1)
I am a hardworking, broke, happy go lucky, shredding college student. I love to
skate and surf but I wouldn’t particularly say that either of those hobbies are
my talent. My talent is motivating and communicating with people. I pride
myself in the way I can connect with almost anyone and can spark a flame of
motivation up under anyone. My aspirations are pretty simple, live a happy life
that I as well as my family can be proud of. Although being wealthy is a huge
part of my aspirations I want to be surrounded by friends and family with the
capability to take care of them all if need be. My desire to continuously help
people is why I believe I came up with this business plan, I saw a problem that
most college students are dealing with, including myself and I want to be the
one to make a positive change to this epidemic.
2)
A very common problem of trying to be social in a college atmosphere is getting
carried away at the bars financially after students get under the influence of
alcohol. Many students struggle sticking to their drinking budget when going
out and wake up seeing their bank accounts plummeted overnight. My plan is to
create an app that will be your financial guardian angel. This app will allow
you to set a budget on your card before you start drinking and once you hit
that cap your card is frozen from that specific bar for 24 hours.
3)
I know this sounds cliché but the potential customers for this app is nearly
limitless. I believe anyone who mixes alcohol with social events has a risk of
spending too much money accidently. This range goes from college students all
the way up to parents who want a guy’s/ladies night out. Alcohol effects
everyone moderately the same and when it comes down to it alters our decision
making capabilities.
4)
My product is extremely cheap to download, actually only $1.99 and after that
there is no additional charges unless the customer would like to opt in for the
advertising free app. If you have ever overspent on a night out by even $10... You
already saved 5x the amount you have spent on the app in a single experience
with this app.
5)
I believe my app is a one of a kind due to the fact it is not simply a budget
app such as mint. This actually takes action and freezes your card where you do
not have any choice but to stick to your budget. I also think because I have a
high level of communication skills I can make people not only love the app but
the creator which will help advertise my company through word of mouth.
I
believe the reason my app will become so successful has to do with all five of
these elements listed above. First off my talent of communicating and
motivating will help me find potential customers as well as business partners to
further develop my business. The fact that there is nothing out on the market
like this today will give me a huge advantage of potential competitors. Lastly
the fact that my target audience is potentially limitless and the low costs of
the app will be the final element to make my app so successful.
Hey Collin,
ReplyDeleteI think having the ability to communicate with people is a great attribute to have because communication is key in the business world. I think your idea is great because I struggle with budgeting my money all the time but I know some banks already have this feature in their apps so you just have to try to find a way to differentiate yours form the others!
Hi Collin,
ReplyDeleteI commented on one of your earlier posts about how much I like this idea but the security kind of scares me, as it will many others. Why should people trust a third-party non secure app with their bank information that could be easily hacked. Venmo is now running into this problem a lot; where people are too scared to use it because they've heard the stories about people getting money stolen out of their accounts. That's where your communicating and motivating should come in! Find a way to offset this potential risk.
This is such a great idea. I think I mentioned before in one of your previous posts whether or not someone will be able to disable the app and thus use their card information. Sometimes when people are drunk they do not care to spend "x" amount of money which is why this is a great idea.
ReplyDelete