5th November 2016
Ola everyone!! Today I’m going to tell you’ll about this competition I went to with my partner also my classmate Rohan which we won. yippeee!! In this competition we had to create our own business proposition and present it to a group of extremely well qualified judges in the final round. There were two preliminary rounds before. This was a school level competition and schools from different cities took part so there was fierce competition. So, in this article I am going to share with you’ll my business idea. Here it goes:
The name of my business venture is Let’s Park.
Why, Where and to Who?
WHY- ◉Avoid wasting time trying to park every time you reach a destination
WHERE- ◉To spread across all busy metro cities of India.
WHOM- ◉It can help anyone who is in desperate need of a parking spot
What’s the BIG Idea?
- Let’s Park is an idea that will allow you to get yourself quick and hassle-free parking on demand.
- Not only does it show you parking spots on the go but also allows you to pre book a parking spot.
- Makes use of the G.P.S. to allow users access to a real time view of parking spots while parking their vehicle.
- The introduction of on-road parking meters which will synchronize with the app instantly updating the status of parking slots once a spot has been booked on these.
The Parking Meters
- A machine that works on the basis of ‘money for time’. For example Rs.40/- for 4 hours and Rs.15/- for every additional hour.
- It will be set up all over the city and will be counted as the company’s infrastructural requirement.
- Key player in the revenue generation model.
Our Biz model
- Tying up with malls and other private institutions to use their parking spaces which can be booked through our app and payment been made online.
- We first acquire Govt. permit to manage public parking spaces and request a list of all legal and registered parking spaces in the city.
- Then we set up parking meters in all the acquired parking lots.
- Customers can easily book the available parking spaces through these parking meters and this is updated on our app.
- Tying up with already existing apps such as “bookmyshow”, for reservations of parking. This helps increase the face value of our business.
Peaks and Valleys
- Our app is a unique one because the synchronization of parking meters and an app is the first of its kind in India and this increases the efficiency exponentially.
- Time saving, low cost and customer friendly.
- If all the spaces are full the app redirects you to the nearest one.
- Maintaining our revenue so that the operations are sustainable and profitable
- Managing the technical situation and chances of technical failures of our business I.e. the app and the parking meters.
The two revenue generation systems:
- The money collected through the parking meters.
- Money collected from reservations made through the app.