Ghana - Business creation project

Describe your project or startup in a few words

HomeAway Ghana is a bold initiative to revolutionize the home rental ecosystem in Ghana and ensuring that renting a home in Ghana will henceforth becomes as easy and seamless as one would subscribe to their favourite online streaming services.

01.01 Describe your project in more detail

Renting in Ghana, especially in the capital city of Accra, is notoriously challenging. Prospective tenants are often required to pay rent advances for a minimum of one year and sometimes up to three years or more before moving in. This situation is particularly unfavorable for the Ghanaian youth, who are struggling to make ends meet. In response to this issue, my sister, a friend, and I conceived the idea of HomeAway Ghana. Our startup aims to make renting in Ghana as easy as subscribing to a Netflix account. With HomeAway Ghana, tenants will be able to pay only the first month's rent to move in and then continue paying on a monthly basis. Additionally, we offer a crowd investing service where civilians can support our innovative solution and earn a monthly interest rate of 6-8.5%. The funds raised through this initiative will be used to pay the advance rent to homeowners, thus bridging the gap and making renting accessible to more people, especially the struggling youth.

01.02 What is the main problem you are trying to solve?

The main problem that HomeAway Ghana is trying to solve is the financial barrier to renting homes in Ghana. We are specifically trying to address the issue of tenants being required to pay large rent advances (typically one to three years' worth of rent) before they can move in. This requirement is particularly burdensome for Ghanaian youth and others who struggle to accumulate such large sums of money upfront. Our solution allows tenants to pay just the first month's rent to move in and then continue paying on a monthly basis, making housing more accessible and financially manageable.

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

The major benefits of or advantages of using HomeAway Ghana are as follows; 1. The youth can now get decent an comfortable places to rent and live without any hassle or the need to pay up any cumbersome upfront rent advances. This will bring a much needed financial relief to the youth and as result offer them peace of mind and the stability they need to thrive. 2. Homeowners will also still be able to have access to substantial rent advances they would have otherwise taken from their tenants to carry out other developmental projects without any hassle. 3. We did not only stop at creating a renting solution, but also did create an attractive investment solution which will enable civilians to support this innovative solution and ensure its smooth operation while earning a stelar interest return on their investments. 4. Bringing a form of stability to the rental ecosystem Ghana, especially Accra, in our own small way, one tenant at a time.

01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?

HomeAway Ghana is primarily aimed at serving the following groups of people; 1. Young professionals and first time renters. At the start of their careers, it is literally a yoke on their necks if they are to pay such huge rent advances before they can get a decent space to call home, and we aim to change that. 2. Students They do not even need to be stressed enough. 3. Low to middle income earners. As stated in the case of the young professionals, it is a struggle when such demographic are being demanded to pay up huge rent advances upfront, especially in the current economic climate. 4. Landlords seeking reliable income without the hassle of chasing tenants around. 5. Civilians who are looking for secure and high yielding investment opportunities in the real estate market.

01.05 When did you start working on your project?

2024-02-04

01.06 How many other partners are associated with your business venture?

2

01.07 Among the other partners, how many are female?

1

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

Francis Kwabena Agyapong. He is a young man of 25 years old. He is an active teacher who has been teaching for the past five years. A University of Cape Coast freshman majoring in bachelor of education. A software engineering certificate holder from Intercom Programming and Manufacturing Company Limited Ghana (IPMC) Ghana. Francisca Atta Baah Also 25 years old and my twin sister. She is also a teacher who has taught for the past four years. She is a West African Secondary School Certification Examination (WASSCE) holder, a single mother and an aspiring business woman. She has dreams of owning a chain of businesses, most of which she wants to be spread across the spectrum of properties, food and fashion.

01.09 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link here:

https://www.instagram.com/homeawaygh_?igsh=NmNsbTA2aGlsa29l

01.10 Which industry best describes your project?

k) Property (real estate)

02.01.01 My project contributes to the No poverty goal

5

02.01.02 No poverty - Justification

Somewhat agree because by making housing more affordable and accessible, HomeAway Ghana helps to reduce poverty levels especially among the young and middle income earners.

02.02.01 My project contributes to the Zero hunger goal

5

02.02.02 Zero hunger - Justification

HomeAway Ghana indirectly contributes to the Zero hunger goal by bringing financial relief to the users hence they can allocate more of their resources on food an nutrition.

02.03.01 My project contributes to the Good health and well-being goal

6

02.03.02 Good health and well-being - Justification

Shelter and peace of mind are essential necessities for well wellbeing and that is what our users will get through our secure and affordable renting solutions.

02.04.01 My project contributes to the Quality education goal

6

02.04.02 Quality education - Justification

HomeAway Ghana indirectly contributes to SDG 4: Quality Education in several ways, some of which are listed below; 1. By lowering upfront housing costs, students can allocate more resources to educational expenses like tuition, books, and supplies. 2. The security and affordability of the housing options that HomeAway Ghana will give students access to will go a long way to reduce stress and anxiety, allowing students to concentrate better on their studies and academic success. 3. By making urban housing affordable, students can gain better access to quality educational institutions and opportunities located in the urban areas of the country without stressing about rent.

02.05.01 My project contributes to the Gender equality goal

4

02.05.02 Gender equality - Justification

02.06.01 My project contributes to the Clean water and sanitation goal

6

02.06.02 Clean water and sanitation - Justification

The solution will ensure that users get access to decent living conditions which are conduits to ensuring that people get access to clean water and sanitation.

02.07.01 My project contributes to the Affordable and clean energy goal

4

02.07.02 Affordable and clean energy - Justification

02.08.01 My project contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification

HomeAway Ghana will enable users to rather use the money they would have otherwise used to pay for the rent advances for other more profitable ventures which can possibly spur personal and economic growth.

02.09.01 My project contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification

HomeAway Ghana has the goal of revolutionizing the rental market with a unique and innovative approach to renting a property. This will be achieved by the the approach of reducing upfront rental costs and leveraging technology for seamless transactions, and facilitating a self-financing model that will ensure the smooth operability of the startup.

02.10.01 My project contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification

HomeAway Ghana greatly bridges the inequality gap by creating an equal access to affordable and accessible housing the entire population, especially the underserved.

02.11.01 My project contributes to the Sustainable cities and communities goal

7 - Strongly Agree

02.11.02 Sustainable cities and communities - Justification

By making housing more accessible and stable, HomeAway Ghana promotes urban successful li

02.12.01 My project contributes to the Responsible consumption and production goal

4

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

4

02.13.02 Climate action - Justification

02.14.01 My project contributes to the Life below water goal

3

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

7 - Strongly Agree

02.15.02 Life on land - Justification

HomeAway Ghana contributes to life on land by making housing more affordable and accessible to all.

02.16.01 My project contributes to the Peace justice and strong institutions goal

5

02.16.02 Peace justice and strong institutions - Justification

By providing stable and affordable housing, HomeAway Ghana fosters social stability and cohesion within communities. Access to secure housing reduces social tensions and helps mitigate potential conflicts related to housing insecurities.

02.17.01 My project contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification

We will be partnering with banks, investors, and local communities in order to bring the solution to light. These partnerships are crucial for providing financial stability and transparency, enabling seamless transactions, and securing the necessary funds to offer affordable housing solutions. By working together with various stakeholders, HomeAway Ghana leverages collective expertise and resources to achieve its mission, driving sustainable development and fostering inclusive economic growth.

05.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

5

05.02 The product/service we envision creating represents an entirely new type of product/service.

6

05.03 The product/service we envision creating could be described as a new technology.

5

05.04 The product/service we envision creating is an improvement on an existing product or service.

4

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

4

05.06 The product/service we envision creating responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

05.07 The product/service we envision creating is a new version of an old product/service.

5

05.08 Justification

Innovation wise, monthly rental is not an all new system that is being introduced, but rather, the angle at which we approached the idea is pretty novel and I personally have not seen such a solution available in Ghana here. We therefore are not pioneering an entirely new idea but rather, a new perspective of that idea and also, a much better solution to the real situation at hand.

05.09 Who are your main potential competitors and what makes you stand out from them?

Main potential competitors are as follows; 1. Traditional Landlords and Property Managers 2. Real Estate Agencies 3. Emerging Rental Platforms such as Renmo and Edanra What Makes HomeAway Ghana Stand Out: 1. Innovative Payment Model: Tenants pay only the first month's rent to move in, with subsequent monthly payments, reducing financial barriers. 2. Crowd Investing: Offers civilians the chance to invest with a 6-8.5% monthly interest return, fostering community engagement and shared ownership. 3. Bank Partnerships: Seamless integration with banks for account creation and auto billing enhances transparency and trust. 4. Target Market Focus: Caters specifically to young professionals, students, and middle-income earners, addressing an underserved segment. 5. Community Impact: Improves social stability, economic growth, and quality of life by making housing more accessible. 6. Simplicity and Convenience: Planned to be as easy as subscribing to a Netflix account.

10.06 Are you initiating actions within your community to promote the role of female entrepreneurs?

Yes, with the inclusion and active participation of my sister.