What is the best way for an online marketplace to start

Starting a marketplace needs careful planning and consideration. There are many ways to start an online marketplace.

1. Building From Scratch: This approach involves creating a custom platform specifically for your marketplace. It offers maximum flexibility but requires a skilled development team and a significant investment of time and resources.
2. It would approximately cost $97,000 - $155,000 for a marketplace with basic features. If you need any additional features, it will cost more.
3. Ready-made Script: Using a ready-made script or online marketplace software is a quicker and more cost-effective option. These pre-built solutions come with essential features and require customization to match your branding and requirements. Examples are Makent, Magento, and Shopify.
4. It would approximately cost $6,000–$9,000 for the script alone. Additionally, you need to spend costs on license, customization, feature, etc.
5. SaaS Marketplace Platform: SaaS marketplace platforms provide a comprehensive solution for creating a marketplace. They offer pre-built infrastructure, including design templates, functionalities, and support, usually on a subscription or revenue-sharing basis. An example of this is QMarket.
6. With SaaS, you can monthly subscribe to their platform for $99. Which will help you to have the flexibility to customize your marketplace according to your brand's requirements.

Creating an online marketplace MVP is crucial as it allows you to test your marketplace idea with minimal investment and validate its viability. By launching an MVP, you can gather early user feedback and gain insights into user needs and preferences. 

This feedback will guide you in refining and improving your marketplace iteratively. Additionally, an MVP serves as evidence of your progress and commitment when seeking investment. It enables you to start building a user base early on and test different revenue models. 

To create an online marketplace mvp follow these 5 steps below:

Step 1: Market Research: Understand your target audience, competitors, and market trends.

Step 2: Express your idea: Clearly define your marketplace concept and value proposition.

Step 3: Consider the design process & user workflow: Create a user-friendly design and map out the user journey.

Step 4: List the project features: Identify the essential features needed for your MVP.

Step 5: Build your Marketplace MVP: Develop your MVP in iterations, starting with core features and gradually adding more functionality. Gather user feedback and iterate accordingly.