If you are looking to set up a peer to peer share economy website, here are few tips that will help you get started. Firstly, a quick definition … a peer-to-peer or P2P marketplace is an online platform that connects people in need of a product temporarily with people who have that product but are not using it. Through a P2P marketplace, people can rent out a product in exchange of money or a similar product only for the time they need it.

You have a great idea but where to start.

The number one decision you need to make is to decide on the best name and to test it. You may have a great idea for your name but if it isn’t available as a domain or business name, it isn’t much use. It is also important to check if the name, or something similar, is a registered trademark. This can be done online for free in most cases. You will want to then test the name with like-minded friends and family. Be careful though, if you are looking at something a bit cutting edge, your Great Aunt probably won’t be the best person to give feedback.

Another tip is to identify your niche or target market. In the book Zero to One: notes on startups, or how to build the future, Peter Thiel, the founder of PayPal, teaches start-ups to become a unicorn. It means to find a niche with low competitiveness and high value for the users. This is one of the most important things for the peer to peer start-up. You need to find the needs of your specific audience and cover them because, you can’t be all things to all people.

The best choice is to base your business on the area that you have experience in. You will be able to speak the language, create interest and appeal to people with similar interests.

Then it is important to be custom-oriented. It is useful to develop your site with the customer in mind, thinking about when and how they may use these services or products, what they will expect and most importantly, how to improve their experience. Be sure your site is compatible across all devices as many people now only use their phone for many peer to peer sites.

Another useful tip is modelling. Look at what the established players in the peer to peer share economy space are doing and identify elements that you can use to enhance your site and the customer experience. Learn from their knowledge and experience. This will help you to fulfill gaps and solve problems during your start-up phase.

One thing that many start-ups miss is showing their personality, using their own voice. It is valuable in creating meaningful connections with your audience, especially in the peer to peer space. They will feel like you ‘get them’ and they will then become advocates. Also, when sharing your idea, sometimes, you may sound crazy to others, but it doesn’t mean that it is impossible. Follow your way and do things in what you believe.

Don’t discount the importance of being prepared to work on technical issues. These will arise as more people use your site, new technology comes along to improve the interface or experience and the customer’s expectations increase. Be constantly reviewing the back end and testing the site to identify issues before your customers do. Upgrade and update regularly.

And finally, be prepared to hear feedback … and it won’t be all positive. Any feedback should be treated like GOLD especially negative feedback as it will help you refine your site and make the best it could possibly be.

Now … go out there and do it!