24A- My Venture Concept #1

What’s up blog,

My venture concept for Student Parking Solutions can be described here:

My firm will change the parking situation at UF forever. It will permanently revolutionize how students approach their commute to campus. It will make the resources at UF more accessible to students who live off campus, and overall increase involvement in student activities. 

To start, this opportunity was created by the lack of parking provided by UF parking services and the City of Gainesville for undergraduate students living in off campus housing. UF currently offers these students a program known as Park-n-Ride. This is where students park at a complex in the southwest part of campus, and then take a shuttle bus/RTS to the center of campus. The problem lies within the inefficiency of the system, and the lack of spaces existing versus the actual number of students needing to park.

Students currently must either park there, or find some other solution allowing them to get to campus. This can include public transportation, illegal parking, Uber, etc. From the interviews I have conducted, this is not a viable solution for many, as students are finding themselves receiving many parking citations, or late to class because of the transportation system. This opportunity to provide parking in close proximity to campus is enormous, because the majority of undergraduate students live off campus after their first year. Furthermore, unless UF decides to revise its parking plan, the opportunity will continue to exist. 

My solution is to build several parking structures on undeveloped or repurposed land in the midtown neighborhood, which is a mere 5 minute walk to the center of campus. It will create revenue because of the high demand for parking. Our firm will offer semester long, monthly, weekly, and daily parking rates. Students choosing for a longer pass will benefit from discounted rates. While priced similar to UF parking, we will provide a level of customer service that is unmatched, and create a no hassle environment for students. 

There is no doubt that the student population will embrace my business. From the feedback I received from the interviews I conducted, there is such a high need for parking, that students will make use of our facilities. As of now, there is not any competitors in the market. The only parking strucutres close to campus are private apartments, which only issue passes to their residents or charge high hourly rates. Furthermore, it would be tough for any competitors to match enter the market after my business has taken up the customer base. 

My experience in the business allows me to know exactly how to maximize revenue from parking. Our pricing will be dynamic and competitive, with adjusted rates based on availability and demand for our services. The employees will consist of both students and full time experts. The students will run day to day operations while overseen by experts in business, marketing, and maintenance. 

My secret sauce is my unrivaled service in a market that is used to subpar options. Parking has never been easy for students at UF, and I am going to make it hassle free. In terms of expansion, I would move my operations to other campus around the state and county with similar needs. For me personally, I will tackle any opportunity that presents itself.