What are your views on pick up only cafes? We don’t have a lot around yet but it seems like it is going to be the future. A cafe with nothing but an order update screen and a small counter seems like a nice way to reduce overhead costs.
Would love to hear from someone with experience/knowledge in pick up only cafes? Any substantial increase in net income by following the pick up only model or does the loss of dine in customers flatten that out ? Thanks
The COVID-19 pandemic has affected nearly every sector, including the P2P lending market, which demonstrated a decrease in funding volumes during March and April. However, analysts of Robo.cash are confident that the European P2P lending platforms will resume their growth in summer.
The first response of European P2P investors to the spread of COVID-19 was doubts about whether the borrowers will be able to pay out their debts. This was reasoned by the reduced level of population’s income and temporary measures to suspend debt liabilities introduced in some countries.
Investors’ doubts reflected in decreasing volumes of funding on European P2P lending platforms. Based on the statistics of p2p-banking.com, in March, they reduced by 38.5%, and in April – by another 74.5% compared to the previous month. Meantime, only 25% of platforms increased financing volumes during these two months.
Nevertheless, many arguments allow predicting that the P2P lending market will resume its growth already this summer. Thus, according to the same source, in May, the share of platforms, which increased volumes of funded loans grew to 43.2%. The total financing amount on European platforms increased by 33.6% last month compared to April.
The positive tendency is also observed in Google Trends analytics. The data show that since the beginning of 2020, the relative popularity of P2P lending investments in the world was reducing, going down to 20 points in March and April. However, in May, it started rising again, reaching 64 points in the middle of month and maintaining its level above 36 points.
Sergey Sedov, CEO of Robocash Group, said: “March and April were challenging months for the segment. However, this period showed investors, which platforms could keep their positions and turned out to be the most viable. Obviously, they managed to regain investors’ trust. We have also noticed improvements on our P2P lending platform Robo.cash, with a number of new investors and funding volumes returning to the pre-crisis levels. We believe that this trend will continue in the next months facilitated by the high demand for online loans, as well as the general attractiveness and profitability of the sector.”
Main image credits: Vitalii Vodolazskyi / Shutterstock
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Every time when a new idea came up into our inflamed brain, we want to start working on it immediately (if you are not like us, please stop reading this article 🙂 But these days, we are smart enough to validate any idea first before writing a line of code. Doing so, we save our time and efforts and avoid unneeded disappointment and demotivation when it turns out nobody wants our product and / or ready to pay for it.
But we decided to go beyond and add one more "filter" – to avoid spending time for the validation stage. For this purpose we apply the math!
The idea is we listed 15 parameters that any idea can be estimated with. Each parameter has its own weight and participates in the common formula. The result is based on the influence of every parameter. Our ideal product has a score of 454 points. Real products have much fewer points. It's probably not a good idea to compare real products with an ideal one but you can compare real products each with others to pick up a product with a higher score.
These parameters are:
- How easy to find first clients (0 – hard, 10 – easily, weight = 5) – it's critically you will able find first adopters as fast as possible.
- How easy to create a first working version (0 – very hard, 10 – easy, weight = 3) – if it's very hard to create a working product we will subtract points instead of adding.
- If it requires making regular content (0 – very often, 10 – rare, weight = 2) – all the product require creating at least marketing content but it's better when it's not required for the product itself (like for blogs or news websites)
- If it requires a lot of content as a product (0 – yes, a lot, 10 – no, weight = 4) – better not to be dependant on the content volume (like for learning courses)
- If I know the subject well and can create content easily and with a pleasure (0 – hard, 10 – easy, weight = 4) – you shouldn't pick the idea if you are unfamiliar with the subject
- Target audience ( 0 – very small, 10 – big or niche, weight = 5) – it will be harder to work with a smaller audience but a niche audience is good (on the assumption you know it).
- Is it easy to validate an idea (0 – very hard, 10 – very easy, weight = 5) – a landing page, survey, several phone calls or emails – if it's enough, it's good, else… don't pick the idea
- It's rather a program or service (10), but not a content website (0), weight = 2 – we are fans of programs than content web sites.
- If I'm interested in the subject (0 – no, 10 – yes, weight = 5) – it's hard to work on something that you are really not interested in.
- Will I have a personal profit from it (0 – no, 10 – yes, weight = 4) – you have a chance to eat your own dog food and get profit from it.
- How many competitors (0 – empty market, 10 – a lot, weight = 6) – it's not good if there are no competitors at all (less than 3) or too many of them (more than 7) – so subtract in this cases, else add.
- Vitamin (0) or pain killer (10, weight = 1) – pain killer is always better.
- If it uses interesting, cool, modern technologies/approaches (0 – no, 10 – yes, weight = 2) – it may distract you but the point is you can use it as a good marketing trick.
- Do I have an idea how to monetize the product (0 – not at all, 10 – yes, in detail, weight = 4) – having a good plan of monetization is always better. We also recommend asking people if they are ready to pay during your validation process.
- How easy for others is to clone the product (0 – very easy, 10 – very hard, weight = 3) – if a product is easy to clone, maybe it's better to stay away from it. Another way to avoid competition is to pick up a narrow niche.
You can find the spreadsheet convenient to use here: https://docs.google.com/spreadsheets/d/1AIg4-rc_NxfNAPVZfGpCrVnDWQm9oWPXo6Mz9_rMALY/edit?usp=sharing
Find the additional explanations and pieces of advice here: https://www.saasforge.dev/blog/how-to-figure-out-which-idea-worth-to-implement:-a-math-approach
Please let us know what you think! Did you find this approach useful? If not, why and what are your suggestions to improve it?