25A-What's Next?
What's Next?
Existing Market
- I would like to be able to make the parking at UF more convenient for everyone. After successfully doing this I would then like to expand my company beyond UF. I think there are many other schools that could use a change to their parking situation as well.
- After speaking with my interviewees, I realized that I will need to expand. Everyone agreed that if I were to stay in one place then my company would be stagnant and eventually die out.
- I had never thought about doing this before. When I first cam up with this idea, I was only thinking about making my service available for college students.
New Market
- I have been specifically targeting college students on college campuses, this does not have to be the case. I can expand and offer my service to many other companies as well.
- I think this will be very beneficial for people all over. My service can be of great value to many people, offering a parking service that makes commuting to work a lot easier.
- After interviewing people from my hometown who work at businesses, where parking is an issue, they agreed that a service like mine would be very beneficial. They all clearly stated that they have a problem and they would like something to be done about it.
Reflection:
After holding interviews and determining that my service will be successful in other areas, rather than just at UF, I feel a lot more confident in my service. I did not ever think about expanding and offering my service to anyone other than college students.
Success is all about failure, so if I expand and it ends up not working out, it was worth the try. I think if I got the right connections and know the right people, this idea truly has the potential to be something great. I was greatly surprised to find out that not only college students have problems when it comes to parking.
Hey Taylor!
ReplyDeleteI definitely agree with the notion of expanding your firm to help other businesses with parking issues. Universities are a good market, but, more and more students are converting to online education each year. So, we don't really know how many students will be on campus 10 to 20 years from now! But certainly there will be other places that will need this service. Great work!
Hey Taylor. I think you did a great job on this assignment. I really like your original business idea about fixing parking on campus, as I understand this is an issue that many students struggle with. It is quite obvious that your market is quite limited in size and finances, so expanding into another market would be a great idea for your business. As I understand, there are many businesses that struggle with parking simply because there isn't enough space. I think that if you could come up with a creative idea to fix this, your business would be successful immediately. This would solve many people's problem. Thanks for sharing.
ReplyDeleteHi Taylor,
ReplyDeleteExpansion makes sense after your having proved yourself in your home market. If you are successful, like I know you will be, other markets will be clamoring for your services. I cannot think of many supplemental businesses to a parking lot that you would be able to expand into your existing market. Additional limitations are put on you because the parking lot is located on a college campus. The next grand idea would be to take your expertise in resolving parking issues on the road!