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New Business Idea

bluetoyoubusinessbluetoyoubusiness subscriber Posts: 2
edited January 2017 in Selecting a Business
A few co-workers and I are considering starting a business. Essentially what we are planning to do is create a company that shops multiple providers in a market, and then with the approval of the client will sign them up for this provider. The client will no longer need to monitor the contract with the provider, and instead will rely on us to shop and find them the lowest rate. Similar to how an insurance company can shop and provide the lowest rate. We will of course charge for this service.

My question is if anyone has experience or advice for this type of company where you take power of attorney to sign clients up for providers. Or if this is in any way not possible due to some stipulation. Thank you.


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    YourRetailCoachYourRetailCoach subscriber Posts: 30 Bronze Level Member

    For a business startup with low investment, one can consider the below ideas

    • Gym

    • Small grocery shop

    • Event organizer

    • Interior designer

    • Ice-cream parlor

    • Insurance consultant

    • Game parlor

    • Travel agency etc.

    YRC is a Management Consulting Company, especially for the B-C Sector. Our expertise lies into designing of Standard Operating Procedures, Franchise Development, Strategy & Operations services, Process Audits & Training. 
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    ankushmahajanankushmahajan subscriber Posts: 12 Bronze Level Member
    Check this post on Entrepreneur platform which has fresh online business ideas that will be a major part of people’s online transactions within next few years. https://www.entrepreneur.com/article/278635
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    annagreenannagreen subscriber Posts: 2 Member
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    Tom AdamsTom Adams subscriber Posts: 70 Bronze Level Member
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    arnosavardarnosavard subscriber Posts: 2 Member
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    MarbmanMarbman subscriber Posts: 5 Member

    Hi Bluetoyoubusiness

    I have not seen a business where it has the power to sign up to services on behalf of its clients before.

    I am not saying it does not exist but I imagine there would obviously need to be some pre-contract agreement in place so that the client knows it will not be signing up to inappropriate services and fees etc on its behalf.

    There are obviously lots of examples where websites act as a broker or affiliate providing options for clients to sign up for themselves to recommended services.

    It sounds an interesting idea and I wish all the success.

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    IvanHarrisIvanHarris subscriber Posts: 10 Bronze Level Member

    The best one is something online for sure

    With this covid you what can happen to your buisness

    That you should do smth what you master in

    Good luck

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    slototozilladkslototozilladk subscriber Posts: 7 Member

    I think the problem will be with attracting the first clients, first you need to develop good reputation, to launch a comprehensive adverts campaign, I think. Anf this means significantly extra expenditures. So the idea for such a buisness is quite interesting, but it requires certain big job. The contract's clauses and provisions must be also thought out carefully!

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    brindamcolinasbrindamcolinas subscriber Posts: 5 Member

    Don't forget like the online web page business are low investment and high return of cash

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    groverhemantgroverhemant subscriber Posts: 6 Member

    Not every business that makes a fortune starts out with a groundbreaking idea. For every flashy startup focused on self-driving cars or sending people to the moon, there are hundreds of “boring” businesses making big money.

    For example:

    1. Social Media Network — Farmers Business Network
    2. Cartridges — Castle Ink
    3. Razors — Dollar Shave Club
    4. Mattresses — Eve Sleep, Simba
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    alicewpricealicewprice subscriber Posts: 11 Bronze Level Member

    I think social media marketing is a great business idea.

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    rocking-mrocking-m subscriber Posts: 11 Bronze Level Member

    It sounds like you are wanting to become a broker for connecting providers and buyers for services. There is a lot of information out there on being a broker - I think at this stage research is your best friend. Or if I read it a little differently, maybe a sourcing company that finds lowest price available based on requirements. Either way, these are pretty mature industries that you can find information on.

    I do think it will be challenging for you to find customers that will sign a POA and let you sign them up for services automatically. The big challenge would be to get a companies legal/risk team to sign up for this type of agreement. Most companies require officer level signatures for any binding contracts and they don't outsource that very often.

    There is always room in the market for good brokers / sourcing companies as long as you are providing value to your customers!

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    monsaraff123monsaraff123 subscriber Posts: 22 Bronze Level Member

    When I started my business of car driving simulator 10 years back, I was very skeptical on how this will work and had 1000s of questions in my mind, but what kept me motivated is my passion and dedication toward my goal, Obviously you have start smart with proper capital, research and so on. But you shall always focus on your goal.

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