Considering a partner - Bus. Dev. Type for new type of auction site

[justy540]

So I have a great idea. I've had a lot of good ideas in my time, but never anything truly great and UNIQUE. I think I have that now. The idea is an auction site of sorts with a significant twist that will be beneficial for buyers and sellers alike. I'm a programmer with the know how to build the site on my own, but I need the time to do it. I also need some help on the business end of things. I'm willing to build the site out in 4 - 5 months, and value my sweat equity at around $60k.

4.5 mos * 4.5 weeks/mo * 50 hours/week * $60 / hour

I'm looking for a partner to come in with $30k in cash, $20k of which will be used to pay my salary as I'll be working solely on this project (my remaining $40k would be sweat equity). The other $10k would be used to promote the business. I see the partner contributing approx $20k in sweat equity (setting up entity, business plan, finding initial sellers, helping define rules for transactions on the site etc.)

If this sounds interesting, send me a PM, I will send over an NDA and we can discuss the idea over email or on the phone. I'm in Chicago, someone in the area, or at least the US is strongly preferred. I'm not a business guy, so if this is a completely foolish proposition and I should be seeking an investor instead, tell me that in the thread.

Cheers,
Justin Miles

[SIMPLEROBB]

So I have a great idea. I've had a lot of good ideas in my time, but never anything truly great and UNIQUE. I think I have that now. The idea is an auction site of sorts with a significant twist that will be beneficial for buyers and sellers alike. I'm a programmer with the know how to build the site on my own, but I need the time to do it. I also need some help on the business end of things. I'm willing to build the site out in 4 - 5 months, and value my sweat equity at around $60k.

4.5 mos * 4.5 weeks/mo * 50 hours/week * $60 / hour

I'm looking for a partner to come in with $30k in cash, $20k of which will be used to pay my salary as I'll be working solely on this project (my remaining $40k would be sweat equity). The other $10k would be used to promote the business. I see the partner contributing approx $20k in sweat equity (setting up entity, business plan, finding initial sellers, helping define rules for transactions on the site etc.)

If this sounds interesting, send me a PM, I will send over an NDA and we can discuss the idea over email or on the phone. I'm in Chicago, someone in the area, or at least the US is strongly preferred. I'm not a business guy, so if this is a completely foolish proposition and I should be seeking an investor instead, tell me that in the thread.

Cheers,
Justin Miles

It's not a foolish proposition. It's a YE FORUM proposition.

[atkinsbiz]

One thing....$10k wouldn't touch the surface in trying to promote a what seems wannabe Ebay killer. Why is this site so unique?

[justy540]

I can't give away the twist since I don't have any kind of protection, but I assure you, it's unique. It is not a direct competitor to eBay, and as for promotion, it's viral, so I just need to get a small base started.

[Iamnotsatisfied]

$20k for your salary? If you really believed in your idea, you would work for nothing or peanuts. It wouldn't be a risk if you got paid for it, hence you would not be working as hard.

[SIMPLEROBB]

$20k for your salary? If you really believed in your idea, you would work for nothing or peanuts. It wouldn't be a risk if you got paid for it, hence you would not be working as hard.

I think he/she was just joking about the salary.

[justy540]

No joke. I'm putting 60k of sweat equity in. Its just something for me to live on, I don't have the savings to work for 4 months with no pay, but I'm willing to work at 1/3 of my rate to get this up and moving, the remaining 2/3 would be my sweat equity.

EDIT: To put that in perspective, it would be the same as 2 of us coming into the business with $35k each and paying a third party $60k to develop the site.

[jayer]

Damn you bill at $60 per hour? You must have some impressive degree that may be able to justify half of that.

[justy540]

I'm in Chicago so things are more expensive here than in other parts of the country, that may be what you perceive as unreasonable. Freelance developers here bill from $40- $80 an hour, Agencies from $100 - $200 an hour. I have been the Senior Developer at a couple of the top agencies here in the city. My rate is commensurate with my experience. I put out a lot higher quality work than a Junior Developer and I do it in a fraction of the time.

EDIT: Also I'm a little bit older (for this board anyway : 31 years old), so I have experience going for me.

[chuff1026]

ok
how about u pay soem guys in india to do teh development at $7 an hours instead of paying you $20 an hour
that will save more than 10K and i am sure they will get it done faster
and since you are a programmer you can easily look over the work

but i hope u r not seriously thinking that a partner will come in with the only cash to put into your business and pay you a salary
i gotta get a hold of whatever you guys smoke up in chicago
lol

[justy540]

Yeah, I've taken over enough projects that were done by guys in India for $7. Typically they need to be scrapped because the code is worthless. If this isn't a reasonable plan, I'll seek an investor or code it in my free time, it'll take five times as long but if that's what it takes...

[volcom5799]

rgershenuk, you say just about the same thing in every post of yours, have you actually invested successfully in a company yet?

Justy what kind of items are you going to be auctioning?

[SIMPLEROBB]

rgershenuk, you say just about the same thing in every post of yours, have you actually invested successfully in a company yet?

Justy what kind of items are you going to be auctioning?

Damn! You beat me to it. It's the exact same post in three or four threads.

[justy540]

yeah, that seems the slightest bit shady.