A lot of budding entrepreneurs see the opportunity in Asian dating sites. Read more about these sites in this link here. This is because there are a lot of people searching for their soul mates on the internet today. People give their credit card details to access premium memberships of many dating sites to find the right one for them. However, if you want to enter this kind of business, you should know that this can be a dead-end for you.
So what’s wrong with starting a dating website?
There’s nothing wrong with it as long as you know what you are getting into. If you want to be successful in this niche, know that you have thousands of competitors thinking on the same lines. Here are the other reasons why you should not consider doing business in online dating.
Why You Should Not Start Your Dating Site
- You Have Thousands of Competitors
Online dating is not new to many people. It has been going on for decades and this means that there are a lot of people before you who have started the same business as what you are planning. You can check your search engines for dating sites in Asia and you’ll be faced with thousands of them. That’s the number that you will be competing with. You can see more of these platforms on this link: asiandatingsitereviews.net. If you don’t have prior experience in this niche, you should find another opportunity where your competitors are less than ten.
- Large Capital before Profits
You need a large network of people to attract investors and advertisers. If your platform has only a hundred members from Asia signed up on it, don’t expect to get funding from investors. People want huge returns of their money in the shortest amount of time possible. Therefore, you may need to invest up to $200 million before you can see any positive cash flow. You need the money to establish a website that runs smoothly, and you need to advertise your business so that singles or people who want to date will be interested in signing up on it.
- You Don’t Have the Advantage
Even if you have found the perfect equation of how singles can match with others who have the same level of interest with them, you can’t prevent competitors from copying it from you. You won’t be able to patent anything as dating is not a scientific process. People will be naturally attracted to someone who shares many similarities with them. Therefore, you can’t patent anything that you have discovered as dating does not have a tangible formula.
- Does Not Make a Real Difference
Large corporations such as Facebook or Instagram can easily start a business of matching singles with each other. If that happens, you and thousands of other small businesses can go bankrupt in just a matter of weeks. There are also image matching features that search engines can apply if Google or Bing will capture this market. The best startup company can have a real difference that huge companies will have to pay you for to gain access to the niche.
- All Kinds of Misrepresentation are Possible
When someone is looking for a date online, they might lie about their relationship status, their age, or anything that they don’t want other people to know. This can develop mistrust to the other person who thought that they were deceived. You might get a negative review on your dating site just because some of the members were caught lying. There is a potential for misuse and your reputation is at risk. So you can consider these things first before you start investing.
Also, most people pay for subscriptions because they want to know other paying subscribers. Most people who pay for a website are generally looking for serious relationships. This is why most people opt to pay. However, once someone has already found their matches and they turn out to be a great date, expect that they will no longer subscribe to your channel. There are higher turnovers on these kinds of businesses so you might want to assess the risks and returns first before deciding to start an Asian dating site.
The Bottom Line
Applying a reality check before starting a business on the online dating niche will do wonders for you. When people meet with each other, the sites also lose a lot of customers daily. This is why this kind of venture can be considered as online gambling because you can’t tell when people will start unsubscribing to you. On the bright side, if you have other ideas that you know will be a huge boom in the online dating niche, then give it a go.