In 2018, fintech will continue to gain momentum. In fact, you can expect it to explode this next year with new ideas and startups appearing regularly. However, as fast as they spring onto the horizon, many of them fail. So, what does it take to succeed in the world of fintech? Freedom Debt Relief reviews some of the best new ideas for startups and what it takes to make it in this market.
Top Fintech Startup Ideas
Freedom Debt Relief reviews of new fintech startup ideas found that these offer both utility and value:
- Student Loan and Mortgage Refinancing: Unfortunately, a high amount of student loan debt can impact a potential homebuyers purchase decisions (and options). One great fintech idea to help alleviate this burden is to allow people to refinance their student loans in a way that also enables them to make a down payment on a home.
- Credit Cards that are Needs-Based: This idea for credit cards limits spending to only items that you really need like groceries or gas. It is an added layer of responsibility designed to help prevent you from irresponsible spending.
- Investing in Insurance Policies: We all need insurance, and we all pay for it – often times without ever making a claim. But what if the money that you put towards your insurance doubled as an investment? The insurance company that you use could allow you to choose the investment strategy, investing could be automated, and you and the insurance company make a profit.
Do you have an idea of your own? Where do you get started? Freedom Debt Relief reviews tips to get started on your own idea.
How to Get Going in the Right Direction
First, you need to start with a plan, and you must be committed to executing it. Freedom Debt Relief reviews suggest that being proactive is critical to your success. Once you are committed, you can begin to take actionable steps such as these:
- Become Involved in Trade Associations: There are fintech organizations all over the country, so get involved in one. You can learn new things, find mentors and collaborators, and even possibly land some investors for your idea.
- Use Scalable and Reliable Technology: Technology is critical to your success, so choose wisely. Go with a tech stack that has been proven reliable. Also, find one that you are familiar with and comfortable using.
- Don’t Wait for “Perfect”: If you do, you could spend a lifetime waiting to get your idea “just right”. It is better to fail and get something out there soon rather than spend too much time perfecting it. Besides, perfection is often an excuse to delay things.
- You Don’t Have to Be Unique: If you see something that is already out there that you can improve upon, go for it. There is plenty of room in fintech for competition. So, you don’t have to aim for 100 percent original.
The key here is to be proactive and get going with your idea and don’t be afraid to fail. Freedom Debt Relief reviews of successful entrepreneurs reveal that many of them have failed countless times before finally succeeding.