Proposed Business Model and Business Strategy for Financial Planning Business in Young Middle Class Family Market

Authors

Abdul Hafiz, Herry Hudrasyah, Nita Garnida

Abstract

Financial planners have been presumed to be expensive and luxurious service and are only needed by people who have assets. While in fact, financial planner is more needed by middle-class people experiencing financial issues. However, there are not many financial planning firms that specifically address this problem. FinansialKita is a financial planning online platform that will provide services segmented especially to these particular segments. As a new venture in the financial planning sector, FinansialKita does not have a proper business model and business strategies to enter the market. This paper is made and aims to find a befitted business model and business strategies for FinansialKita, specifically for the young middle-class family. This research used a qualitative approach with case study method. The data were collected by interviewing correspondents’ financial behavior and preferences. The data was then analyzed using the strategy diamond framework to generate a business model for FinansialKita and its business strategies. This research shows that the FinansialKita business model should focus on providing its customers with educational services rather than financial planning consultations. The proposed business strategy will focus on building image, brand, and reputation to gain trust from customers.

Suggested Citation (APA 7th)

Hafiz, A., Hudrasyah, H., Garnida, N. (2022). Proposed Business Model and Business Strategy for Financial Planning Business in Young Middle Class Family Market. International Journal of Applied Research in Business and Management, 3(3), 21-33. https://doi.org/10.51137/ijarbm.2022.3.3.2

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