Key Things to Keep in Mind before Setting up an Online Marketplace for Artists and Performers

You will find a number of marketplace platforms for hiring artists and performers out there. They make it easy for buyers, event planners, and individuals to find, book and pay musicians and performers.

As an entrepreneur interested in this business model, wouldn’t you like to know what revenue streams can you generate with such a business? Or what features you should provide to your paid or free members? Thorough insights and feature analysis is a must before launching a website to Search and Hire Performers and diving into this business type.

For your convenience, here’s everything you must keep in mind:

Make it a One-Stop-Shop - Basically, a marketplace providing huge variety. Try to cut in more artists across different categories. Having good artists means good sales. Divide them by experience; price tag associated etc., for customer’s ease-of-selecting.

Get some research done on what sort of artist demands what sort of fees or compensation. You can arrange things accordingly on your marketplace.

Quick Turnaround - Develop a good system for replying back to any queries that you receive. Any email or query returned is a client or an artist that you turn away from joining your marketplace.

Secure Bookings - Use payment gateways that are ultra-secure. Use a variety of payment methods like debit/credit card, online banking, net banking, UPI payment etc. Include payment on the bases of EMI’s for your membership options.

Sources of revenue - Define your income sources. With a ready plan in hand, you will know from where you will gather revenue.

Revenue sources examples - Commission from every successful booking, Membership Fee from artists and performers, On-Page advertisements, event management etc.

Handle your Social Media really well – You have to handle the social media for your marketplace - PRELAUNCH, LAUNCH AND POST LAUNCH. Hiring a competent digital marketing person for this is a must.

Registration - What will be the registration process? Whether it will be free for user or artist to register on it? Do you have a membership system? If yes then how much charges are to be paid for by artists and users? Whether the membership fees will be annual, monthly or bi annually? etc. Some questions you should ask yourself!

Features provided - You need to figure out what features you’re providing to paid members and to the ones with free membership. For example: Paid members can get more priority in your marketplace’s search.

Cancellation policy for users – It’s better to have an airtight cancellation policy. Once booking is done, neither party should be able to back out for a better contract. This goes for both artists and user. Fix fines or penalties for the same and mention it in your website terms and conditions.

Miscellaneous: Put up instruments and accessories for hire on your marketplace as well. Supporting elements are always required for gigs. Some extra money won’t hurt your business.

If you have considered all the above options including digital marketing of your website, rest assured your marketplace will succeed.