Should I Start My Own Penny Auction?
This is ultimately a question only you can answer. The promise of starting a penny auction from a business perspective is very enticing. However, you should consider that it is a very tough industry to get involved in; as well there are some unique challenges that you will need to overcome in order to be successful. At the end of the day that’s what this book is all about. I have seen many tries and failures, but on a positive note I have seen many succeed.
The penny auction business model offers you the chance to run your own business from home on the Internet and potentially make millions of dollars doing so. If you are dedicated, hard-working and willing to see a project through no matter what obstacles you encounter, then you probably are a successful penny auction owner in the making.
Running your own penny auction is an emotional roller coaster. If your site software fails or server crashes it could spell disaster. Likewise, if you start your penny auction without the right marketing you can easily end up bankrupting yourself or find yourself a target of a lawsuit for not being able to ship the goods that you auction off. There are many software providers in this industry that offer flawed products that sell you the idea in a dream. This is one of the major contributing factors to a penny auction failing in its initial startup phase.
Now I don’t mean to scare you, but these are real issues that could potentially spell disaster for you.