Personally, I’m a sucker for the site. I love the simplicity of it. I love the colors. I love the hidden menu at the top. And, of course, I love the deals. Here’s how it works.

Every day you will receive an e-mail alerting you of a 24 hour Groupon deal in your city. For example, two weeks ago I was notified of a 10 class yoga pass at a local studio for 50% off, or $50 ($5 for a yoga class, btw, is crazy awesome).

If you want to take part in the deal, sign up. If a pre-determined minimum is reached (25 was the minimum for the yoga studio), the deal goes through. Your credit card will be charged and you’ll receive a certificate for your purchase. If that minimum isn’t reached, the deal is a no-go. No harm, no foul.

Businesses benefit by getting new customers through the door (priceless), and a nice wad of cash from all who signed up. And, keep in mind, businesses set the minimum, meaning, if it’s only worth their time for a guaranteed $1000, they can make that happen.

Returning to that yoga studio (link to the deal here), 132 certificates were purchased. At $50 a pop, that studio brought in an extra $6600 in that 24 hour period (minus Groupon’s percentage, which changes depending on the business, but seems quite reasonable). That’s 132 customers trying out that studio, and $6600 they didn’t have at the beginning of the day. Not too shabby.

So, what are you waiting for? If you’re looking to save money or find some great holiday gifts, sign up for Groupon alerts now! If you’re looking to expose your business to a large audience and, perhaps, get some extra cash flowing, contact Groupon today.