Tristan Pollock, co-founder of Storefront, wrote a great article about the 14 marketplace mistakes that are killing your startup. It's a great list, so make sure you read it! As a follow up, we thought we'd share three tips we've learned by not only building a startup, but by powering other marketplaces on the Near Me platform.
- Be patient. Marketplaces are definitely "a hard business to grow." Be aware that yes, you are a matchmaker, but you are also building supply and demand at the same time. It's not a traditional business and it won't happen overnight. Some things will take time.
- Work hard and fast. Your idea may seem unique and innovative, but always work as if your competitor will pop up at any moment. Someone somewhere has a similar idea and is mobilizing a team to create a similar product. But take note, competition isn't a bad thing. What it means is that if you do have an idea--get it going asap, have a MVP and build a network. Take a look at what StokeShare is doing on Instagram. They are actively building community and awareness with potential future users of their site and they started this even before their site was up and running.
- Invest in your network. Whether it's just you or you and your co-founder, your network can be hired interns, paid employees or your personal circle like your family and friends. Empower the people around you to be a part of your business by updating them regularly, hosting events to spread the word, referral incentives, and simply bouncing ideas.
Being patient while working hard and fast while investing in your network can sound like a lot of work, but building a business is not easy. We'll definitely have more tips to come, so keep in touch.
Send us your questions or your tips that you think every marketplace owner should know on Twitter @nearmeco.
Read the source article at #500strong
