5 Questions to Build (or Fix) Your Platform or Marketplace
- Alan Williams
- Apr 7
- 2 min read
By Alan W
Starting or scaling a platform or marketplace is a unique challenge. You're balancing multiple user groups, ensuring a seamless experience for all, and working out a monetisation model that makes sense for your business. To help platform founders gain clarity and stay on track, I always recommend asking these five key questions.
What do you want? A platform business has specific goals. Are you building a niche marketplace, or are you hoping to scale to a global audience? What success looks like for you will affect your platform’s features, the user experience, and your marketing. Be specific.
How did you start? Platforms often begin because a founder saw a gap or had an insight. Whether you’re creating something new or trying to improve an existing marketplace, knowing how you started gives clarity about your vision and your drive.
Who do you help? In a platform business, you have two (or more) sides to think about. Who are your buyers, and who are your sellers? Understanding both user groups is essential. Knowing their pain points helps you build features and services that attract and retain them.
How do you help them? Your platform needs to facilitate value exchange between users. Whether it’s by simplifying transactions, connecting users to services, or enabling new opportunities, the value you provide is crucial. If your platform doesn’t solve real problems, it won’t grow.
How do you make money? For platform businesses, a clear and sustainable revenue model is critical. Whether you’re charging a commission, offering premium subscriptions, or providing additional services, you need to know how your platform generates income.
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illustrator: Lisa Williams (Instagram: @artist_llw)