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I wonder if you are targeting problems in search of a solution, or solutions in search of a problem. There is nothing wrong with starting a business to show use
by trcollinson 11y ago
I wonder if you are targeting problems in search of a solution, or solutions in search of a problem. There is nothing wrong with starting a business to show users that they have a problem they did not even know they had. The only real issue there is that you have to educate your user base... and that is hard.
Taking a look at your links:
Online Money Transfer -- This seems like a solved problem. Maybe I don't understand but is money transfer online something I can't do from my bank or 100 other reputable entities? Why should I use yours? Are your rates lower? Are you more secure? Can you get around some pain I am having? From your site it seems like you are giving a simple way to transfer money but frankly, in a very saturated market.
Get Power Help -- Now this is more interesting. I had no idea there were rights involved with NPower. However, I bet very few other people knew that either. Now the question is, do they have rights to make money from their complaint? Which complaints will make them money? I don't want to pay you GBP30 for an apology (no offense). I want a chunk of GBP10000! This is an education problem. If you can solve that it might work. However, I have a sneaking suspicion that the Ombudsmen gets a whole lot more written apologies than they do GBP10000 rewards.
Stop Lost Transfers -- Again, very interesting! Seems to work well. When transfers are slow or stopped do they have any idea to even check if their name is on the list? If they transferred with a reputable transfer service and something happens will that transfer service tell them why it was slowed or stopped? How do people even know they should check their name before they initiative a transfer? Again, education.
I don't think you are bad at founding. I think you just haven't found a niche to found in yet which has high growth potential without massive education. On top of that, even if you did educate people on the need for your services, would you make enough money to make them useful? For example, if I were an investor looking to invest in your ideas I would have to ask, what is the upside potential of get power help and stop lost transfers? Right now you have no way to even monetize stop lost transfers. And I have no sense of how much people can win from NPower in disputes. I would pan the online money transfer as an investor because I think the market is too saturated.