The Lessee Nextdoor: A Start-up for Solving Rental Problems in the UK

This report explores the business concept of 'The Lessee Nextdoor,' a start-up aimed at addressing rental issues in the UK. The report utilizes the Business Model Canvas to outline the venture's key partners, activities, resources, value propositions, customer relationships, channels, segments, cost structure, and revenue streams. It also includes a SWOT analysis and peer group feedback, demonstrating the venture's potential and areas for improvement. The report concludes by highlighting the importance of policies and regulations for successful start-up development.

Creating Your Business
The Lessee Nextdoor
1

Contents
Introduction:............................................................................................................................................................................................................................................................................................................................................................... 3
1. Original business concept:..................................................................................................................................................................................................................................................................................................................................... 4
2. Peer group reflection:............................................................................................................................................................................................................................................................................................................................................. 8
3. Concept improvement Reiteration:......................................................................................................................................................................................................................................................................................................................... 9
Conclusion:.............................................................................................................................................................................................................................................................................................................................................................. 12
References:.............................................................................................................................................................................................................................................................................................................................................................. 13
2

Introduction:
It is vital to understand that the unique ideas of business can be converted into mass ventures which could lead to tremendous profits for the young entrepreneurs. The report will be addressing the business idea and the
way in which it could be developed in the terms of a Start-up. The Business Model Canvas has also been developed in the assignment and the peer group reflection has also been provided in the task where feedbacks
were collected from the peer group and improvement were made in the Business Canvas Model.
3

1. Original business concept:
Business summary:
As an entrepreneur, I would be developing my unique idea of solving the concerns regarding the rental problems generating in the UK. The increasing number of rental problems have been influencing the present
political as well as the economic problems, it is certainly hard to find a good neighbourhood. To deal with the situation the start-up will be developed where the landlords will be able to interact with the tenants and
there will be plenty of other services and facilities which will ease the situation of getting a decent neighbourhood. The name of the start-up would be The Lessee Nextdoor.
Title: The Lessee Nextdoor
Key Partners:
Tenants
Landlords
Frequent travellers
Individuals willing to purchase
property
Individuals looking for home
services
Localities
Key activities:
Providing rent facilities
Providing reviews to tenants
Providing reviews to Landlords
Providing Home services
Finding decent neighbourhood
Finding homes at cheaper rates
Value propositions:
Inbound content
Management of platforms
Marketing
Customer feedbacks
Customer service
Assisting in finding perfect neighbourhood in
terms of reviews on the app
Providing facilities such as cook, maid, driver, etc.
Assisting in finding a home at the required
location.
Assisting in finding a home at the required budget.
Assisting the tenants in knowing about landlords
as per reviews on the app by past tenants
Assisting the landlords in knowing about tenants
as per reviews on the app by past landlords
Customer relationships:
Mass customized
Travel agents
Professional
Client management
Co-ordinating with the individuals
who are not able to find homes in
required areas
Eradicating the problem of vacant
properties and people in need of
accommodation
Customer segment:
Causal travellers
High-end travellers
People shifting from one place to
another
Students
Job workers
Individuals seeking cheaper
accommodation options
Individuals looking for home facilities
such as of driver, cook, maid and so on.
Key resources:
Websites
Localities
House agents
Lessor’s
Lessee’s
Key channels:
Television
Social media
Radio
Apps
Websites
Affiliates
Hoardings
4

Cost structure (Budget cost is £ 10,000.):
Infrastructure
Website development
Human capital
Advertisement
Salaries
Marketing costs
Platform development
Getting linked to other agencies
Office Infrastructure
Managing staff
Highly trained staff
App development
Revenue streams:
Google AdSense
Linking with Landlords
Linking with tenants
Linking with Facility cares
Table: Business Canvas Model
(Source: Created by the researcher)
5

The 9 Core elements of Business Model Canvas:
Key partners:
The key partners of the business are from a wide range of individuals those are looking for a neighbourhood as per their requirements. The key partners could also incorporate the people who are willing to purchase
property and want to know about their neighbourhood. The localities and the frequent travellers are also in search of homes and certainly unaware of the accommodation, so they could assist in developing the venture
(De Anca and Vega, 2016).
Key activities:
The key activities of the start-up incorporate of providing the rent facilities, home services such as of maids, cooks, house workers, drivers and so on will also be provided. In the UK it has been a major challenge for
the people, it is hard for the landlords to find tenants and for tenants to find appropriate landlords. The Venture would be developing in the terms of finding a home at cheaper rates and developing the better relationship
with the neighbours.
Key resources:
The key resources for the business incorporate of websites, localities, lessees and the lessors. The house agents that have been providing the resources for the individuals to get the houses at cheaper rates will be
assisting the startup to generate heavy clients.
Value prepositions:
The value propositions of the venture are the inbound content, management of platforms, marketing the services, collecting customer feedbacks, developing customer service, assisting in finding perfect neighbourhood
in terms of reviews on the app, providing facilities such as cook, maid, driver, etc. Assisting the individuals in finding a home at the required location, assisting the individuals in finding a home at the required budget,
assisting the tenants in knowing about landlords as per reviews on the app by past tenants and so on.
Customer relationships:
The customer relationship of the business is mass customized, the travel agents have been also a part of the targeted clients as they promote the start up to the new individuals entering the city. The customer
relationship incorporates of coordinating with the individuals that have been not able to find the homes at their desired locations and prices. The customer relationship can be built with the assistance of helping them in
matching the vacant properties to the individuals that are looking for accommodations (Masulis, 2017).
Key channels:
The key channels that would be working towards the promotion of the venture incorporate of television, social media, radio, apps, websites and hoardings. Developing decent amount of social networks is very much
crucial as it gets hard for the venture to attract customers if clients are not aware of their services.
Customer segments:
6

Renters are interesting target customers and there are high chances of attracting a mass amount of renters for the ventures as they all have been looking for their perfect accommodation. The customer also incorporates
of students, job workers, individuals that are seeking for the cheaper accommodations have also been working as some hefty customers. Individuals that are unable to find out hoe facilities such as of driver, cook and
other home care individuals could also get attracted towards the new venture.
Cost structure:
The cost structure of the venture is not out of the budget and is divided as per the requirements of the venture. The cost required for the project is of £ 10,000. The costs include costs of infrastructure, website
development, human capital, advertisement, salaries, marketing costs and also of developing the app as well as training the staff (Spence, 2016).
Revenue streams:
For any start up the key point are the revenue streams that could lead to the generation of profits, the chief revenue streams are such as of linking with the landlords, linking with the tenants, linking with the facility
cares and other venture operations.
7

2. Peer group reflection:
The reflection has been carried out for the venture of The Lessee Nextdoor. The business ideas were presented to the online peer group where the reviews were collected regarding the venture and suggestions were
used to develop the improvements. The brief introduction was presented to the peer groups as building services for the renters is an interesting is for developing a venture and the section has been growing in a rapid
way. The renters in the business are usually of young age and they have been growing very much tech savvy, the business will be developing in terms of providing the accommodation services to the tenants. In the UK
the tenant market has been growing but it is really hard for the Landlords to find appropriate tenants for their house and for tenants, it is hard to find out the appropriate houses as per their budgets ( Stanley, et. al.,
2014). The venture would be linking with the landlords, tenants and other agents that have been working towards providing homes to the tenants. The business concept also included the reasons that the market of UK
needs this kind of venture and the ways in which it could develop heavy profits (Mandelstein, et. al., 2016). The vast size of the UK market has been on continuous development and it is much cheaper for the
individuals to lease a house rather than purchasing it. The cash inflow of the project will be incorporating of investments and the facilities provided by venture whereas the cash outflow would be incorporating of
marketing and the technical departments that have been working towards the development of technology platforms for the venture. At the initial stage of the business certain branches would be started at major
locations of UK for promotional and client feedback services, an office infrastructure will be developed for the staff members that would be handling the clients as the business would be providing the chief of its
services through the website and the app. The competitive edge of the business was also presented to the peer group that has been providing the reviews to the business group. The business will be developed in terms of
various platforms where it would be including different services such as of landlords that are looking for tenants, the tenants that have been looking for houses and the individuals that are looking for home care services
such as of maids, drivers, cooks and so on. The peer group was also informed that there will be a lot of innovations in the venture in the upcoming stage and there are also various services that are needed to be
developed effectually so that they could enhance it in terms of future clients (Tukker and Tischner, 2017). The budget of the project has also been effectually divided between the terms of most necessary parts and the
other requirements. The cost required for the project is of £ 10,000. The costs include the cost of infrastructure, website development, human capital, advertisement, salaries, marketing costs and also of developing the
app as well as training the staff (Valocchi, et. al., 2014). The suggestions were collected from the peer group where they discussed the future services and the ways in which legal actions could be taken against the
clients that are not following the policies or causing trouble to the neighbours. As the business also develops a profile of its registered users whether they are tenants or landlords the clients could fulfil their demands as
per the requirements of the services they need. The suggestions of a peer group were taken into consideration and improvement were done in the plan of the business certain laws were included in the venture where the
landlords could show the rules that are needed to be followed by the tenant on its profiles and if the tenant breaks the rules then fine could be implemented in them. The privacy issues could also be a major concern and
required steps are taken so that the data of the client could be safeguarded and the venture could work towards profit. The profits will be developed by the venture as per the commission is taken from the tenants or the
landlords. An agency will also be connected with the venture so that the home services such as cook and drivers could also be provided to the individuals in need (Clarysse, et. al., 2014).
8

3. Concept improvement Reiteration:
After collecting the feedback from the clients there are some improvements that were done in the venture so that the services could be developed as per the assistance of the customer segment. The peer group suggested
increasing the number of platforms to create awareness regarding the requirement of business and the terms of business that are required to develop the market segments. Improvements in the terms of laws and
regulations were also don so that the business facilities could be enhanced (Wilkin, 2016). The budget for the venture was stated as enough for the project and there are higher profits in this segment with the increasing
number of tenants in the UK.
9

SWOT analysis of The Lessee Nextdoor:
Strengths:
 Locally carried
 Higher reputation
 Unique idea
 Tech Savvy individuals
Weaknesses:
 Cash flow challenges
 Trust upon the landlords and tenants
Opportunities:
 Increasing market
 Low-cost resources
 Innovating the services
Threats:
 Increasing competition
 A higher number of local agencies
 Developing the tenant and landlord rules
Improved Business Canvas Model:
Title: The Lessee Nextdoor
Key Partners:
Tenants
Landlords
Frequent travellers
Individuals willing to purchase
property
Individuals looking for home
services
Localities
Key activities:
Providing rent facilities
Providing reviews to tenants
Providing reviews to Landlords
Providing Home services
Finding decent neighbourhood
Finding homes at cheaper rates
Developing the bonds between the landlords
and the agents
Value propositions:
Inbound content
Management of platforms
Marketing
Customer feedbacks
Customer service
Assisting in finding perfect neighbourhood in
terms of reviews on the app
Providing facilities such as cook, maid, driver, etc.
Assisting in finding a home at the required
location.
Customer relationships:
Mass customized
Travel agents
Professional
Client management
Co-ordinating with the individuals
who are not able to find homes in
required areas
Eradicating the problem of vacant
properties and people in need of
accommodation
Customer segment:
Causal travellers
High-end travellers
People shifting from one place to
another
Students
Job workers
Individuals seeking cheaper
accommodation options
Individuals looking for home facilities
such as of driver, cook, maid and so on.
10

Assisting in finding a home at the required budget.
Assisting the tenants in knowing about landlords
as per reviews on the app by past tenants
Assisting the landlords in knowing about tenants
as per reviews on the app by past landlords
Key resources:
Websites
Localities
House agents
Lessor’s
Lessee’s
Key channels:
Television
Social media
Radio
Apps
Websites
Affiliates
Hoardings
Individual marketing
Cost structure (Budget cost is £ 10,000.):
Infrastructure
Website development
Human capital
Advertisement
Salaries
Marketing costs
Platform development
SEO
Getting linked to other agencies
Office Infrastructure
Managing staff
Highly trained staff
App development
Developing laws and training the staff as per certain legal terms.
Revenue streams:
Google AdSense
Linking with Landlords
Linking with tenants
Linking with Facility cares
Other facilities
Table: Improved Business Canvas Model
(Source: Created by the researcher)
The improved sections of Business Canvas Model:
11

After the feedbacks the certain areas of the Business Canvas Model were improved such as of the cost structure where the training sessions are to be added so that the rules and terms that are developed by the landlords
for hiring the tenant are to be made by the staff members to learn (Robinson and Simons, 2018). There will also be certain costs dealing with the SEO for the website of the business so that the online platforms could be
in the hand of the customers and they can post their needs on the websites as per it.
Conclusion:
As per the task above it can be concluded that the business requires a number of policies that are to be followed by the business owners so that the customer market could be targeted and the start-up could be developed
in an effectual way. The nine core elements have also been presented I the report and the required improvements have been made after the reviews collected.
12

References:
 Clarysse, B., Wright, M., Bruneel, J. and Mahajan, A., 2014. Creating value in ecosystems: Crossing the chasm between knowledge and business ecosystems. Research Policy, 43(7), pp.1164-1176.
 De Anca, C. and Vega, A.V., 2016. Managing diversity in the global organization: Creating new Business values. Springer.
 Mandelstein, D.J., Milman, I.M., Oberhofer, M.A., Pandit, S. and Wolfson, D.C., International Business Machines Corp, 2016. Managing tenant-specific data sets in a multi-tenant environment. U.S. Patent
9,244,951.
 Masulis, R., Pham, P. and Zein, J., 2017. Why Do Family Business Groups Expand by Creating New Public Firms? The Role of Internal Capital Markets.
 Robinson, S.J. and Simons, R.A., 2018. Creating a green index based on tenant demand for sustainable office buildings and features. Routledge Handbook of Sustainable Real Estate.
 Spence, L.J., 2016. Small business social responsibility: Expanding core CSR theory. Business & Society, 55(1), pp.23-55.
 Stanley, I.H., Conwell, Y., Bowen, C. and Van Orden, K.A., 2014. Pet ownership may attenuate loneliness among older adult primary care patients who live alone. Aging& mental health, 18(3), pp.394-399.
 Tukker, A. and Tischner, U. eds., 2017. New business for old Europe: product-service development, competitiveness and sustainability. Routledge.
 Valocchi, M., Juliano, J. and Schurr, A., 2014. Switching perspectives: Creating new business models for a changing world of energy. In Smart Grid Applications and Developments(pp. 165-182). Springer,
London.
 Wilkin, C.L., Fairlie, P. and Ezzedeen, S.R., 2016. Who let the dogs in? A look at pet-friendly workplaces. International Journal of Workplace Health Management, 9(1), pp.96-109.
13