Launching a business that helps those who need help the most is a fulfilling thing to spend your time doing. Particularly when the alternatives are often more damaging than helpful.
TaxLifeboat.com is one of those opportunities and it’s worth discussing for a moment.
Look at the 20+ million people in the US who are either in collection or enforcement with the IRS or who aren’t filing (and should be). “Tax Mills” are looking for “deadbeats with money” (their words, per insiders in a position to know, not ours). Such taxpayers represent roughly 25% to 30% of the total tax delinquent market. This begs the question of what happens to the 70% to 75% who don’t meet the needed criteria to qualify for this somewhat dubious service. Who helps those at the bottom of the pyramid?
If you haven’t read it, look for The Fortune at the Bottom of the Pyramid, by CK Prahalad. Professor Prahalad has written a number of excellent books in the international marketing field, but TFBP tells a different story and is aimed at a broader audience. His point is simple. Many companies aim “high and to the right,” catering exclusively to the affluent market and to the exclusion of the rest. Creating a solution that meets the needs of the less-affluent is often very challenging – and often requires re-thinking the solution from the ground up, from market needs and usage to pricing and credit. Once this is done, however, you end up with not just a viable business, but one that helps a lot of people.
TaxLifeboat.com has been developed with this philosophy in mind. Many tax professionals have suggested raising the price five-fold, given its value to its chosen market segment. But affordability and the “no-brainer” nature of our solution kept us focused creating a viable business with very happy customers who are now free and clear of their tax problems.
We’re still a few weeks away from our beta release, so stand by for more – thanks!
