- Charges for Venture should reflect payment options for the classes that my target customer base must attend.
- Emphasis on the point that we actually help customers repair their credit and are actually assisting in completing the necessary documentation.
- Build a network of individuals that are going through or have gone through the program with expertise in DIY projects such as replacing a faucet or garbage disposal, how to clean the dryer vent to keep costs low and extend life of dryer.The goal is to continuously educate about cost saving measures each family can take. It would also be useful to help these individuals with the expertise to build a client base of their own at a discounted rate because their familiarity of the program.
My concept includes the unmet housing need for the lower
income and middle income working family. The ideal customer is that customer
who does not see owning a home as a reality and struggles to find a home that
fits their family within their budgeted needs. These families barely make it
from paycheck to paycheck, but continuously work because they were brought up
to believe that their hard work will eventually pay off.
According to the Pew Research Center and their analysis of
government data available in order to be considered middle income class in the
state of Florida, your median income needs to be at least $46,036 and lower
income is from $30,691 to $92,072. The unfortunate result of this research is
that it does not take into account the living expenses needed to, well, live.
There is the cost of utility, food, clothing, and taxes to name a few.
As long as there are income disparities, there will be an
opportunity for this business to be successful. These working families raise
their children to do better than their parents are doing. These families
struggle in the hopes their children will not. This business concept will
actually reward these hard working families with a home and A.P.R they can
afford for a real home.
The innovative thinking behind this concept is that my
business will be service offering that has required courses in the home buying
opportunity. Our classes will be offered at differing times to fit the
lifestyle of the working family. There must be full participation of the family
so there is a clear understanding of what is required of each member of the
household to ensure successful long term ownership. We offer payment plan
options for our families because we understand they are on a limited budget and
we do not want to interfere with their opportunity to “live”. In fact, we have
worked out agreements with our partner lenders where they contribute to the
payment of the classes. This is a win-win situation for all parties.
We will have individuals in the organization familiar with
credit reporting and the steps needed to correct or remove negative reporting.
We will walk the family through this tedious process and ensure they are not
just left with a “to do” list, but the assistance in writing necessary
statements or making necessary payments to improve their overall credit score. We
are here to help repair credit with a personal touch, not a list of things to
do. We believe time is of the essence and because our customers are limited on
time, we are here to take up that slack.
We will work with other programs such as Head Start to Home
Ownership that offer financial assistance as well as Federal Housing
Administration that will guarantee a portion of the home loan. This is a lot of
work and time that goes into completing forms and requirements. A lot of time a
two income family (or one income) does not have. We will be that helping hand.
We will require the participation as far as the classes offered, but as far as
the forms needing to be completed, we will assist in completing the forms and
ensuring the checklist of items that we are very much familiar with required
for our customer base to meet and qualify are met in its entirety. Time is
money and in most businesses, they would not want to spend much time. In my
business Trans-It-Home, time is how we ensure we make money. We give the time
for each of our clients and get them to understand yes it is time consuming,
but the cost of owning a home should be known in advance of making such a
purchase, so time is needed to gain a complete understanding of this
undertaking.
Structure of the business will have to include individuals
with customer service experience as well as a financial background of some
sort. Not necessarily a degree, but experience in the banking industry, or
mortgage industry will be preferred. Individuals well versed and articulate in
verbal and writing communication. The staff has to be patient and celebrates
the successes of each of their working families when the key is handed over for
their home. Here is an example of one of our top employees available to care for each client's need.
The one element that will be my venture’s “unfair advantage”
will be my ability to always look outside the box, step back and look for
opportunity to overcome and obstacle. I have the mindset that everyone has
value and this mindset will part of our company mission statement. There is no
judging of any individual families that walk through our doors. If they can
show they have a working history and steady income from those singular or
multiple jobs, then we can assist those families in qualifying and getting a
home. Our business model will be “Trans-It-Home is working for those working
for their families well-being”. There are a lot of steps involved in owning a
home and this business will already know those steps and I will have a creative
staff that will find ways in effectively completing these steps in the most
cost-effective manner.
The next venture will be owning an apartment
complex that accepts housing subsidies. The families renting these
apartments will have to go through our program and are still uneasy about moving to the next level and
want the option to really test their knowledge in “real” life scenarios. This
is a community of like-minded individuals lifting each other up and sharing
their best practices with each other. Every success is celebrated, but the
terms of the lease will not exceed two years. If our family is qualified and
buys a home, there is no penalty for getting out of the lease early. We just
want to ensure they are ready for the next step. It will be an opportunity for
our families to save money for Energy Star appliances and other items necessary
to keep their home in order such as a lawn mower if applicable. We will assist
them in getting the best deals for the top of the line appliances they desire.
Our organization believes in the adage “it takes a village”,
therefore, within our apartment community, we want to build a network of
individuals that are going through or have gone through the program with
expertise in DIY (do it yourself) projects that homeowners can find beneficial
and useful. This can include how to change a faucet, to properly cleaning dryer
vents to elongate the life of their appliances and save on energy. Not only can
the network benefit each other this way, but it can assist our experts in
building a client base of their own offering a discounted rate because of their
familiarity of the Trans-It-Home Program.
It would be my hope this business will grow from state to
state. I have not decided the best offering of expanding this offering, but I
believe it can be a service that would be easily attainable. I would like to
think this venture will help us get families off the street and into a home
they cherish and are proud to call their own. The lower and middle income
families work hard but also find it hard to see any option to invest. I believe
owning a home will open their eyes to the possibility of investing in their own
and their family’s future.