Aspiring entrepreneurs frequently approach me personally being an angel investor, touting their innovative idea for yet another online dating site. We agree the requirement exists, with more than 91 million singles that are interested the chronilogical age of 19 and 45 across the world. Yet very little one in ecommerce makes anything, I see since it comes with a larger list of challenges than most other opportunities.
Hence, we encourage you to examine these challenges as truth checks for your own personel company concept — dating or else — before spending all of your some time somebody money that is else’s vain.
1. The market has already been oversaturated with rivals.
Relating to data, there are many more than 5,000 internet dating sites global with 1,000 new ones showing up on a yearly basis. I suggest you look for another opportunity where the number of competitors you can find is less than 10 if you check your market on Google and find numbers like these.
2. This company is suffering from the ‘Facebook model’ startup issue. (more…)