What’s Next?

Existing Market

Step 1: My venture will be providing parking control services through the mobile application.

Step 2: I could not make the interviews due to the current situation, but I assume they would tell me about other parking services

Step 3: What makes the most sense in terms of making my business grow is definitely to start out with a good foot by implementing my ideas effectively. After that, I should be constantly keeping track of other ideas or options that I might implement in order to keep my product current and stay as a good option in the market.

It is clear that if I am able to do this, then I am boosting my chances of being successful, and being profitable with an idea that has not been tested before, therefore having a lot of risks involved within it.

New Market

Step 1: Another market would be to rent parking spaces of my own, or even sub-lease parking spaces owned by other people and get a commission for it.

Step 2: It would have value, especially if I sub-lease parking spaces owned by other people because I would give residents of places where parking is limited, like downtowns, a source of extra income, while I get income as well.

Step 3: I think they would tell me that they like my idea, and that perhaps I can even expand it to other parking services, like GPS trackers with all the parking spaces in a downtown.

Step 4: This market actually appears to be very interesting, and it could also be very profitable if exploited correctly. I think it surprised me that it might even have more growth potential than my current market.