How to Build a Profitable Online Auction Business

Starting an online auction business sounds simple until the first sale day, when nobody bids. In this first episode we go through what it really takes to launch, grow, and make money running online auctions.

We cover the formats you can choose from: timed ascending bids, live simulcast auctions, and silent auctions. Then we look at what your software has to do, including mobile-first bidding, automated billing, and CRM integrations. We also compare building on WordPress and WooCommerce plugins against buying specialized auction software.

Then we get to the hard part. How do you solve the cold-start problem, when you have no bidders and no consignors? What legal requirements do you need to know about? And which operational mistakes sink auction businesses before they turn a profit?

If you're thinking about starting an auction business, or you run one that isn't growing yet, this episode gives you a plan.