The Next Big Thing

Existing Market:

My idea for growth was to offer an introductory membership rate to increase paid members.  After the introductory period was over, the fee would increase to the normal amount.

I spoke with several individuals in the existing market that provided several different ideas for growth.  Naturally not all the feedback I received was quite relevant to the task at hand.  Here are the general ideas that I was given from the discussions.

·        Provide information on programs and solutions to pay-off mortgage quickly

·        Target low-income earners to help them secure their financial future

·        Work with small businesses to provide financial services to help their employees

·        Target retirement communities by providing short seminars to discuss ways our service would benefit them

I decided to stimulate growth by reaching out to other local entrepreneurs about providing financial services at a reasonable rate.  The ideal situation would be to provide service to not only help their business make good decisions.  But also, be able to help the employees with personal finances.

New Market:

For my new market, I have decided to target “millennials.”  This generation is not the proverbial “one trick pony.”  They subscribe to the “what’s in it for me” mentality.  Which is that most of them are naïve about making wise financial decisions, and they have no loyalty to a person, firm, or corporation.  So, they would need a specific financial model to help them maximize their future. 

Here are ideas that I received from the interviews:

·        Help with paying off-student loans

·        Which savings options are best for new college graduates

This market does appear to be interested in how best to plan.  I did not expect to have ideas brought up involving student debt.  Although you can’t believe everything that you read online, I was not surprised when the individuals showed emotional concern on how to plan.  I believe there is the potential for much more growth in this market.  I will also research programs that may be available to help reduce student loans or better yet eliminate the need to borrow.