You can have my million-pound idea, no strings attached

To get straight to the point, this is my business plan that would make somebody at least a million pounds, if not a billion!

The UK rental market is growing significantly and there is absolutely no sign it of it shrinking as house prices rocket and people struggle more and more to get onto the housing ladder.

One of the biggest issues when renting amongst friends or strangers is that the responsibility for rent and bill payments falls to one tenant. I’ve been this person before and it is a highly unenviable position to be in. Sometimes, thousands of pounds can be going through your bank account and if one of your fellow housemates decides not to pay, it can have dire consequences for your personal credit rating.

So, here’s the solution. A bank account that specifically accommodates for those renting property to pay for bills and rent. If someone doesn’t pay into the account, which leads to a payment default, only the housemate who didn’t pay will have their credit score effected. Everyone else whose name is on the account would be fine.

But how can this make money, I hear some cry? You just charge a small fee per month to each housemate, maybe £3-4. I for one would happily pay this, rather than chase up my fellow housemates for money every month to ensure my account doesn’t go into the red.

You might now be thinking, “OK, that’s a pretty good idea and I can see it would make money, so what’s the catch?” And my reply would be, “there is no catch, but it is just an idea”.

The fact is there is no such thing as a “million-pound idea” because an idea is worth nothing. I’m not sure why we seem to value those who are perceived as “ideas men or women”, but such people are a mere distraction.

I was contacted recently by someone who has a sideline business of t-shirts aimed at the struggling entrepreneur. My personal favourite is the “Execution is everything” t-shirt. For me, this epitomised the complete misconception of start-up businesses; the belief that an idea is worth something. I used to get tired of people telling me all the things I should do with our business. They were obviously trying to help but clearly didn’t understand that real genius lay in the person who can actually make an idea reality, rather than the person who just comes up with the ideas.

But feel free to take my idea nevertheless. If you make millions with it then honestly good for you, as you would’ve earnt it; because bringing such an idea to fruition is where the real hard work begins, not ends.

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