Starting Up: The Business Of Love

SM SMALL BIZ -- Feb 13 -- Making a bundle in the dating industry, isn't easy for a small player competing against Yahoo! Personals, Match.com and eHarmony. At PlentyofFish, which now ranks among the top 10 dating sites in the U.S. for unique visitors, Frind's strategy was simple. "I undercut them on price," he says. When it comes to the business of love, newbie entrepreneurs need to figure out a way to stand out in a crowded marketplace. Here's how:

- Find a Niche
- Undercut the Competition
- Add Value
- Innovate

More narrowly focused niches have begun to surface. i.e. golfmates.com and vegetariandating.com. The best niche businesses are usually started by entrepreneurs who have a deep understanding of the community they want to serve. i.e. Patrick H. Perrine, a psychologist who spent years studying human sexuality and dating preferences, launched a gay male matchmaking service in San Francisco in 2004, and then expanded the service online - myPartner.com — to a national audience last year. "We discovered there was no space for gay men looking for a serious relationship on the web", he says. To compete with the big guys, Sam Yagan, co-founder of free dating site, OKCupid.com, offers users the ability to craft their own personality quizzes, or choose from 30,000 others. The idea behind the quizzes is that users will share them with their friends who, in turn, may sign up for the service.
FULL ARTICLE @ SM SMALL BIZ