Love may be in the air, but not everyone gets a good whiff of it. Many people still struggle with finding their significant others. In most cases, recommendations from friends or family work. But in some situations, professional help is necessary.
This is where an executive dating service comes in.
If you have a passion for matchmaking and want to start your business, venture into the dating industry. Apart from playing cupid and helping people find their happily-ever-after, you’ll be operating in a competitive market. In 2018, the dating service industry’s market size was valued at $6.7 billion. By 2026, it may reach $9.9 billion.
When you start a dating service, you’ll be hitting two goals with one stone: pair people up (or at least help them achieve a Harry Styles dating status, at least) and earn big bucks at the same time. But where do you start?
Know Your Niche in the World of Love
There are many dating businesses, apps and websites out there: how are you going to stand out?
First, provide customers with something unique. Perform basic research to get an idea of the offerings from other dating businesses. The Internet is rich in generic websites competing for attention, so it may be worthwhile to consider a different approach to the dating business, preferably in an area where you can be a figure of authority.
There are dating businesses that specialize in senior matchmaking, BBW dating, LGBT+ dating and a variety of niches. Study these niches and find your unique selling point. What specific interest or hobby has not been used in the dating industry?
Once you’ve researched your niche, come up with a list of services you plan to offer. You may offer professional matchmaking, give coaching services, host speed dating events or provide date night ideas. All services must have coaches to ensure the quality of your services.
Choose the Right Business Model
Do you want to earn from advertisers or to charge a complimentary membership fee? Before you settle on a payment model, carefully weigh the pros and cons. Not everyone wants to pay to find a date and some people just can’t afford a monthly subscription.
Although you can easily attract more customers if your service is free-of-charge, many people are wary of free dating services, which may cause them to skip yours. You’ll need to provide a higher quality of services and tools to appeal to an exclusive clientele. The costs will be higher but so will your returns.
How much can you charge customers, though? Most dating websites charge websites between $20 and $60 per month. To ease the cost of paying, offer clients discounts if they sign up for multiple months. You can also structure the membership according to tiers. The lower tiers are more accessible but the higher tiers offer more enhanced and specific services.
Register for Taxes and Open a Business Bank Account
Before you open your business, register for different federal and state taxes. To register for taxes, apply for an Employer Identification Number (EIN), which you can acquire for free via the IRS website (by mail or by fax).
Depending on the business structure you choose, you have different options for how your business will be taxed. There are specific state taxes that may apply to your business.
Once you’ve finalized your taxes, open a business bank account. Use a dedicated credit and business banking account is important for personal asset protection. When your business and personal accounts are mixed, your personal assets (your home, car and other valuables) are at risk in the event your business faces legal issues.
Market Your Dating Business
Once you’ve finalized all the technicalities of your business, it’s time to connect with your customers.
Start with your brand. Your brand is what your business stands for, as well as how the public will perceive your company. A strong brand helps you stand out of the pools of dating services.
Next, promote your business. Some of the best promotion will come from your online advertising efforts, your website and your social media presence. Also, you may conduct a ‘speed dating’ event, which can promote your company to searching singles.
To keep customers coming back, predict what they fear about dating services and try to make them better. Also, as mentioned above, provide incentives to get people to sign up as members. Apart from offering exciting features and incentives, make sure that your customer service is excellent. Answer questions via the live chat to keep clients interested.
Be a modern-day cupid and earn while you’re at it by starting a business in the dating industry. You won’t just help people find the loves of their lives; you’ll earn more, too.