MY BIG IDEA

5th November 2016

 

Bangalore, India

 

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:

 

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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

Peaks:

  • 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.

Valleys:

  • 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 ‘Cha-Ching

The two revenue generation systems:

  1.  The money collected through the parking meters.
  2.  Money collected from reservations made through the app.

 

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signing off……………Akarsh

 

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