8 Steps to Follow to Build a Successful Marketplace

[notworthconsideration]

My team and I have helped many entrepreneurs build successful marketplaces (and other startups) over the years.

We've also seen many avoidable mistakes.

That's why we decided to compile a list of best practices based on our experience, hoping it could help other entrepreneurs in this same position.

It's an 8-step structured process, designed to help entrepreneurs reason on how to build their marketplaces.

It was created by one of our co-founders, André.

He used his own experience (he built a marketplace before co-founding Altar) combined with what we've learned over the years helping other founders build their marketplaces.

And although, like with most things, there is no secret recipe that will guarantee success, this process has a nice track record.

How to Build a Marketplace that Brings Value to Your Target Users:

1. Choose a Viable Industry
2. Define Your Unique Value Proposition
3. Assess Your Market Size
4. Design Your Distribution Model
5. Choose The Right Business Model and Assess the Economic
6. Build a 10x Better Product
7. Build Trust on Both Sides
8. Safeguard & Grow Your Realm

(For further information check the entire article here)

Some of the insights listed here are obvious, others not so much.

But if you combine them all you'll find yourself in a much better position to significantly reduce the chances of failure.

What is, in your opinion, the most important factor to consider when building a marketplace?

 

[bornagainbride]

@notworthconsideration Sorry dude this seems a little spammy. Couldn't you just put all the text in the post instead of a link to what I assume is your own website?

 

[foxmulder]

@notworthconsideration I haven't built anything or launched any product yet, but I read that "timing" is the number one factor. Launch your startup too early or too late for the market and it could impact your success