Finding cofounders · Investor pitch

Need feedback on my budget app idea before pitching.

Dale McCord Jr Beginner Programmer

August 10th, 2018

Ok so I have an idea for a budget app that uses geolocation to help you only spend money where you choose and the amount you’d like. It will help eliminate overspending and will work so well because you’d choose where your money goes before you get it and when you’re paid, the app immediately puts the money in the chosen categories and gives you the remainder. The app will also give users an investment account which will fund our peer to peer loans. Each individual will only fund a portion of a larger loan so if someone defaults, it won’t impact one lender too badly. I’m pitching this idea this fall and would like some feedback. Also looking for a programmer. Thanks in advance.

David M

August 11th, 2018

Do a SWOT analysis. There are numerous budgeting apps but Im not sure how yours is different. Cool idea...needed as in the US due to increased debt.

Dale McCord Jr Beginner Programmer

August 11th, 2018

Thanks for your input. I believe the difference is the fact that you can’t spend extra money while you’re out and that you can’t just go spend anywhere. 60% of adults have debt due to overspending like this. In my opinion, budgeting only works if you can cut out spending more than you have. If I’m living down to the last dollar then I can’t afford to spend extra without running into problems. I hope that explains a bit more. Thanks again.

Alexandre Azevedo Founder of The Traction Stage Blog & Podcast

August 14th, 2018

Hello, Dale!

Your idea seems interesting. :)

I would recommend you doing 2 things (maybe you already did):

1) Translate your idea into a business model, considering its several components - as presented in the "business model canvas" methodology.

2) Build a landing page to present your product idea, envisioned features, benefits, etc. Through this page, try to get some e-mails from people that want to be contacted when your app goes live. This way you'll start checking if the market is excited about it or not.

Good luck and success!

Alex



Dale McCord Jr Beginner Programmer

August 14th, 2018

Thanks for the reply Alexandre. I actually have made the landing page and gotten just over 1000 people signed up so far plus a little more on my Facebook app page. I will look into the business model though. Thanks again.

David M

August 14th, 2018

So Dale, the key is having that proper business plan with extensive marketing research so that when others throw up the negatives and why what you have already exists you can explain why what you have is better. And competent investors will do this guaranteed.

Dale McCord Jr Beginner Programmer

August 14th, 2018

David, thanks again for the feedback. I am in the process of doing just that. I have been studying budget apps and haven’t seen anything that quite does this. And I’ve spoken with a lot of people who budget and they haven’t seen it either. I still have a lot of work to do, of course, but I’m getting there. You might as well have an advice column lol you’re everywhere.

Dale McCord Jr Beginner Programmer

August 14th, 2018

Thanks Peter, I’m trying to piece it together. I’ve looked into those banking apps but haven’t found the similarities too much. Maybe I haven’t explained my idea thoroughly enough. I also didn’t know I’d need a banking license, I’ll have to look into that. Thanks again.

Alexandre Azevedo Founder of The Traction Stage Blog & Podcast

August 14th, 2018

That's great, Dale!

Questions: from these 1000 people that registered:

- Are you able to define the most common user profile?

- Are you able to determine the channel that brought the most number of users?

These two questions could help you on finding and reaching your potential customers to further understand your idea. If you could talk with them, I bet you could get some that would help you with powerful feedback. :)

Alex

Peter Doherty Chartered Mechanical Engineer & Entrepreneur

August 13th, 2018

Well done on starting to test your idea.


Personally, I don't see a compelling value proposition. There are banking apps (eg N26, Revolut etc.) out there that already do this. Maybe you are adding the geolocation aspect but that is something that can be easily replicated with a few lines of code by existing solutions.


Lastly, regards the investment account. There are a lot of regulations you'd need to jump through and you'd need a banking licence.