Do you know the actual cost of building an online marketplace?
Many entrepreneurs are struggling to build a perfect online rental marketplace. The website is the soul of any online rental company. It has to be fast-loading, efficient and appealing to the masses.
You can build your website actually in 3 ways:
Build it yourself by hosted software as a solution (SaaS)
Build it on top of the existing ready-made rental marketplace software/script
Now let’s break down into parts and examine it.
1st Case: Coding it from scratch
You need to code it from scratch.
If you have the rudimentary programming knowledge about the design and the internal function of the website, you can design and build it from scratch or else you need to hire developers to build it.
The pro would be that your website would be of your own vision and design it in your own way.
The cons would be it takes time to build a functioning website. Also, if you hire developers, it would cost more than US$50,000.
2nd Case: Building it yourself by hosted software solution (SaaS)
This case is benefitted for people who have no technical knowledge to code a website.
The SaaS software comes with predefined features and the vendor subscribes to them. The features are updated automatically and the background testing of the software is done regularly.
In the market, it costs between USD $79 — $300 per month and it is billed either annually or monthly.
Pro’s are you barely need to code, features get updated automatically, a suggestion of improvement areas, and quick to setup your website.
Cons are the vendor has access to all user’s data and heavy investment takes place to launch your website.
3rd case: Building it on the top of the existing rental marketplace software
This case is similar to the previous one. It helps people who don’t have any coding knowledge and the website can be launched in the market soon.
It is a premade rental marketplace software available in the market, who customise features according to your needs. You need to specify the requirements to be incorporated into your website.
It would cost around a USD $400 — $900, depending upon the type of rental marketplace and the features to be incorporated. Once, you bought the software, you can either modify it on your own or you.
The pros are your website would be ready at the earliest and you can collect validated feedback from your customer to understand what to improve or change.
The con is it works with the developers remotely and manage the projects and communication through email, chat or phone calls.
After reading 3 cases and their respective pros and cons, you might have a clear mind on which suits your requirements and business model.
If you have an idea to set up the business quickly, to build with quality attuning to your vision, and in less cost, case 3 sounds more suitable. If you find the same, you can Google about RentALL (Airbnb clone) who develops online rental marketplace software.
I hope the information given solves your queries.
