How does one create a site like ef or any similar discussion board on the net?
There are a few local ones for my town that seem pretty basic but functional and I was just wondering what are the steps/costs/requirements to create one?
Well, you need a web host, that can run about $6-$30 a month. Depends how much you need to handle.
Then you need the scripts to create the message board. Lots of free ones out there, phpboard, invisionboard. Then there are pay boards like vbulletin. I think it's about $100.
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