Repositioning NFCC to Support Independent Workers

 
 

Within the constraints for credit counseling, The National Foundation for Credit Counseling is looking to redefine the small business owners program to realize three goals:

  • Helping independent workers who struggle with debt

  • More effectively connecting to independent workers to provide these services 

  • Focus on minority independent workers, specifically Black + LatinX

*Independent Worker = anyone with a non-traditional working arrangement, like small business owners and gig workers

Research

According to the Bureau of Labor Statistics, most small businesses fail by the end of their 5th year. The odds are stacked even higher against minority-owned small businesses. According to McKinsey, only 4% of black owned businesses will survive the start up stage. Small business owners feel they lack the knowledge and resources to succeed, but current resources are for the most part not meeting them where they are.

You can view our extensive Secondary (PESTLE/STEEP) Research here.

Wheel of Reasoning

Analysis of Surveys & Primary Interviews

Co-Design Session Activity

 

Opportunity

Extensive research led to identification of the following opportunity gaps and solution requirements:

 

Solution: A system to support independent workers leveraging credit

Rather than one-off interactions with credit counselors funded by the sale of debt management plans subsidized by corporate grants, we proposed a system composed of community and mentor supported learning that would lead to more favorable loan terms for certified graduates in partnership with sponsor banks and other lenders.

During a feedback session, we learned NFCC was already headed in our proposed direction and we realized what they needed was a way to bring that plan to life. To do that, we had to think beyond platforms and subscription models.

To reinvigorate NFCC’s reputation as a service business, we created a way to associate it with a fresh, new brand name that reinvents the upskilling experience for Small Business Owners…

“EXTRA CREDIT”

A web-based reality series that matches SBOs with coaches, empowering them to build better businesses.

NFCC Updated Service Blueprint including restructured business model + “Extra Credit” Web Series

Business Model Canvas

 

View the Full Report and Presentation Deck here.