Starting an Open Lending Platform – Part 2

We’ll look at the remaining steps to get your business off the ground in this article.

Once you’ve registered your domain and company, you need to think about how to create the perfect team. Here are some recommendations:

1. Your team will need to have people who can operate a website, as well as experts in finance, financial law, marketing, or advertising.

2. You’ll also need people with experience in the banking sector, who understand how to build a credit business and assess credit risks.

3. Hire people with a long-term focus—offering long-term contracts and social packages with accumulating bonuses.

4. Look out for employees from other successful companies, who’ll have the experience, the necessary skills, and the understanding of your task.

Once you have your team in place, you’ll need to raise money for your start-up capital.

As well as your site’s content and other operating expenses at the start, you’ll also need some funds to issue your first loans.

Don’t expect investors to immediately flock to your site. There are other ways you can collect money.

1. Primary Coin Offer (ICO/STO). You can create tokens that will bring dividend profits or reduce commissions.

2. Attracting Venture Capital. You’ll need to make a detailed business plan and reach out to people who tend to invest a lot of money in exchange for a share in the business (“angels”).

Team size, marketing strategy, and the cost of developing the platform will determine the amount of start-up capital you’ll

Creating a P2P lending platform will run around $10-200 thousand and it’ll take about the same for marketing promotion (a little less
if you use bounty campaigns).

The next step is to develop your P2P platform. You can hire a blockchain programming team or outsource the development to make
your platform from scratch.

It’ll take between four to twelve months to develop your P2P from scratch.

You can also use customizable, ready-t0-use solutions like a White Label program.

These are sample solutions not suitable for unique credit products.

It’s better to use an open source White Label because their products contain fewer errors and are more trusted by users.

Using a White Label product, your start-up time can be cut in three—and your costs will be decreased.

Next, you’ll need to create a web portal.

You need to include:

1. The maximum number of payment gateways incorporated into the portal,

2. An intuitive site interface that supports several major languages,

3. Some White Labels include basic website design, but use them only as a draft: your site design must be unique and recognizable.

Testing the site and platform comes next in the process.

Pay attention to the following:

1. Security: the connection with the user and payment gateways must be encrypted.

Personal data should be hidden behind seven seals and financial gateways are closed for 1000 and 1 lock.

2. Usability: when the user first accesses your site, they should understand how to register and apply for a loan or invest money.

3. Performance: you can find out the speed of loading a site on different devices using the PageSpeed Insights service, which includes tools to improve portal performance.

Before you actually launch your platform, conduct a marketing campaign, offering first users (borrowers and investors) discounts,
lower (for borrowers) or higher (for investors) interest rates, more loyal conditions for granting the loan, etc.

Watch out for:

1. Scammers who will try to get a loan and then vanish.

There are a lot of these people at the start, so be careful.

2. Hackers who can launch phishing resources, will try to hack your website, or launch a DDoS attack (ordered by competitors).

And now you’re ready to start your own P2P lending platform.

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