The business of love: dating app startups struggle against giants like Tinder and Bumble
Usually, they run a website where clients display their pictures, profiles and their intentions et al. A matchmaking services company is classified under the dating services industry, and the industry is indeed a big and thriving industry in the United States of America and of course in most countries of the world.
Just like most businesses, the matchmaking services company line of business is open to as many people that are interested in the industry as long as you have what it takes to run the business and provide the needed resource that your clients want. If you have decided to start a matchmaking services company, then you must make sure that you carry out thorough feasibility studies and market survey. This will enable you properly locate the business in a community or city with the right demography a city with loads of eligible bachelors and spinsters ; and location that can readily accept your services and adequately reward you for it.
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So, if you have done the required feasibility studies and market research, then you might want to venture into this business. If you have been pondering on starting your own matchmaking services company, but do not know how to go about it, then you should consider going through this article; it will give you the needed guide and direction.
Matchmaking services company is part of the dating services industry and the industry is made up of companies that provide services that allow eligible singles to meet with other eligible singles, usually with the intent of pursuing romantic relationships. Matchmaking services can be provided via phone, internet, magazine and newspaper. It is important to state that organizations that specialize in singles events such as speed dating et al are part of the dating services industry, but social networking sites that are not strictly dating sites are not part of the industry.
The industry to a large extent, has performed pretty well over the years as a growing number of eligible singles turn to the internet to look for mates and love.
Going forward, the percentage of households with access to the internet is projected to continue rising throughout the period, which will in turn help expand the consumer market for online dating services.
The Dating Services industry that matchmaking services business is a part of is indeed a large industry and pretty much active in most countries of the world and countries such as United States of America, United Kingdom, Germany, France, Italy, Holland, Switzerland, Australia and Canada et al are highly profitable destinations.
The industry is projected to grow at a 5. It is important to state that eHarmony and Match Group have the lion market share of the available market in the industry.
How to Start a Matchmaking Service Business
The dating services industry will continue to blossom because more and more eligible bachelors and spinsters will emerge and realize that somehow they would need the services of a matchmaking services company to help them connect with other eligible singles, to find love and live a fulfilled life.
From all available statistics, it is safer to say that the dating services industry is growing steadily despite the competitive nature of the industry. One thing is certain, if you are well positioned both online and offlineyou have the required business skills, networks and you have a robust assemblage of eligible spinsters and bachelors under your network, you are likely not going to struggle to compete favorable in the dating services industry.
Other factors that encourage entrepreneurs to start their own matchmaking services company could be that the business is easy to set up and the start - capital is indeed affordable; you can actually start your own matchmaking services company from the comfort of your house. All you need to do is to create an office somewhere in your house and have a functional and user-friendly dating website. People usually pay you for the services you render.
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The demographic and psychographic composition of those who hire the services of matchmaking services companies cut across all eligible singles of different race, nationality and culture that have the capacity to pay for their services, hence the demographic composition of a matchmaking services company is all encompassing. The truth is that when it comes to matchmaking services company; there is indeed a wide range of available customers. Most matchmaking services companies tend to get involved in loads of services as it relates to providing a platform where eligible singles can get to connect and find their mates, but that does not mean that there are no niche areas in the industry.
As a matter of fact, some eligible singles will only deal with a matchmaking services company that specializes in connecting singles of same race or same sex et al hence the need for some matchmaking services company to carve a niche for themselves.
Aside from creating platforms where eligible singles connect, most matchmaking services companies also specializes in one or more of the under listed. The truth is that no matter the level of competition in an industry, if you have done your due diligence and you brand and promote your services or business properly, you will always make headway in the industry.
Just ensure you have a robust assemblage of eligible spinsters and bachelors under your network, a functional user - friendly dating website, you can deliver excellent customer care services and you know how to reach out to your target market eligible spinsters and bachelors. But there are several matchmaking services companies and other related businesses in the dating services industry scattered all around the United States and even in the globe.
So, if you choose to start your own matchmaking services company in the United States of America, you will definitely meet some level of competition amongst matchmaking services companies and other businesses or individuals that can offer the services that you are offering.
In every industry, there are always brands that perform better or are better regarded by customers and the general public than others.
Some of these brands are those that have been in the industry for a long time, while others are best known for how they conduct their businesses and the results they have achieved over the years.
These are some of the leading matchmaking services companies and other related dating services in the United States of America and in the globe. If you are planning towards successfully launching a business and maximizing profits, then you need to ensure that you get your economic and cost analysis right and try as much as possible to adopt best practices in the industry you choose to build a business in.
Matchmaking services business is not a green business as you will come across several matchmaking services companies and dating services sites when you drive through town, search through directories and browse through the internet.
So, if you are mapping out your economic and cost analysis, you should carry out thorough market survey and costing of what is required to rent a space where you are expected to open your matchmaking services company and the amount required to purchase office gadgets and furniture and also the running cost to successfully run the business.
If you are considering starting a matchmaking services company, then your concern should not be limited to the cost of renting an office space and purchasing office gadgets and furniture, but also on branding and on how to build a robust clientele base loads of eligible bachelors and spinsters. The truth is that if you are able to build a robust clientele base, you are sure going to maximize profits in the business.
If you are looking towards starting a matchmaking services company, you would have to start from the scratch because you can hardly get the franchise of a matchmaking services company to buy.
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Besides starting a matchmaking services company from the scratch is less stressful when compared to other small - scale businesses which usually requires detailed groundwork before launching the business. With a matchmaking services company, you should just try as much as possible to get the right assemblage of eligible bachelors and spinsters, functional user - friendly dating website, office tools and equipment, build business relationship with key stakeholders and then leverage on every marketing tool within your disposal especially the internet to market your services.
The only way to avoid this challenge is to create your own market.
Dating service business model
Some other challenges and threats that you are likely going to face are economic downturn and unfavorable government policies. There is nothing you can do as regards these threats and challenges other than to stay positive that things will work well for you. When considering starting a matchmaking services company, the legal entity you choose will go a long way to determine how big the business can grow; some matchmaking services company design their business for neighborhood market, some for city wide market, while others for national market and international market.
The competition that exists in the dating services industry of business goes beyond competition amongst dating/matchmaking services companies in your location; you are expected to compete with other organizations such as churches and clubs who have the capacity to also connect eligible singles.
Generally, you have the options of either choosing a general partnership, limited liability company, or even a sole proprietorship for a matchmaking services company.
Ordinarily, sole proprietorship should have been the ideal business structure for a small - scale matchmaking services company especially if you are just starting out with a moderate start - up capital in a small neighborhood and as a one man show.
But if your intention is to grow the business and have offices and corporate clients all across key cities in the United States of America and other countries of the world with a robust assemblage of eligible bachelors and spinsters under your network, then choosing sole proprietorship is not an option for you. Setting up an LLC protects you from personal liability. If anything goes wrong in the business, it is only the money that you invested into the limited liability company that will be at risk.
It is not so for sole proprietorships and general partnerships. I agree the need is out there, with over 91 million interested singles between the age of 19 and 45 around the world.
Yet almost no one in this business makes any money, since it comes with a larger list of challenges than most other opportunities I see. Many business opportunities, like this one, need thousands or millions of existing users before new users and advertisers are interested to pay real money.
Thus, the investment in time and money required before payback is huge. For a new startup, the best way to assure survival is to file patents or other intellectual property to keep future competitors from copying your success.
Dating is not a highly scientific process, and the first-mover advantage has already been taken. Think about this challenge for your best idea. In reality, dating is a form of social networking, so Facebook could easily enhance their services in this direction, if the market traction of others was evident. Google or other search engines could add image-matching or other focus to capture this market. The best startups have real differentiation. Online dating scams to get money or attention are a very common and growing problem, according to several articles on the Huffington Post.
If your new idea has that same potential for misuse, is it worth the risk to your reputation? Investors and customers alike want to see return that can be measured against the costs. Loyal repeat customers who become locked in by a high cost of switching are the dream of every investor and smart business. Look for a business opportunity with low customer churn potential.
Your new opportunity should avoid these qualms. Yet the online dating market, like every other one, has many new opportunities for those entrepreneurs willing to think further outside the box. As founder, you are always the biggest investors and should apply the same reality checks. How well does your latest startup idea avoid the challenges outlined here?
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