In the current on-demand economy, the service marketplace industry has taken a huge leap with leading players such as Fiverr, TaskRabbit, and more. Recent trends show that people opt for freelancing as a viable way to boost their career growth. Companies like Fiverr and TaskRabbit bank upon this developing trend and enjoy exponential growth (600% in case of Fiverr).
Statistics show that starting an online service marketplace is not just profitable but has a good scope of growth too. For aspiring entrepreneurs, this domain is most suitable for the following reasons:
- Greater demand offer possibilities of scaling up
- Healthy revenue model ensures surplus cash inflow
- The role of the current on-demand economy compliments this business model
How Fiverr and TaskRabbit do things differently?
It is an important step to evaluate how industry leaders do things differently. Anyone can start a new business, but it requires a lot of research to know the demands of the market. Here are a few points to showcase what stands out about Fiverr and TaskRabbit:
- It has an extremely easy to understand user interface and offers a broad category of gigs, including Fun and Bizarre.
- It offers the most friendly way to search for gigs and post gigs
- Gigs start from $5
- People demand more money on TaskRabbit than Fiverr
- Most people prefer it because of the flexible work schedule
- People get paid on a daily basis
Now, let us examine those points, which entrepreneurs should consider before starting an online service marketplace.
1.) Turnkey Solution = Low Investment
Starting an online service marketplace requires a lot of marketing and other pocket-heavy business operations. It is wise to save wherever possible. Some economical ways include buying a clone script or going with a turnkey solution such as YoGigs. Priced at $499, it offers an economical and ready-to-deploy online service marketplace.
2.) Advance Features at Economical Cost
By choosing a feature-rich online service marketplace platform, the owner can greatly benefit by using its advanced features; some of them are:
- Easy and secure payments
- Review management system to help with better hire
- Easy to use bid management system
- State of the art task management system
- Social media login, and more
3.) Future Proof and Scalable
The freelance industry is gradually gaining popularity and this trend will continue to grow. With such demand, one can assume that starting an online service marketplace is one of the best online business ideas. However, unlike most platforms, YoGigs enables the owner of the service marketplace to scale up easily as it comes with flexible options. The $499 plan is a good place to start, but as the demand grows, They offer a way to grow thereby fulfilling the requirements of users. You can completely customize your portal anytime you need it and have an increased budget.
4.) Easy Revenue Generation
By starting an online service marketplace, owners can enjoy multiple sources of revenue generation, such as:
- Advertisements on the website
- Sponsored content, and more.
- Commission from task givers & doers (as per the chosen revenue model)
5.) Spread the word
Service marketplace is easier to set up, but to make it successful, it takes a lot of marketing effort. Try investing time and effort in the following to make your online service marketplace a success:
- Social Media
- Paid advertisements
- Resolving queries asked by people on social media channels
Think we have missed out on something important? Feel free to add it in the comment section below.
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