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need your help/feedback - business idea!

 
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focused77

posts: 4

May 17, 2008 10:46 PM ET    Quote  Report Abuse
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Good evening, I hope everything is superb!
 
I am Krys and 23 years old. I have been struggling with the right business idea for quite some time. Recently, I came up with the idea of paying your rent online, with an emphasis on urban, inner city areas. The idea can be found in such companies like www.paylease.com , www.payrenteasy.com. I believe the idea would be beneficial to both tenant and owner.
 
Does this idea seem feesible?
 
Thank you
CraigL

posts: 9051

May 18, 2008 12:18 AM ET    Quote  Report Abuse
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You`re gonna have big competition, and you`ll also have the whole issue of handling financial transactions. It`s obviously a feasible idea, but the amount of work you`ll invest for no real guarantee of success seems to me to be prohibitive.

How would you set the situation up to handle financial transactions, and develop the trust of the landlords and/or renters?
focused77

posts: 4

May 18, 2008 8:09 AM ET    Quote  Report Abuse
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Thanx Mr. Landes for commenting :)
 
As far as handling financial transactions, I would setup some type of ACH pymt via telephone/internet..have an online payment system...and in the UK, they actually have pre-paid RENT cards, like for your pre-paid cellphone minutes.
 
I would hope to develop trust of my landlords through good marketing by showing how secure any transaction would be using the system. Marketing makes best, right?
 
See, I am initially trying to target urban communities/government housing contracts.
 
Does this seem far-fetched?
 
Thanx again :) please don`t stop! I need constructive criticsm to make me think outside the box! lol
CraigL

posts: 9051

May 18, 2008 10:35 PM ET    Quote  Report Abuse
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Not being familiar with government housing on the scale of the UK, but based on what I know of it here in the States, I`d think you have a viable concept. Again, your competition is going to be the existing sites already taking market share.

So the next key question is how do you intend to be different? How will you do it better, simpler, faster, or whatever else....?
CampSteve

posts: 1216

May 19, 2008 12:08 AM ET    Quote  Report Abuse
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Yep, you can`t just offer the same service as your larger competition.  You need to do something different.  What`s different about your idea?
renegadeleader

posts: 40

Sep 26, 2012 2:47 AM ET    Quote  Report Abuse
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You must come up with good offer compare to others. Ask business people to gain information, take a survey from tenants if possible.



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Garenius

posts: 15

Sep 29, 2012 1:25 AM ET    Quote  Report Abuse
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It's always good that you're looking for information on how to run your business. All the power to you good sir. 



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menappi

posts: 66

Oct 01, 2012 12:20 PM ET    Quote  Report Abuse
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Whoa, I really like that idea. Never heard of these sites before...If you are going to be doing something like that you will need to do it better and/or cheaper than the competition.



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Aashika

posts: 5

Nov 05, 2012 10:55 AM ET    Quote  Report Abuse
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Hey Krys.. That's a good idea! Wish u good luck.



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