1) You.
I am good at baking, public speaking, maintaining professional relationships (Ok FR, I met my bf at work so maybe not). I have had a good amount of business relationships because of my job with the Fastenal Company. I know how to write formally, compose appropriate emails, inventory and task/time management, phone calls, dealing with customer and vendor orders.
My aspirations honestly have nothing to do with my business idea. I think that this idea would require too much travel (to see bank headquarters, etc.) and I don't have any experience with making websites or apps. This business would be hard to start- I'd rather sell honey products for premium prices to those interested in natural, local foods. But that's not a "problem" soooooo here I am writing about something I don't care about.
My aspirations honestly have nothing to do with my business idea. I think that this idea would require too much travel (to see bank headquarters, etc.) and I don't have any experience with making websites or apps. This business would be hard to start- I'd rather sell honey products for premium prices to those interested in natural, local foods. But that's not a "problem" soooooo here I am writing about something I don't care about.
2) What are you offering to customers?
I am offering banks the ability to better educate their customers through my website filled with podcasts, additional resources, and possibly blogs or other media. The topics will be applicable to people during many life stages- wanting a loan, homebuying info, investing info, etc. This is all detailed in 8A. The banks will have a link or portal to my website, where their customers can use the information by logging in with their bank credentials. It will be a monthly or more likely yearly contract with banks to feature my website information base.
I am offering banks the ability to better educate their customers through my website filled with podcasts, additional resources, and possibly blogs or other media. The topics will be applicable to people during many life stages- wanting a loan, homebuying info, investing info, etc. This is all detailed in 8A. The banks will have a link or portal to my website, where their customers can use the information by logging in with their bank credentials. It will be a monthly or more likely yearly contract with banks to feature my website information base.
3) Who are you offering it to?
I think both small banks and large banks could be interested in helping their customers be educated on their investing and savings opportunities. It is in the banks' best interests to encourage their customers to save more money, invest with the bank, or understand the loans they might take out with the bank. Credit unions are more localized and typically more involved in helping their community. My customers will be any bank or credit union 1) with a core value of helping their customers/community, 2) without a great website in terms of educational resources.
I think both small banks and large banks could be interested in helping their customers be educated on their investing and savings opportunities. It is in the banks' best interests to encourage their customers to save more money, invest with the bank, or understand the loans they might take out with the bank. Credit unions are more localized and typically more involved in helping their community. My customers will be any bank or credit union 1) with a core value of helping their customers/community, 2) without a great website in terms of educational resources.
4) Why do they care?
I know that I could find customers because educating those who bank with them would lead to mindfulness when saving (they would know the benefits, reasons why, and ways to save), a higher likelihood of participating in other products like CDs (if they know what a CD, etc. are), and it sets them apart from other banks/unions for a price lower than creating the website (especially podcasts) themselves.
I know that I could find customers because educating those who bank with them would lead to mindfulness when saving (they would know the benefits, reasons why, and ways to save), a higher likelihood of participating in other products like CDs (if they know what a CD, etc. are), and it sets them apart from other banks/unions for a price lower than creating the website (especially podcasts) themselves.
5) What are your core competencies?I have my vision & my honesty. I am pretty good at speaking in front of a group, and communication in general- especially written. I think that I could create the podcasts, after studying the content- and I speak with good expression.
I have a couple good relationships with my local bank tellers and sales people, but that wouldn't really help me when in front of the higher-ups who could decide to use my website. I could use my relationship and repour with my District Manager (Fastenal) to ask his advice on how to approach the necessary meetings. He has years of experience pitching to important people and building such business relationships.
I have a couple good relationships with my local bank tellers and sales people, but that wouldn't really help me when in front of the higher-ups who could decide to use my website. I could use my relationship and repour with my District Manager (Fastenal) to ask his advice on how to approach the necessary meetings. He has years of experience pitching to important people and building such business relationships.
Do the pieces fit?
I think that I myself am out of joint with the concept because while I feel that I could pitch the idea, I wouldn't be able to create what I'm proposing to sell. The weakest element of my idea is that I haven't decided completely what all the website will have. I think that organized podcasts or even videos similar to khan academy would be a good idea, and having links to OTHER resources could be an easy way out of creating a TON of content, but do I want to include a blog? Articles with current events? Maybe all this could be added over time. I don't like the idea of a tiered membership. The same information should be available to all banks EXCEPT that there should be a section with info pertinent to each bank's specific products and terms.
I think that I myself am out of joint with the concept because while I feel that I could pitch the idea, I wouldn't be able to create what I'm proposing to sell. The weakest element of my idea is that I haven't decided completely what all the website will have. I think that organized podcasts or even videos similar to khan academy would be a good idea, and having links to OTHER resources could be an easy way out of creating a TON of content, but do I want to include a blog? Articles with current events? Maybe all this could be added over time. I don't like the idea of a tiered membership. The same information should be available to all banks EXCEPT that there should be a section with info pertinent to each bank's specific products and terms.
Hey April, I enjoyed reading your post. I like your honesty that while you are a talented individual, you might be a bit out of touch with your current business idea. While you might not be currently situated to exploit this idea, you could always learn website development and the other skills necessary to succeed in this endeavor. I think learning from and using your connections with the people at Fastenal would be very helpful.
ReplyDeleteApril:
ReplyDeleteIn my opinion you must have had a huge napkin. Just kidding. I understand what your business idea. However, I have never actually used a community bank to conduct business. I could see where they might now have the most up to date website, partly because they don’t have the unlimited funding that most corporate institutions have. Anyhow, overall good concept!
LMAO
DeleteHey April, great post. I appreciate your honesty about how you are and how this idea does not match your aspirations. I agree with Tucker, you could definitely learn what you do not know there are so many resources out there to help with that. Also, you can always hire someone to that for you. Can’t wait to see how this grows.
ReplyDelete