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I am not trying to be a marketing guru, but it seems to me that an answer is out there:
1. Are you trying to make a profit off the site, break even, or use it as a loss leader?
2. How much will it cost to build and run the site, and can you make enough to cover what costs you don't want to eat?
3. Are you going to market the site to a large group of customers outside people who are interested in your school?
Right now, I have too many bills to pay to buy access, though a reasonable rate in the future will get me on the site.
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