
