The dating app market is extremely competitive. Securing investor funding to get your dating app off the ground can be difficult. If you’re going to impress investors, you’ll need an amazing dating app business plan.
Three Important Tips for Dating App Business Plans
Writing a mobile app business plan is drastically different than doing so for other types of businesses. There are many considerations that need to be made and the overall business plan format may differ as well.
Furthermore, dating apps have complexities that are not found in other software categories. At ThinkLions, our business plan writers have developed dozens of plans for successful dating app startups.
There are three major factors that must be considered when writing a dating app business plan.
Making Accurate Metric Assumptions
Dating applications operate much differently than other types of apps. Although free dating apps often generate a large number of downloads, they also have low retention rates. The average retention rate for dating apps is fractional when compared to other app categories – such as social media.
A successful dating app business plan must showcase realistic assumptions, from the duration spent on these apps by customers each day to the price that they are willing to pay to use it.
Defining A Competitive Advantage
In order to gain the attention of investors, your dating app plan needs to show how your app is different from the hundreds of other dating apps on the market.
Apps like Tinder and Bumble already have millions of users. What is it about your app that will make singles want to use it for their dating experience instead of the solutions they are already used to?
Competitive advantage is key to a successful dating app plan and will be the main component that drives the startup’s overall strategy.
Financial Modeling
Proper financial modeling uses real data to make educated assumptions about user behavior. Modeling a dating app can be challenging since many dating apps attract a wide demographic – and customers behave differently. Some people use dating apps to go on dates multiple times per week, while others download the app and never meet a single person.
Proper research is key to effectively producing a dating app financial model. Many dating apps have experienced problems when seeking to monetize. Showcasing a well-researched monetization strategy through a financial model can give your dating app an advantage when meeting with potential investors.
Need A Dating App Business Plan?
If you need help writing your startup plan, our expert team of business plan writers is here to help. We are the country’s leading experts in developing successful app business plans and pitch decks, and our clients have raised millions. Contact us today to speak with one of our dating app business plan consultants!
