In today’s digital realm, “matchmaking,” one of the oldest industries in existence is having a moment of its own where humans are entrusting this delicate process to online dating applications. But can this era of swipe right or if you don’t like a profile swipe left create meaningful connections or real connections? Maybe, but it’s like catching a fish in the sea.
According to stats, during the onset of covid, in the year 2020, some 270 million people were on at least one dating site. That’s a lot and it truly brings a lot of pressure to stand out from the crowd and find the right match. And just like that, what was offering a twinkling hope for love at first swipe became a playground for anxieties where everyone who swipes right might not be a right fit, one might get ghosted, and so on.
Whatever be the case, online dating can be a minefield and this is where online dating consultation businesses come into play. They offer a virtual platform for one-to-one consultations with an online dating consultant who is a mix between a therapist, life coach, resume writer and a marketing guru! In this blog, we take a look at the steps to start an online dating consultation business.
Online dating consultation is a niche segment within the broader online dating segment and so it is not very easy to quantify. However, the global online dating market is anticipated to grow at a CAGR of 5.11% and reach $10.87 Billion by 2030. Hence, as the online dating industry continues to grow rapidly due to “instant gratification” that online channels try to provide at the swipe of the hand, online dating consultation is also set to grow. This is due to the fact that human relationships are intricate, i.e. emotions, personal values and individual experiences all play a role in the dating world and what could come next. So expert guidance, personalized advice and strategies to optimize the online dating experience will rise.
Benefits of Starting an Online Dating Consultation Business
Consultation services have always been in demand, but with the rise of the internet, online dating consultation has been given a massive boost. In this section, we discuss the benefits of starting an online dating consultation business.
Opportunity to Tap into a Growing Market
As discussed above, online dating is a popular way to meet a potential partner these days, which is why the demand for guidance in navigating the complexities of online dating are also increasing. By offering consultation services in this area, you can tap into a growing market.
As an online business, the reach of your online dating consultation business is neither limited to a particular geographic area nor has any time restrictions. You can provide services to individuals from across the globe and reach a wide range of audience.
Flexibility and Convenience
Running an online consultation business allows you to work from anywhere and at any time. All you need is a reliable internet connection.
By leveraging an online dating consultation business, you can help others in building meaningful connections and this can be incredibly rewarding.
Low Set-up Cost
The costs to get an online dating consultation business up and running are minimal. You will just require a website for online presence in front of your target audience, but that’s all about it.
Unlimited Income Potential
By starting an online dating consultation business there is no cap to how much income you can make. It totally comes down to your strong business skills and the popularity of your business among the target market.
Start an Online Dating Consultation Business to help Strengthen Relationships
Workflow of an Online Dating Consultation Marketplace Platform
Traditionally, consultation has heavily relied on human interaction and personal touch. But with digital transformation, consultation has moved to online channels. That said, in this section, we discuss the workflow of an online dating consultation marketplace.
The client signs up by entering their details.
After signing up, the client searches for an online dating consultant as per requirements.
Then the client chooses an online dating consultant as per their availability.
The client books a session and makes the payment.
Based on the availability of the online dating consultant, the client receives the consultation.
If the online dating consultant does not accept the request, the booking amount is refunded.
Online Dating Consultant Workflow
An online dating consultant registers on the platform.
The platform administrator accepts or rejects the application request. If the admin accepts, the consultant will be listed and will be visible to the clients.
If a client sends a booking request, the online dating consultant can accept or reject it on the basis of their availability.
If accepted, the online dating consultant will take the session and post that will receive the payment (after the deduction of commission).
Role of the Admin
The admin is responsible for the complete management of the online dating marketplace.
As discussed, the admin approves or disapproves the registration request sent by the consultant.
The admin deducts commission and is responsible for transferring the amount to the online dating consultant.
Monetization Methods for an Online Dating Consultation Marketplace Platform
Monetization of a marketplace is a critical aspect that an entrepreneur must consider before starting an online dating consultation marketplace. In this section, we cover the top monetization methods to consider.
The most popular method for revenue generation.Here, the admin can partner with other businesses to showcase their ads and for the same, charge money.
This is another popular monetization method where the marketplace can offer clients a subscription to access premium features of the platform.
Admin can charge online dating consultants for a fee so that their profile appears on the top as a premium listing.
For each booking on the platform, the admin can charge a commission.
Turn your Idea into a Lucrative Online Dating Consultation Venture
Getting Started With An Online Dating Consultation Business
There are a few steps to get started with an online dating consultation business. Here, we have compiled the steps so that your online dating marketplace is well planned out, is properly registered and is legally compliant.
Step 1: Market Analysis and Competitor Research
Before starting your online dating consultation business, it is important to evaluate the demand, analyze the competition, identify the gaps prevalent in the market and find unique selling propositions that will differentiate your business from the other competitors. Further, understand the needs of your target market (teenagers, older adults, or divorced people) and provide them help through their dating life via an online dating consultation platform.
Step 2: Form a Legal Entity
The next step is to complete the legalities associated with starting an online dating consultation business. This includes, naming the online dating consultation business, determining the type of legal entity such as LLC (Limited Liability Company), partnership or sole proprietorship. Then determine if you need any specific licenses or permits to operate your online dating consultation business legally. Then get your business insured
Step 3: Get Business Insurance
Insurance is another important thing to consider when starting an online dating consultation business. Having insurance will not only protect the business but your income also. You can either opt for public liability insurance or private indemnity insurance.
Step 4: Select the Necessary Features to Launch an Online Dating Consultation Platform
To build a successful online dating consultation platform, it is important to streamline features and functionality that enhances the offering of the online dating consultation platform. A few of the necessary features to have in an online dating consultation platform are listed below:
1. Availability Calendar
This feature allows dating consultants to list their availability dates along with time. Further, clients looking for online dating consultation will be able to view the dates and make the booking according to the availability calendar.
2. Video Conferencing
This is a pivotal feature as it facilitates interaction between an online dating consultant and a client in real-time. Moreover, tools like whiteboard and screen recording make the online dating consultation process seamless.
3. Multiple Payment Gateways
Having multiple payment gateways in the online dating consultation platform allows you to maximize the conversions by providing easy checkout options for clients.
4. Review and Ratings
This feature allows transparent feedback that helps clients in making informed decisions about choosing a particular online dating consultant.
5. Push Notifications
Using this feature, reminders as notifications are sent to clients and consultants so that they attend the scheduled sessions without a miss.
That said, we also list a few features for every segment:
User Profile Management
Consultant Booking Management
Reports and Analytics
Step 5: Create an Online Presence by Building a Professional Marketplace Platform
This is an obvious step but at the same time, website building can be a daunting task for several reasons like unfamiliarity with coding languages. Whatever be the case, building a professional platform is more straightforward than you think. You can either opt for custom development or choose a ready-made solution (like Yo!Coach) to launch your online dating consultation platform with ease.
Custom Development – The online dating consultation platform is built from scratch for the target audience under custom development. It aims at a defined set of requirements and is, therefore, more time consuming and expensive as compared to off-the-shelf solutions.
Opting for a Readymade Solution – A readymade solution encompasses in-built features and functionality that are time tested. Individuals who are looking to enter the online dating consultation market can opt for a ready-made solution and kickstart their online dating consultation business almost immediately. What’s more? A readymade solution is cost-effective.
Launch an Online Dating Consultation Platform with Yo!Coach
Lastly, it is important to have a marketing strategy to attract clients. You can consider using advertising, social media marketing, email marketing and so on to establish connections with potential clients. However, it is important to note that building a successful online dating consultation business will take time, effort and dedication. So, focus on delivering value to users via your offerings.
The dating market right now is a high-tech, fast-paced emotional roller coaster ride where the rules are ever changing. It is no longer a bidirectional, respectful interaction between two parties with a mutual goal, but a frantic journey laden with confusion. It is a game of frustration and brazen unprofessionalism. Hence, by starting an online dating consultation business, you can help your clients negotiate the often confusing first stages of their early romantic experiences.