- Opportunity:
- Shortage of parking spots available to college students in college towns is a growing need that increases every year with the incoming of many more students attending college than previous years. This is not only an inconvenience issue but a safety issue as well.
- The protocol customer that has the unmet need in which my opportunity aims at satisfying is the college student, ages 18-22 both males and females. These people are my target customer because they have the unmet need out of all the people at Universities (out of professors, employees of the University, etc.)
- The lack of parking spots available for college students at off campus apartments possess a huge safety threat for the individuals. Universities typically schedule large lectures, labs, and other classes in the evenings which means that students will find a mode of transportation other than walking to attend these late night classes. When students do not have parking close by their apartment complexes or place of living this means that they often have to walk alone in the dark back to their homes, this puts students in an involuntary threat just because they do not have parking available to them outside of their apartments.
- This market of parking garages is defined geographically by college towns where there is typically a lack of parking available for students living off campus. The market is defined demographically by college students, as i mentioned earlier ages 18-22 both males and females.
- This "window of opportunity" will be open as long as people attend universities and live in off campus apartments or even dormitories as more and more colleges are beginning to make some on-campus housing technically be located off-campus. This "window of opportunity" will most likely be open indefinitely until towns in which universities are located begin to see the growing need for more parking availability in their towns and take care of the issues within their towns government.
- Customers are currently satisfying this need by either making sacrifices, in which they would just have to not have a car with them while they are in college or if they are lucky enough to be living in an off campus apartment that has a very few parking spots available to residents than they would be paying an absurd amount monthly to rent the spot, according to my interviews that I conducted throughout past assignments, some renters pay $200 monthly to their landlords for a parking spot.
- Innovation:
- My company works to provide parking garages for all college students living in off campus apartments where they are not currently provided parking close to their apartments and houses in which they live. Once decided where the central location of the parking garages will be, I will bring in my team of producers and employees and the work will begin.
- My parking garages will be affordable, more than less than half of the price of going rates for individual parking spots from apartment complexes in the area. My parking garages will also be extremely safe, as I know that safety is a high priority for my customers, the parking garages will have only one entrance and one exit that will be guarded by a live security officer 24/7 as well as surveillance cameras on every corner of every floor of the garage to help fight any crime that could occur, especially such as theft.
- My rate that I am looking to first implement for a reserved parking spot for a 12 month contract would be $60 monthly, costing the customer $720 for the whole year. I will also be offering a 6 month contract for a reserved parking spot and that will be $75 a month, costing the customer $450 for the entire year. I also will offer a per-semester package that will be a flat fee of $500 for the entire semester.
- Venture Concept:
- Why my innovation will solve customers unmet needs:
- My service of building parking garages for college students living an off campus housing will solve the college students unmet need because I will be providing them with parking spots that are located close to their off campus housing and I will also be satisfying their unmet need by offering an extremely hard to beat price when it comes to parking spots in college towns.
- Customers will switch to my product:
- Because I will be one of the only companies offering parking garages with parking spots in the area for a price as good as mine.
- Who are my competitors?
- My competitors will be any other parking services, their weaknesses are going to be matching my price point.
- Roles my business plays in my business concept:
- The location of my business plays a huge role because of how mobile it is, I am able to travel all over the country to colleges in every state.
- Organizing my business:
- I would organize my business as one main office as my business started to spread throughout different regions and having employees and suppliers at individual locations.
- Unfair advantage:
- My most important resource aka "secret sauce" is going to be that I have had my own personal experience with this unmet need being a college student myself so I am going to be able to cater and provide exactly the kind of service that college kids are in need for.
- What's next for the venture?
- My next opportunity in my business is to find other types of ways to cater to college students parking needs, this includes scooter, motorcycle, bicycle, etc parking being provided for students living off and possibly on campus in the future.
- What's next for me?
- I would love to have reached as many college students that I have been able to in the next 15-20 years. My goal is to provide parking garages for cities where space is limited but offices buildings are not.
Feedback:
- Need to have more details
- Make sentences shorter
- Condense paragraphs
- Make sure I include more plan details
How I'll Adapt:
- To make it have more details I just went back and read through where I had written paragraphs about certain aspects of my opportunity and where I felt that it was vague.
- I was better about condensing my paragraphs and went back to review.
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