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Originally Posted by czarina
It is a great idea. But you are talking major cash to get it started, unless you can do a good portion of the work yourself.
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No major cash is needed for developing the basic site. Programming is the same as for normal sites, with just a few extra things to make it look good on a small screen. A few thousand dollars, tops, in programming. Hosting will be cheaper than it is for "normal" sites, since you'll be using less bandwidth.
A real problem is the initial marketing budget. You'll need to get a good amount of users before the real virality sets in, enough to make using the site worthwhile.
Only when the site is up and turning a profit do you need to start thinking about special sms services, which will cost you a fair chunk of money (but which should make even more).