Feb 27, 2021 12:38 UTC
Feb 27, 2021 at 12:38 UTC
If you clicked on this article, it means that you’ve already seen how big the cryptocurrency hype is. Until now, we were happy that we could buy a coffee from Starbucks with Bitcoin, but today it allows us to buy the latest Tesla models.
Elon Musk himself has invested no less than $1.5 million in Bitcoin, which has substantially accelerated the acceptance of cryptocurrencies.
And this makes the opening of a crypto exchange platform an excellent business opportunity.
However, before you take the plunge and launch your new platform, you need to consider a few essential steps that will take you to the top of the most well-known exchange service providers.
And not just any idea, but one that will put you above the competition. If you want to reach the top, you have to develop something new that your competitors have never tried before and make your business unique.
When you write down your ideas, always try to answer the question, “what is the main reason people would choose my exchange service?”.
Remember that you are not the only provider out there, so you have to enter the market in force and conquer as many people as possible.
It is useless to say that you have the best business idea if you don’t have a business plan to support it. This way, you can find out if your idea has a chance to succeed.
You must first set your goals. What do you want to achieve after launching your exchange service? How fast do you think you can get where you want? What crypto would you list on the platform and why?
Once you have established what you want, try to see if your skills and experience are enough to meet your SMART objectives. Indeed, success doesn’t come without taking risks, but we have nothing to gain either if we throw our heads forward without a helmet.
And if you have enough confidence in your abilities, then you can get to work. Define your target customers, find out what their interests are and how you can attract them, and do in-depth research on the market and your competitors.
And now focus on numbers. How much does it cost to bring your idea to reality? Do you have enough personal resources? If not, where can you get help? More importantly, how long do you think it will take to get your investment back? What’s your expected ROI?
These details mark the difference between impulsive action and a business idea that is likely to succeed.
There are two ways you can bring your idea into a live exchange platform – you can develop it from scratch, or you can use a white-label service. Each has its advantages and disadvantages, so you have to choose according to your needs.
A self-hosted platform is just what you’d expect – a platform fully developed by you. It gives you complete control, and you can remove or add whatever features you want. Your only limit is your budget and imagination. But it is also time and resource-consuming, plus you are prone to more errors.
On the other hand, a white-label platform will give you all the tools you need to get your exchange up to and running asap. Another team develops everything, and all you have to do is brand it with your credentials – logo, name, etc., and then run your operations.
Once the platform is live, you have to develop and maintain it.
If your platform is self-hosted, you need to do more than just think about what features you want to integrate in the future. You need to check for errors, security issues, and functionality issues.
But if your platform is white labeled, then all those things are done by the team behind it so that you can focus on other management responsibilities.
But there’s also a downside. If you want to add or remove certain features, you’ll need the developing company’s support, which may take some time.
Make sure you choose something that fits your knowledge and the time that you have. Running a business isn’t easy, and until you hire enough people, it’s just you.
Now that you have all the critical components for your company, it’s time to register it and make your business official.
First of all, apply for a business trade license – that allows you to conduct your activity within the government’s jurisdiction. And that part is crucial. It isn’t just an instrument that creates credibility among your future clients, but it also keeps you out of trouble.
Secondly, protect your brand with trademark registration. You don’t want to see a copy of yourself overnight, threatening your image.
And lastly, choose a bank to work with, so you can maintain further business activities, like paying your office’s rent.
Now that you are official, it’s time to gather your sidekicks.
Start with the support and management department. Clients seek a strong relationship with the company. If you want them to feel connected with your services and trust you, make sure you have people who can help them asap.
Your management team is also a must since you don’t want a chaotic environment and drive your employees away.
And now, it’s time to make your company visible. Hire marketing and advertising specialists that can highlight your most vital points.
Starting a business is never easy, especially when you have a lot of competitors. But paying attention to all of these steps will put you on the right path to success.
Set your objectives, analyze your market, provide the best services, be reliable, and suit up with a great team.