Do you want to start a speed dating business? If YES, here is a complete guide to starting a speed dating business with NO money and no experience. We also took it further by analyzing and drafting a sample speed dating service marketing plan backed up by actionable guerrilla marketing ideas for speed dating companies.
If you have good people skills, are able to foster relationships and have good business acumen, then starting a speed dating business might just be the perfect business for you.
A speed dating business is a niche business that has not only great potentials, but there is also less competition in it. The reason Starting up a speed dating business this is such a great business to start is that more singles have busy lifestyles especially due to demanding careers that has left little or no time for most to engage in romantic relationships.
Asides from the busy lives of singles, the high Starting up a speed dating business rates for married couples have led more people to seek for either a companion or a life partner, hence the reason why speed dating, which is a modern form of matchmaking has turned out to be quite popular.
The speed dating business is usually conducted by creating get-togethers and social events and then inviting singles to interact with each other at a hired venue. This means you will need to go round to identify which venues will be suitable for whatever events you have in mind.
Unlike a matchmaking business where singles go with the mindset of meeting someone and so are most usually tensed, not knowing what Starting up a speed dating business expect; the speed Starting up a speed dating business business is one where singles meet under a more relaxed atmosphere and familiarity is increased via contests, games and entertainment programs.
However, even though this might look like a simple business to start up, you have to treat it seriously like any other business. First of all, you will need to conduct a thorough market research and from this write out a comprehensive business plan. Before you can fully start and run your speed dating business, you must ensure that your business is legal enough by checking with local authorities to know the required licenses that you will need to run your business without hitches from the law regardless of whether you run your business offline or online.
Alternatively, you can get an attorney to help you handle all the legal aspects of the business. When looking to hire a venue to hold events for your speed dating business, you should try to negotiate discounted rates with the venue owners.
You will need to be creative as regards the choice of your venue and also ensure that you keep operating costs at a minimum so that you do not end up making little or nothing for every event that you host. One way you can get a venue cheaper than the usual rate is to ensure that you create a relationship with the owners of the venues. Other segments of the dating service industry are dating apps which has become popular as more people now have smartphones which makes it easier for consumers to Starting up a speed dating business to many single customers instantly.
For example, Tinder, which is a dating app is one that has generated more than one billion matches since it started. There are more than 6, dating services in the United States and it has employed more than 9, people.
The reason for the growing acceptance of the dating industry is because social stigmas over getting a date online or via matchmaking services have begun to fade.
Another thing that has increased acceptability for the services in the industry is the growing population in the baby boomer generation as well as more usage of smartphones. The dating service industry is in its growth phase.
Another reason for the high demand experienced by the industry is due to the fact that consumers are having a change in their attitudes towards dating services especially the online dating service as the internet has become a platform for singles to look for dates. The dating service industry has continued to grow especially online dating as more people are looking to the internet for love or companionship. Starting up a speed dating business is expected that over the next five years — to — more households will become more acceptable towards the dating service industry.
The demographic and psychographic composition of those who require the services of a speed dating company are usually those who are single, divorced and widowed. The age range for such type of people is between 18 and Those who normally seek out a speed dating company are usually those who can afford it — mid class to high income earners.
Therefore, if you are looking for the demographic composition of your speed dating business, you should endeavor to make it more all-encompassing. In every industry, entrepreneurs struggle to find an area of specialization where they can generate revenue, be identified with and also compete fairly against their competitors and the sped dating industry is no different. While the industry is still a growing one and there are few niche services available, entrepreneurs are still looking for areas that are untapped to generate revenue from.
While niche services has several advantages, it is best that you conduct a thorough research into the niche areas you are Starting up a speed dating business to go into so that you do not waste your time specializing in something that no one is interested in.
Below are some of the niche ideas that exist within the speed dating industry. The level of competition in this industry depends entirely on the services that you are looking to offer to your clients.
If you choose to specialize online, then this is a business that can be done from anywhere as you will have to compete with so many other services.
If however you are looking to run a business that requires you to host events in a physical location, then it is necessary that you study the area you are looking to go into thoroughly to know if it is within the hub of your target market.
All that clients are looking forward to when they seek the services of your company is that you provide all the services required. Even though the speed dating industry is a growing one in the Starting up a speed dating business States, more entrepreneurs are going into it which means you will be facing a lot of competition not only from those already in the business but also from those looking to enter the industry as well.
The speed dating industry might be a growing one but there are already companies that stand out from others and this is due to several factors such as quality of events hosted, rate of success, charges and customer care relationship. If your intention is to be well known, then you must ensure that you are able to offer more than one of these factors to your customers. According to the United States Census Bureau, the population of those who are over the ages of 18 is between 92 and million.
Out of this huge figure, about 16 Starting up a speed dating business have tried an online dating service. The online dating service however used to be a Starting up a speed dating business business but the profitability has been dwindling due to free social networking sites. However, with the decline in online dating services, Europe and China have remained untapped markets.
Other forms of dating services have continued to post moderate growth and niche services like the speed dating service. The internet has caused a revolution in this business and has made dating to be more convenient and affordable. The dating market in the United States is highly saturated and growth has slowed to the point that is has become non-existent. It is expected by analysts that only niche areas will continue to do well in the dating industry which is why speed dating services have continued to do well in the industry.
As an entrepreneur starting a business, deciding whether to start from scratch or just buy a franchise might look very tough especially if you are new to running a business and have fear that you might be overwhelmed by the whole process. While each option might have its merits and demerits, it is best to stick with the option that best aligns with your own corporate goals and objectives.
If you intend to buy a speed dating franchise, it is very necessary that you study the franchise companies, see what they are offering, what their charges are and if their services will boost your goals and objectives.
Keep in mind that buying a franchise does not mean that your business cannot fail; it just offers you an opportunity to have less start-up challenges.
Starting from the scratch is a different ballgame altogether because when you start from the scratch, you must handle several aspects such as finance, management, marketing and all other important areas by yourself. This is why it is usually best to have a comprehensive business plan at hand that will allow you have an outline of your whole business and what you intend to achieve so that should you face challenges during the teething process, you will be able to check with your business plan and see if the action or decision you want to make are in line with your overall corporate goals and objectives.
When starting a business, you should be prepared as an entrepreneur to face threats and challenges that will arise. No one Starting up a speed dating business a business expecting an easy ride all through and if you are one of such persons that are not prepared for any challenges or threats, then it is best that you do not start the business at all.
It is important to note that some challenges and threats cannot be handled and when they occur, the best you can do is wait for them to pass whilst remaining optimistic. Some of the threats and challenges that you are therefore likely to face during the course of starting your speed dating business are; having to deal with existing speed dating companies, intense competition from alternative dating services, new industry entrant challenges, economic downturn and changing industry trends.