9A Part 2
When I was interviewing people from businesses that could be potential customers for my business, I ran into people that already had found their answer for this niche market. I had found at least 10 or so people that had already found a business much like my idea, where they were connected to multiple searchers but not directly.
This sparked my interest to see how many businesses existed that were like mine, to my curiosity, I found more than a few that existed already. But whenever I would contact them or go to their websites, I would see that they were very outdated, or doing very little work at the time. Many of them were mom and pop businesses that only serviced one or two clients, with very small volume, because they didn't have the need or want to expand.
This showed me even more how much the need for a countrywide business like my idea existed, as there was no one who would do big volume. The people that had already found the answer to the problem I was addressing, wanted nothing to do with me, as they preferred dealing with the small businesses, as they were generally cheaper. This also shined light for me to see how tight the profit margin would be in this area of business. It helped me determine a lot of answers on pricing, and how much volume to expect over time.
Going into this idea, I thought a lot of people would really need my services, as I saw a lot of Title Insurance companies struggling to connect with searchers, but in my interviewing process, it showed that there isn't as many opportunities as I once thought there was. It showed me how I had to set my goals accordingly, in line with the market and its demands as well.
This sparked my interest to see how many businesses existed that were like mine, to my curiosity, I found more than a few that existed already. But whenever I would contact them or go to their websites, I would see that they were very outdated, or doing very little work at the time. Many of them were mom and pop businesses that only serviced one or two clients, with very small volume, because they didn't have the need or want to expand.
This showed me even more how much the need for a countrywide business like my idea existed, as there was no one who would do big volume. The people that had already found the answer to the problem I was addressing, wanted nothing to do with me, as they preferred dealing with the small businesses, as they were generally cheaper. This also shined light for me to see how tight the profit margin would be in this area of business. It helped me determine a lot of answers on pricing, and how much volume to expect over time.
Going into this idea, I thought a lot of people would really need my services, as I saw a lot of Title Insurance companies struggling to connect with searchers, but in my interviewing process, it showed that there isn't as many opportunities as I once thought there was. It showed me how I had to set my goals accordingly, in line with the market and its demands as well.
| Inside the boundary | Outside the Boundary |
|---|---|
| Title Insurance Companies who need the communication gap to be filled. | Title Insurance Companies who do not need the communication gap to be filled. |
| The gap to be filled between Title Searchers and Title Insurance companies. | A Title Search company, that Searches directly for Title Insurance companies. |
| There is a need because of past communication between the two entities going sour. | The need is still there, for people outside the boundary, but they have already solved their problem. |
When you want to sell around the country it can take a toll out of you if you are a small business it can create long hard ours if you can not create a successful business plan. No matter how good the idea is if we can not get it nearly perfect there will be profits being lost constantly until the problem is fixed.
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