What I think could be next is opening this business plan to banks and have them incorporate this into their lending side to show if you do need this loan these are the precautions that you will be taking. I would use the same to do schooling institutions with student debt that is on the rise.
existing market-
1. banks
2. universities
3. private lenders
I interviewed 3 people from each of these institutions and thought it was a great idea but it will never work they basically all told me. I asked why and they said they would loose so much money if people were going to be educated on how to budget their money and if their loan will harm them in the future with all the interest that will come with it.
My reflection to this was that I was amazed that all three institutions did not have their moral sense when talking to me about this issue. They were strictly numbers and they saw clearly that they would be loosing their numbers if this was added to all of their institutions
new market-
This can be any store that has a credit card option with them or a car dealership that you know that you are going to have to make payments on.
1. Macy's
2. Coral Spring's Autozone
I gave both places my pitch about my business and shockingly I had the same response from my existing market that I was trying to target.
My reflection to this is that all these corporate companies and firms see this as a treat to their business so it must be a good plan since it can help the consumer but reduce their earnings in interest in the long run. That is what really got them because they make so much money off of interest each month and if that lowers that is going to be bad for the business.
Hey Janan!
ReplyDeleteI love how you clearly stated that no one cares all they care about is making money for a business that isn’t theres. Help the bigger problem and teach people! I think financing and lending money is good when needed but it is a trap on how they word it in the writing these days, that is why America is in so much debt. You’re long term vision is amazing.
Hi Janan! That's really quite sad that none of the businesses you spoke to were in favor of your idea, but it doesn't shock me. My recommendation is to stay on the path you're on. Move forward with this idea always keeping in mind that the consumer is the one to look out for. There aren't enough businesses looking out for the interests of the consumer!
ReplyDeleteHey Janan,
ReplyDeleteI think partnering with banks is a great next step for your business and one that would get your business over the hump to where it can become profitable. It was interesting to see your interview responses, but like you said they were focusing on the numbers and not the benefits on the people. You can take this feedback and adjust your idea so it becomes more realistic. Great job!