Building a viable business around personal finance
Do you know what is your total net worth and at what rate is it growing on a year-to-year basis? Do you struggle to choose the right investments from the plethora of options available in the market? Do you still keep a significant portion of your savings in various bank accounts?
When I passed out from IIIT Delhi in 2013 and got my first job, I had no idea about investments and portfolio planning. I was simply keeping all my money in savings bank account and FDs at extremely low interest rates. In fact I wasn’t even aware of the concept of portfolio management. After a year of working as a security researcher at Infosys Labs, I went on to do my MBA from IIM Indore (a typical path which many of us like to follow). Even then, I wasn’t taught much about personal finance and portfolio planning. Once again in a job after completing my MBA, this time I started making equity investments. Since the markets were good in 2017, I made some money and invested even more. That’s when market started going downhill in 2018. I lost tremendous amount of money and was absolutely clueless as to how I should invest.
This is when I started my journey towards financial freedom. I spent significant time studying about investing, portfolio planning and building my personal financial plan. In 2020, I then started a blog around personal finance management.
However, there are a lot of people like me who are struggling to make the right investments. With so much false/ sponsored information available online, we often end up making the wrong investment decisions in search for higher returns. This is when I started thinking if I could help people in their personal finance journey through a tech platform. A simple, easy to use SaaS based platform targeting the general masses with a focus on achieving financial freedom.
I have always wanted to start a company of my own and this seems like an idea well worth pursuing. In fact I had started a company during my MBA as well, however, not much came out of it. After a brief stint at Vodafone, I joined a tech company (dDriven) in its very initial days (I was one of the first employees and even the company name was not finalized) to learn the nuts and bolts of running a company. I have been working here since 3.5+ years and have been exposed to almost all the functions involved in running a business (Finance, investments, operations, sales and marketing, tech, product management, etc.).
Hunt for team members
I feel I am in a good position to start a company of my own now. Fintech companies are growing rapidly these days and it’s a great space to be in. I have already partnered with one of my friends (B.Tech from NIT Warangal and MBA from IIFT Delhi) and also have the support of an Angel Investor/ VC. We are looking for a core team member/ co-founder to help build the tech side of the business.
Our plan is to build a completely boot strapped company and come out with a MVP in the next 6 months. Since there are no salaries involved, all of us would be working part-time to start with. Once we have a MVP and gain sufficient traction, we could look at jumping into a full-time mode. The platform would be SaaS based targeting the masses and would provide complete visibility into one’s personal finances.
We are looking for people who are equally passionate about creating a company from scratch and have always wanted to build a start-up.
Even though there are no salaries involved initially, I am sure we can learn a lot from each other and it would be a great experience. Moreover, there would be a lot of learning about personal finance and equity investments which you can surely benefit from. In terms of equity, we would be following a dynamic equity model, where the equity would be solely based on one’s contribution/ time/ value added (including us). Till we actually build something and can get a user base, any equity is anyways meaningless otherwise.
If this overall idea attracts you and you would like to build a company from scratch, we would love to talk to you. Please reach out to me at . It would help if you could give a brief background about yourself, why you are interested, your motivation, areas where you could contribute, etc.
You can also read more about the overall idea in my other blog posts.
- Sanchit Garg