Mike Williams shares three practical lessons on how to bootstrap online marketplaces. All taken from his experience building and scaling Studiotime – today the largest online marketplace for booking music studios.
Scaling too quickly to new verticals is the most common error when growing a marketplace: this mistake can kill your business before it even gets started. Instead you should focus on one city and one vertical.
First, you need to think about what it is that you want. Are you planning to build a large VC-funded global marketplace business, or just a smaller local business? This decision can make a big difference.