North South University

School Of Business and

Economics

MGT368: Entrepreneurship
Section: 06

Project on

PARK HERE
Providing a safe secured parking place
Submitted To
Amreen Talukdar
Lecturer
Department of Management
Submitted By (Group:8)
Farah Farjana Medha 1712170630
Raju Ahmed Bijoy 1812083630
Md Ar-Rafi Siddique 1921236630
Abdullah Al Rafi 1431138030
Mohammad Nazmul Haque Chowdhury 1922252630

Date of Submission: 19th April 2022

 Acknowledgement

By the cordial mercy of Almighty, now we are able to submit our group project to our honorable
faculty Amreen Talukdar (AMTR). We strongly believe that it would not be possible preparing
such a project without Almighty’s grace.

Now we would like to thank our honorable faculty Amreen Talukdar for his keen efforts and
invaluable guidance, which helped us to understand, the complicated issues related with startup a
business and the current market scenario in Bangladesh, which facilitated the successful
completion of the report.

We would also like to express gratitude to our university faculty members. They should be
remembered, because they produced the platform of our knowledge.

Finally, we would like to say that, we have prepared this report with our own efforts and so that
we would like to thanks our group members. Without everyone participation this would not be
possible.
 Letter of Transmittal

19th APRIL 2022

AMREEN TALUKDAR (AMTR)

LECTURER, DEPARTMENT OF MANAGEMENT, SCHOOL OF BUSINESS &

ECONOMICS

Dear Ma’am

We humbly present to you our Business plan in the form of a report on “Park Here”. We found
this project very challenging as well as interesting. This project allowed us to put what we
learned in Entrepreneurship course MGT(368) into practice. It has been a great learning
experience for us.

We express our heartfelt gratitude for providing us with the opportunity to work on this project.
Without a trace of doubt, we can assure you we have given out best efforts to make the most of
this opportunity, and we have performed well in the duty you have entrusted us with.Every
criterion was fulfilled with utmost diligence. We have tried our best to incorporate all the
necessary details that you have stipulated, and we hope that you will find this report sufficiently
informative. Should there be any further queries from your end, we would be delighted to aptly
answer them. We would like to thank you for taking your time to read through this letter, and
hope that you will find our project worthy of your appreciation.

Sincerely yours,

Raju Ahmed Bijoy -1812083630

Farah Farjana Medha 1712170630

Abdullah Al Rafi-1431138030

Md Al Rafi siddique 1921236630

Md. Nazmul Haque Chowdhury-1922252630

Table of Contents
Introduction:...............................................................................................................................................1

Nature of the Business:...........................................................................................................................3

Statement of Financing Needed:.............................................................................................................4

Statement of confidentiality:...................................................................................................................6

Business Model Canvas...............................................................................................................................6

Social goal:...............................................................................................................................................8

Pricing model:..........................................................................................................................................8

Financial Sustainability:...........................................................................................................................9

Sustainability:..........................................................................................................................................9

Business Environment Analysis of Park Here:..........................................................................................11

PESTEL Analysis:.....................................................................................................................................11

Porter’s Five Forces:..............................................................................................................................13

SWOT Analysis:......................................................................................................................................14

Stakeholder Analysis:.............................................................................................................................14

Description of Venture.............................................................................................................................15

Product..................................................................................................................................................16

Service...................................................................................................................................................16

Size of Business......................................................................................................................................16

Office Equipment and Personnel...........................................................................................................17

Background of Entrepreneurs................................................................................................................17

Service delivery model..............................................................................................................................18

Service process......................................................................................................................................18

Machinery and equipment....................................................................................................................19

Operational plan.......................................................................................................................................19

Description of company’s operation and Flow of orders for services....................................................19

Technology utilization............................................................................................................................19

Marketing Plan of Park Here:...................................................................................................................20

Product/ Service:...................................................................................................................................20

Price:......................................................................................................................................................20

Place:.....................................................................................................................................................20

Promotion:.............................................................................................................................................20

People:...................................................................................................................................................21

Positioning:............................................................................................................................................21

Physical Evidence:..................................................................................................................................21

Organizational plan...................................................................................................................................22

Form of ownership:...............................................................................................................................22

Identification of Partners or principal shareholders:.............................................................................22

Authority of principles:..........................................................................................................................23

Management Team Back Ground:.........................................................................................................24

Roles and Responsibilities of Members.................................................................................................24

Assessment of Risk...................................................................................................................................26

Evaluate the weakness of the business.................................................................................................26

Technology............................................................................................................................................26

Contingency Plans.................................................................................................................................27

Financial Plan............................................................................................................................................27

Assumption:...........................................................................................................................................27

Cost of sales:..........................................................................................................................................27

Expenses:...............................................................................................................................................28

Pro forma income statement.................................................................................................................28

 Cash Flow Projections............................................................................................................................29

Pro forma Balance sheet.......................................................................................................................30

Breakeven Analysis................................................................................................................................31

Sources and Applications of Funds........................................................................................................31

References:...............................................................................................................................................32
 Executive Summary:

Park Here is a mobile application that aims to solve parking issues and eliminate the practice of
illegal parking in Bangladesh.

The chosen business plan's main goal is to make it easier for customers looking for parking spots
for their vehicles to find them, such as by developing a database and providing on-demand
parking in the town, which allows parking spots to be controlled throughout the area. Other
objectives include transitioning people from a random system to an app-based on-demand
parking facility and reducing the city's parking and congestion problems by providing a digital
app-based alternative. Our solution includes a simple, easy-to-use mobile app that ensures
affordable and dependable parking in the neighborhood. Drivers can save time and money by
using 'Park Here,' which provides real-time information on parking spaces near them. The user
simply scans in and out of car parks using their smartphone.

Our business plan's goal is to use information technology to make it easier for people looking for
parking spaces to find them, as well as to provide a way for many people to earn money. We will
also provide additional services to our registered users, such as car washing and car repair. Our
business plan's objective is to save people time and reduce traffic congestion in major cities.

'Park Here' will also connect its customers to underutilized areas in the surrounding area. If
someone has a large, unoccupied space or lawn in front of their house but does not own a car,
they can simply rent it out on 'Park Here,' and the clients will park their car in the unused space.
Park Here acts as a link between parking lot owners and users.
 PARK
HERE

Introduction:
Dhaka is one of the world's most over populated cities. Due to globalization people's living
standards have risen dramatically in our country and cost of living has increased. As a result
vehicle purchases in Bangladesh have raised over the last decade. One of the most common
problems the urban people face due to these changes is that there are no space to park their
personal vehicles. Thereby they have to pull up on the roads. In busy areas, roads get congested
for the parked vehicles and traffic jam occurs frequently disrupting the life of the community.

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For years, we have been plagued by traffic jams in various places all over the city, which has
compelled us to devise a solution.

After a bit research about the market we thought an easy and user friendly solution is needed to
eradicate this parking problem. Our main business concept is to develop a mobile application
called “Park Here" that will show drivers exactly where to park their vehicles. So that the roads
clear up a bit and vehicle owners can park their vehicles safely without thinking about losing
their license to the sergeant police. We will enter into contracts with garage and plot owners in
specific areas to lease us their garages and plots on monthly basis where only registered vehicles
can be parked. For registration, users need to provide their NID or birth certificate details
because safety and security of the garages and plots owners is equally important. The NID and
birth certificate details will be saved in our domain, so that our users do not have to provide these
information each time they are logging into our “Park Here” app. We will provide accurate
information about the parking spaces through our GPS so that our users find our app convenient
every time. Users can access real-time car-park data without having to explore the area or drive
around. Each vehicle will be charged an exact amount per hour. Parking fee will be shown as a
list according to the vehicles.

This service will be available for private cars. We will create parking spaces near the airport, city
center, shopping centers, hotels, hospitals, schools and universities. This app will have some
customer service features, such as the option to call nearby mechanics to repair vehicles in
roadside emergencies, the map will indicate the nearest fuel and car repair station as well. There
will also be a vehicle wash option. Each user will have their own service calendar. There will be
a help center for our users where they can give us any feedback about our service. At first we
will only cover Dhaka city through our app, later we will target Chittagong, Sylhet and other
main cities of Bangladesh.

Name of the business and Address:”Park Here” is service oriented business through Apps.
Our key offering in our business model will be providing a platform for customers by using our
app to find parking services. As a result, our key tagline will be “make your life and the lives of

2
others easier”. We promise to provide convenient parking across Dhaka. Park here app service-
based platform utilize the market opportunity .Our location is located at Bashundhara R/A .

Nature of the Business:

Traffic jam is a matter of huge concern and a major obstruction towards the country’s overall
prosperity and economic solvency. Urban cities like Dhaka are shaped around vehicles and
automobiles. One of the main identifiable reason behind traffic jam is unplanned parking. Parked
cars take up 1/3rd of the road space in any part of the city. Finding a parking spot while
shopping, eating at restaurants, or doing any other type of work has been an issue for many years
and continues to be a problem. People that commute daily to offices, universities, and schools
find it difficult to find a suitable parking location that will not cause traffic or other problems on
the road. Vehicle parking is one of the most essential necessities in a city. As a result of
globalization, people's living standards have significantly risen. As a result, the cost of living has
also increased sharply. Over the recent decade, vehicle sales have grown and the users want to
park their vehicles in the lot that they believe is the safest and closest to their ultimate
destination.

Our Business revolves around smart parking facilities with superior functionality and a user-
friendly mobile application. The main objective of our business plan is for people looking for

3
parking places for their vehicles and create a more convenient way to locate parking spots for
them. In our Park Here app we aim to build a database and provide on-demand parking in the
town, which allows parking spots to be managed throughout the area. Some other objectives
include making people shift from a random system to an app-based on-demand parking facility
and reducing the city's parking and congestion problem by providing a digital app-based
alternative. Our project offers a comfortable, easy-to-use mobile app to guarantee cost-effective
and reliable parking in the area.

Statement of Financing Needed:

Initially we started our business with self-investment. All of our partners equally provided the
required initial investment of Tk.1,00,000 each and gathered a total of Tk. 5,00,000. This money
was then required for hiring engineers and IT professionals to develop the mobile phone
application we named “PARK HERE”. We also used half of the investment in recruiting
security guards and cameras. We also merged with different shopping malls and commercial
buildings to provide us their parking space.

Since our business organization is a third-party platform that connects parking owners and
clients and allows them to exchange services, we will generate revenue through a variety of
revenue methods. The price charged by our platform for consumers to park their automobiles is
the main source of revenue. As a result, the transaction charge is our principal income model. In
addition, our company can profit by placing advertisements on the application. Our organization
will use fee-for-transaction, fee-for-services, and ad-based income models. The profit earned
from the first launching of our business from were then reinvested as retained earnings in the

4
business. Currently our business is worth Tk. 5,00,000. Apart from the investment from the
investor which will be used for a new product line and promotional activities, we assume that we
will manage our running capital and further investment requirement from our retained earnings
which will generate through proper running of our business.

● Scanner: Each of the private car will be integrated with a scanner as security officer scan
number plate of car. which will send a text message to our apps letting know that our car has
safely entered or exited .

● Security cameras: Each of the parking place will be mounted with quality security cameras
that will record videos of inside the parking place and show it live on their websites which is
accessible by apps at any given moment. For an amount of taka 5,000 for each camera, we will
be investing a total amount of Taka 50,000 for 10 cameras, each of which is to be installed on all
the parking place.

● Patents and Trademarks: A total amount of Taka 10,000 will be spent for the patents and
trademarks of the company name and logo.

● TIN and Trade license: Taka 10,000 will be needed to acquire a TIN and trade license for the
business.

● Website and cloud server storage: The video footage of all the security cameras will be
stored in our very own cloud servers which can be accessed by our customers for whenever they
want. An investment of Tk 50,000 is going to be made in order to purchase a website and cloud
server storage for the videos and user interface.

5
● parking plot rent (monthly): An Parking space is to be rented within a budget of Tk 10,000.

● Employees: 2 IT experts are to be hired in order to maintain the website and cloud storage
with a salary of Tk 30,000 each.

● Security guard : 10 Security guard will be hired for assisting the drivers and the passengers to
get on or off from the car when needed. They will be paid TK 5,000 each which totals to a sum
of Taka 50000

Statement of confidentiality:
I hereby state that I agree to not disclose any contents regarding the confidential information
about the business “Park Here” to anyone without the written consent of the owners of “Park
Here”. I understand that each of the information and data is strictly confidential and sharing it
with anyone is strictly prohibited in order to protect the privacy rights of the business and its
users.

Upon request, this business plan is to be immediately returned to Park Here service.

Business Model Canvas

6
Key partner Key activities Value proposition Customer Customer segm
Relationships
● Providing
security ● On demand call
● Parking ● On spot services center service ● Public
owners (car services through smart for any
parking devices at the information if
services) ● App
palm of your required
development ● Corporat
hands
officers/
● Regular ● Person to
● Backup oyees
device person service if
● Investor accessible
maintenance needed
(parents, video storage
family ● Hygiene online for on ● Students
member) maintenance demand
to prevent accessibility
corona
● Reasonably
● 3rd party priced
Key resources Channels of
Camera monthly
Suppliers awareness
subscriptions

● Specialized
● Technician IT ● Digital
(sheba.com) development Marketing
for website/ through social
app media/intermedi
maintenance aries
● Web/app
developer ● Quality ● TVC
devices with
protection ● OVC
from
● Newspapers/
tempering
magazines
by 3rd party
● Email
● Trained call
marketing
center
executives
for on
demand

7
 support

cost structure Revenue streams

● Creating value through providing on demand ● Subscriptions from the consumers on the basis o
services. Hourly/Daily/Monthly

● Security devices ● Recurring fees from Apps Subscription charge.

● Regular website/app maintenance, server

maintenance for storing video feed,

● Qualified IT department

Social goal:
As our business is service based, we will not be having any physical distribution channel. But for
primary distribution plan.

Virtual delivery: By providing virtual service, we will be able to enhance our distribution
capabilities. For example, we could communicate with clients through the phone or through
websites.

Park Here understand the customers of the target market and design marketing messages for
Technology Hardware & Equipment industry consumers. Park Here's business will be influenced
by social factors. Demographics and skill level of the population, class structure, hierarchy and
power structure in society, education level as well as education standard in the Park are all
important considerations. Our social goal is all the people who owns and drives a vehicle. Our
app will find and call for the creation of small patches of parking throughout the city's most
congested locations. Parking lots were built for the airport, the city center, shopping malls,
hotels, and hospitals. But when there is an organized parking system, it will help to relieve traffic
congestion and save a lot of time.

8
Pricing model:

Customers can take weekly subscription packages.

Package Price

Hourly package Tk.50

Day package TK.200

Monthly package TK.2000

*We will be providing more discounts occasionally.

(It is reasonable for the customers if we compare it to the daily expense of a student. For
instance: the minimum fare of a parking place is 50tk. But in our service, we provide also
washing car. It’s only a more amount to pay for premium service. As a result, it’ll worth their
expenses)

Financial Sustainability:
Initially we started with self-funding instead of Debt financing or Equity financing for
developing the application with the help of software and IT engineers, but later for the launching
of the system and parking facility requirements .we will go for equity financing in order to run
our operations smoothly and for stronger promotional activities. For equity we would like to
offer a percentage of ownership in return for the amount investment made. Currently our
business is worth Tk. 5,00,000. Apart from the investment from the investor which will be used
for a new additions in our system that will also provide chauffeurs and for other promotional
activities, we assume that we will manage our running capital and further investment

9
requirement from our retained earnings which will generate through proper running of our
business.

Sustainability:
Bangladesh is a developing country and there are lots of vehicle which are increasing day by
day. But there are hard to find the right parking place. To reduce this problem we are introduce
“Park Here” application that will show drivers precisely where to leave their vehicles. At initial
we will just cover Dhaka city through our application. If our plan goes well then we will target
Chittagong, Sylhet and other principle urban areas of Bangladesh. “Park Here” app add value to
the economy and this will increase Bangladesh’s GDP, because we will give tax to the
Government from our business profit. The Parking App resolves this large number of issues by
discovering the empty parking space for clients. Subsequently, the market of parking application
is projected to develop during the figure time frame. In the present super advanced world, it is
very clear how portable applications have turned into a significant piece of our day by day
everyday practice. We will generally spend an enormous lump of our experience on these
profoundly captivating and natural portable applications. Since each and every thing is getting
digitalized, certain portable applications are the last sources to assist with our day by day
exercises.

Eco-friendly:

Varying markets have different norms or environmental regulations, which might have an
influence on a company's profitability. States may have varying environmental and liability rules
even within the same nation. Climate change, environmental pollution legislation, air and water
pollution restrictions in the Technology Hardware & Equipment business, recycling, attitudes
toward "green" or ecological products, and support for renewable energy are all things to think
about.

Ethical Issues:

10
Illegal parking in numerous commercial and shopping mall areas is consuming road space and
causing traffic bottlenecks throughout the city. People in Dhaka have to seek parking spaces
because the city has gotten so congested, and in some areas, cars have constructed their
unofficial parking lots. An increase has hampered the city's traffic management in the number of
automobiles and a scarcity of parking spaces. Pedestrians and commuters in Dhaka city-regions
are often disturbed by automobile honking and screeching. Commercial vehicles find it difficult
to travel through roadways because many people park their cars on the sides of the road, leaving
little room for large vehicles to pass, resulting in traffic congestion. On major highways and
chows, traffic police officers are frequently absent, making it difficult to monitor traffic flow.
Vehicles can be observed parked in a random manner on the road, with no regard for other
commuters. People are responsible for this behavior because they should understand their
responsibilities and park their vehicles in designated parking areas so that traffic on the roads is
not disrupted. Although a lack of parking is not the main cause of traffic congestion, it is a
significant one. Drivers seeking free or low-cost on-street parking may choose to avoid off-street
parking to save money and add to traffic congestion. Off-street parking that is too far away from
shopping or retail establishments may cause drivers to circle in search of more convenient
parking. The difference in our carbon footprint is significant if we can reduce the time it takes
cars to find a parking spot by even a fraction. And that's what our new technology “Park Here”
allows us to do.It is excellent for everyone and helps the environment to reduce excessive
circling or driving. Circling and its role in recurring traffic bottlenecks can be reduced by
distributing parking and placing smaller facilities closer to more popular destinations.

Business Environment Analysis of Park Here:

PESTEL Analysis:
Political factors: Political factors have a significant impact on Park Here's long-term
profitability in Bangladesh and its market. Bangladesh has a stable political situation as of now
but history says it does not stay stable for long. Many problems may arrive in the long run of our
business like clashes between existing political parties, protests, curfew etc. We are keeping all
this factors in mind to work accordingly. Industrial safety regulations in the Technology
Hardware & Equipment sector in Bangladesh is another prime factor for our business.

11
Economic factors: The aggregate demand and aggregate investment in an economy are
determined by macro environmental factors such as the inflation rate, savings rate, interest rate,
foreign exchange rate, and economic cycle. Bangladesh's economy is classified as a developing
market economy. Bangladesh’s GDP growth was up to 8.2% and 3.5% in 2019 and the current
year. Bangladesh's annual inflation rate increased to 6.17 percent in February 2022, up from 5.86
percent the previous month. It was the highest rate of inflation since October of 2021, driven by
food prices. This price increase, caused by rising inflation, is now a major source of concern in
Bangladesh.

Social Factors: The culture and way of doing things in society have an impact on the culture of
an organization in an environment. The population's shared beliefs and attitudes play a
significant role in how marketers at Park Here understand the customers of the target market and
design marketing messages for Technology Hardware & Equipment industry consumers. Park
Here's business will be influenced by social factors. Demographics and skill level of the
population, class structure, hierarchy and power structure in society, education level as well as
education standard in the Park are all important considerations. 

Technological Factors: Production techniques, information and communication resources,

production, logistics, marketing, and e-commerce technologies are examples of technological
factors. These will have an impact on Park Here's operations, production sales, interactions with,
and intelligence gathering on customers, suppliers, and competitors.

Environmental Factors: Different markets have different norms or environmental standards,

which can impact an organization's profitability in those markets. Even within a country, states
may have different environmental and liability laws. Weather, climate change, environmental
pollution laws, air and water pollution regulations in the Technology Hardware & Equipment
industry, recycling, attitudes toward "green" or ecological products, and support for renewable
energy are all factors to consider.

Legal Factors: In a number of countries, the legal framework and institutions are insufficient to
protect an organization's intellectual property rights. Before entering such markets, a company
should carefully consider its options because doing so could result in the theft of the
organization's secret sauce and, as a result, its overall competitive advantage. Some of the legal

12
considerations that Park Here's leadership should bear in mind before entering the Bangladesh
market are as follows: Discrimination law, copyright law, patents and intellectual property law,
consumer protection and e-commerce law, employment law, health and safety law, data
protection.

Porter’s Five Forces:

Competition in the Industry: According to Porter, the greater the number of competitors, as
well as the number of comparable products and services they provide, the less powerful a
company is. In Bangladesh tech start up market we have only one direct competitor and that is
Parking Koi app. However the service of our competitor app id not up to the mark so we will
seize this opportunity to lead the market.

Bargaining Power of the Supplier: Powerful suppliers in the Technology Hardware &
Equipment sector use their bargaining power to extract higher prices from Technology Hardware
& Equipment firms. Higher supplier bargaining power has a negative impact on the overall
profitability of Technology Hardware & Equipment. Park Here team will try to manage multiple
suppliers to build an efficient supply chain. Developing dedicated suppliers will be another aim
for Park Here, so that third party manufacturers whose business solely depends on our business
will have significantly less bargaining power.

Bargaining Power of the Customers: Buyers can be a demanding bunch. They want to buy the
best products available at the lowest possible price. In the long run, this put a strain on Park
Here's profitability. The smaller and more powerful Park Here's customer base, the greater the
customers' bargaining power and ability to seek increasing discounts and offers. By establishing
a large customer base, we will avert this issue. This will be advantageous in two ways. It will
reduce buyers' bargaining power and provide an opportunity for the company to streamline its
sales.

Threat of New Entrants: New entrants in the mobile application market will bring innovation
and new ways of doing things, putting pressure on Park Here through a lower pricing strategy,
cost reductions, and new value propositions to customers. To maintain its competitive advantage,
Park Here must manage all of these challenges and construct effective barriers. Park here will

13
concentrate on building capacity and investing in research and development New entrants are
less likely to enter a dynamic industry where established players like Park Here will define the
standards on a regular basis. It will significantly reduce the window of extraordinary profits for
new firms, discouraging new entrants into the industry.

Threat of Substitutes: Industry profitability suffers when a new product or service meets
similar customer needs in different ways. Since Park Here is a service based app, chances of
having its substitutes in the market will be comparatively low. We will understand the core need
of our target and potential customers rather than what they are buying. If we can make a loyal
customer group, we won’t have to think about the substitute services. Implementing high
switching cost for the customers will be taken in action.

SWOT Analysis:
Strengths Weaknesses
 Unique service app  Existence of a direct competitor
 User friendly  High promotion cost
 Innovative, cheap and easy  Not everyone has a smartphone to
 Trial version is available avail the app
Opportunities Threats
 Population growth leading to more  Limited financial funding
cars  New competitors
 Daily traffic congestion  Consumer’s perception
 Lack of parking slots
 Potential to expand nationwide

By this SWOT analysis we can see that Park Here has more strengths than weaknesses as well as
more opportunities than threats in the market. So we are in a favorable condition to start this
business.

Stakeholder Analysis:
Park Here’s stakeholders are customers, investors, plot or garage owners, affiliated businesses
and employees.

14
Customers: Customers or users of Park Here app are the most valuable stakeholders of our
business. Without them our app will not be used and we won’t be able to stream any revenue. As
a result, users will be genuinely interested in Park Here's ability to solve their car parking and
repair issues. And, as paying registered users are Park Here's primary source of revenue, users
have the right to receive satisfactory service in exchange for the fee they pay. Users want a safe,
efficient, and cost-effective way to park their cars. Also their feedback and reviews are equally
important for our business’s image.

Investors: Investors are unquestionably an important stakeholder in Park Here. We will never be
able to start our business according to our vision and mission without the capital they will invest
in it. Their interest, return on investment and ownership is on stake when they are investing in
our business. We must have to be a successful leader in the market to earn enough profit and pay
their interest money according to the contract.

Parking Plot Owners: The owners of the parking plots are another important stakeholders of
Park Here’s business. Their property will be in stake the moment they will agree to do business
with us. It will be our duty to assure the plots’ or garages’ security at all cost. We will make sure
no unwanted situation arrive for them. A good portion of our monthly profit will be paid to them
as lease.

Affiliated Businesses: The businesses affiliated with our business like the suppliers, the area
based car repair services and mobile operating system providers are stakeholders of our business
too. If Park Here does not do well in the market, it will directly and indirectly affect their
business too.

Employees: Employees of our company are stakeholders of our business too. They are related to
our business in every way. If Park Here’s business were to close off one day, it will immensely
impact the employees as well. They have a personal investment in Park Here and hope to
advance in a long and fruitful career with the company. They have legal rights as employees as
well. To operate in Bangladesh, Park Here must abide by a variety of labour laws. Employees are
entitled to a fare wage. Park Here will provide a harassment- and discrimination-free workplace
for its employees.

15
Description of Venture

Product
We provide services to the customers, As our Business is Service based not product based.

Service
We are coming up with an e-business plan of a mobile based application that helps people find
parking spots. The core of our business is smart parking facilities that excel in functionalities and
its mobile application having a friendly user interface. The main objective of our business plan is
for people looking for parking places for their vehicles and create a more convenient way to
locate parking spots for them. In our app we aim to build a database and provide on-demand
parking in the town, which allows parking spots to be managed throughout the area. Some other
objectives include making people shift from a random system to an app-based on-demand
parking facility and reducing the city's parking and congestion problem by providing a digital
app-based alternative. Our project offers a comfortable, easy-to-use mobile app to guarantee
cost-effective and reliable parking in the area.

Size of Business
Parking at Shopping Centers: The key responsibility in this field is the management of varied
peak hours, the requirement for policy structures, flexible prices with facilities for center clients,
and the need to build up welcoming places for users.

Parking for Events: The success of trade shows, events, and conferences is inextricably related to
the efficiency and adaptability of parking management systems. During peak hours, the key goal
is to ensure that traffic flows smoothly towards the entrances and exits without causing traffic
jams or forcing cars to wait for long periods of time.

Parking at Airports: Airport parking garages are distinguished by a high volume of vehicles and
a wide range of requests, ranging from long-term and short-term parking to business parking and

16
parking for those accompanying travellers. As a result, parking lot management becomes
extremely complex.

Parking for Hospitals: Patients and their friends and relatives visiting the emergency rooms, as
well as hospital personnel and suppliers, all expect hospital management to ensure proper
parking area organization. Due to financial limits, planning, and available manpower, managing
parking spaces serving a hospital is frequently problematic.

Parking in City Centre: Today, being a part of city life is living and working in the city, coming
into the center to shop, using pedestrian zones, visiting cultural centers and attractive areas of
town, tasting local cuisine, organizing entertainment evenings in restaurants and squares, and
attending the theater. Clean and well-maintained parking lots right in the heart of the city are
essential for enjoying city life in comfort and keeping it appealing.

Parking at Hotels: A hotel's parking lot is its calling card. Parking amenities that are efficient and
comfortable are demanded of both domestic and international guests. The quality of a hotel's car
park, which stores its clients' cars, also contributes to its renown.

Office Equipment and Personnel

No extra equipment or tool is required for using our service other than a smartphone. The customers
will be able to find suitable free parking space by using the app and all they need is a smartphone with
proper internet connection.

Background of Entrepreneurs
Farah Farjana Medha- She is from BBA department and major in Marketing. She has experience on
working as a team leader. She is a former sub-executive of the North South University Communication
Club. She also has experience in running her own business. So she will be able to use her communication
and problem solving skills to manage any project regarding our business.

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Raju Ahmed- He is also a BBA (Management) student. He has business accounting skills. He has also
done several interns in accounts. He has project management skills also. In our new business, he will be
able to use his experience working in the accounts sector.

Rafi Siddique- He is doing BBA in HRM Major, who is also a talented photographer. He will help us by
critically evaluating our project. His relationship management and creative thinking skills will play a big
role too.

Abdullah Al Rafi- Although he is a BBA (Marketing) student, he works in the marketplace as an app
developer and web developer. Since our business is app based, he can use his full interpersonal and
analytical skills here. He can be a great help for Parking Here’s SEO.

Mohammad Nazmul Haque Chowdhury- He is also a BBA (Marketing) student. However, his
experience for working in different papers will provide us connections for our application’s promotion.
Along with his work in the local field of the country as a social media design and content creator, these
skills and experience will be equally useful in our business.

Service delivery model

Service process

Our goal is to ensure an efficient and planned parking service. We are working on an e-business
plan for mobile applications that will help people find parking spaces. We plan to launch an
advanced system focused on developing the legitimate solutions needed for the 21st century. At
the core of our business is an intelligent parking facility featuring functionality, and its mobile
application has a user-friendly interface. The main goal of our business plan is to provide people
looking for a parking lot for their car with a more convenient way to find their parking lot. Our
app aims to build a database and provide on-demand parking in the city. This allows you to
manage parking lots throughout the region. Some other goals include people's manufacturers
from random systems to app-based on-demand parking, and by providing alternatives based on
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alternative digital applications, parking lot and city overload problem Include mitigation. Our
project offers a comfortable easy-to-use mobile app to ensure a comfortable and reliable parking
lot.

Machinery and equipment

We will buy 12 laptops as office equipment.  Five for co-founders, four for four-spot control
rooms, two for our app developers, and one for CCTV control of all spots, including Office.  We
have been allotted 24 CCTV cameras for the office with 11 parking spots.  3 tables have been
allotted for head office and 11 tables for 11 parking spots.

Operational plan

Description of company’s operation and Flow of orders for services 

Our entire activities and service acceptance process are app-based.  The way our service will be
provided to the customer is given step by step.

User installs the application⇨ User authorities the GPS access ⇨ Registration of the user ⇨ User
selects the desired arrival place ⇨ User chooses the available place ⇨ User chooses the available
parking place for themselves ⇨ User being the journey to the parking place via navigation ⇨ Is
the parking place still available? If the "No" ⇨ App automatically chooses the closest one and
notifies the user ⇨ If the "Yes" ⇨ User arrives at the parking lot ⇨ User gets a parking ticket
that has a QR code on it at the arrival of the parking lot ⇨ User park the car.

Technology utilization

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The technology we utilize in our company is really basic. We've taken use of modern
communication systems to establish the B2C (Company to Consumers) platform, which allows
our application to work between a business organization and a customer. By utilizing our
platform, we are able to provide service to our customers. Our company is a third-party platform
that connects parking owners with clients and allows them to exchange services. To execute the
application, we only needed the 3rd generation mobile phone and a GPS tracking system that
was supported by that phone.

Marketing Plan of Park Here:

Product/ Service:
 All of our services will be provided under the Park Here brand.
 Customers will benefit from a variety of services that competitors do not provide. As a
result, its service is considered one-of-a-kind.
 We will provide additional services in addition to parking, such as security and car repair.
As a result, customers will be willing to pay a higher price for these.
 We will provide additional benefits to our users, such as an active helpline service.

Price:
 The first pricing strategy will be to establish a price level that will be followed by a
competitive pricing strategy. This is due to the fact that we have a direct competitor in the
market.
 We will charge a higher price for our services than competitors. This is due to the fact
that we will provide more features, and the higher price will compensate for these.
 It will also employ a bundle pricing strategy, in which services are bundled together and
sold at prices lower than the sum of the individual services.
 We will implement discounts and allowances, in which we will lower prices for a limited
time in order to attract customers and gain market share. We can accomplish this by
lowering the price of our services by a certain percentage.

Place:

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  We will have parking patches all over Dhaka, our allotted places will be Azimpur,
Dhanmondi, Mohakhali, Banani, Uttara, Jatrabari, Motijheel, Malibagh, Rampura,
Bashundhara and Kuril.
 Initially we will start with Dhanmondi and Bashundhara; the two busiest areas of the city.

Promotion:
 To promote our service, we will use a variety of media channels. We will use traditional
media, such as television and radio advertisements. This will be advantageous because of
its broad reach and ability to attract a large number of people. Because of the increased
use of the internet, we will use online and social media advertising, which is less
expensive and more beneficial.
 We will advertise on a variety of social media platforms, with a particular emphasis on
YouTube, Facebook, and Instagram due to their high monthly usage. We will increase the
visibility of our official pages on these platforms.
 We will participate in a variety of sales promotions throughout the year, including trade
shows and events.

People:
 We'll have people working under our sales team who will be crucial to Park Here's
marketing efforts.
 People will be working in our customer service department. Who will be contacted by
customers if there are any problems with the service, and who will guide customers
through the process of resolving the problems. These employees will be trained to respect
customers and do everything possible to resolve their problems.

Positioning:
For market positioning, we will pursue a service differentiation strategy. This means that we will
offer our customers something that is unique, different, and distinct from what our current
competitors are offering in the market. The primary goal of implementing a differentiation
strategy is to gain a competitive advantage.

Physical Evidence:
 Our company office is situated at Bashundhara R/A.
 Park Here app that will be available in Google play store.

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  We will have a distinguishable logo.
 Our Facebook and Instagram pages.
 An user friendly website for our users where they can know all about this app and share
their experiences.

Organizational plan
Form of ownership:
In the beginning, the structure of our company was kept as simple as possible. We've decided to
form a limited-member partnership. Every member has the same authority to effectively conduct
business. So "Park Here" is a partnership business owned by five university students. These five
partners will invest in equal amounts and will be the majority shareholders. There is also the
possibility of keeping some creditors involved. The debt partner will be paid their interest, but
they do not have the authority to join the "Park Here" Company's operating sector.

Identification of Partners or principal shareholders:

The partners are all students from North South University's BBA department, who will each
contribute 20% to the business. As a result, the following is a list of our company's partners or
board of directors:

Partners/ Board of directors:

*Farah Farjana Medha * Abdullah Al Rafi

*Rafi Siddique *Raju Ahmed

*Mohammad Nazmul Haque Chowdhury

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Even though the number of partners is set, if there is a chance of adding a new partner or several
new partners, the following important factors will be taken into the consideration:

 Amount invested by a single investor.

 The ability to take risks and the level of risk aversion.
 Level of dedication and commitment to the business.
 Previous work experience in the same and related fields.
 Ability to work in a management position.

We will also follow the following terms of the agreement:

 Each team member must put in equal effort and attention to the company.
 Any investment must include an equal contribution from each partner.
 Any modifications must be communicated to all partners before implementation.
 Profits would be shared equally among the partners.
 Each partner must bear an equal share of the losses.
 In the event of a conflict, a polling mechanism will be used and problem-solving
strategies.
 Within the first six months, no partner can claim their share of the profit.

Authority of principles:
We do not have any issued shares on the Dhaka Stock Exchange because we are a
partnership business. As a result, we have no voting or non-voting power. Rather, every action
will be performed based on the decisions of each board member.

In terms of power and control, all board members will have equal authority to make key
management and signing decisions. Any official record or document must have the signatures of
all members of our board of directors.

Because each partner's initial investment is equal, all revenues from the entire business will be
distributed equally among the board members. As a result, each of the board of directors' roles
will have its own set of responsibilities and authority.

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Management Team Back Ground:
Initially, the owners would be in charge of everything in the company, and their responsibilities
would be distributed according to their areas of expertise. The following is a list of the team's
background and designations:

NAME DESIGNATION BACKGROUND

Farah Farjana Medha Chief Executive officer BBA Student (Major in
Marketing)
Raju Ahmed Head of operations BBA Student (Major in
Management)
Abdullah Al Rafi Head of finance BBA Student (Major in
Marketing)
Rafi Siddique Head of logistics BBA Student (Major in
HRM)
Mohammad Nazmul Haque Head of Marketing BBA Student (Major in
Chowdhury Marketing)

Roles and Responsibilities of Members

Chief Executive officer:

 Developing and implementing a short- and long-term business plan.

 Maintaining cross-departmental relationships.
 Making daily management decisions.

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  Developing company strategies that are both effective and profitable.
 Managing office budgets.

Head of operations:

 Collaboration with the chief executive officer, and managing budgeting decisions.
 Manufacturing and administrative operations and processes are being improved.
 Coordination with the CEO in the development of long-term strategy.
 Monitoring data from many departments and identifying inefficiencies.
 Assuring that funds are distributed properly and that employees are paid on time.
 The chief financial officer is under his supervision.

Head of Finance:

 Capital and budgeting processes are managed.

 Financial and tax strategies are developed.
 Managing the distribution of financial data.
 Financial budgeting and performance reporting to stockholders.
 Managing accounts and treasury departments

Head of marketing:

 Using several marketing methods to target different market segments.

 Conducting market research.
 Providing data to the board of directors.
 The development of new products.
 Sales forecasting.

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  Developing consumer relationships.

Head of logistics:

 Making contacts with potential suppliers.

 Improving the quality and performance of the company through IT systems.
 Keeping track of the prices that suppliers are willing to supply.
 Identifying alternate supply chain solutions to current restrictions.
 Keeping inventory and transportation costs records.

Assessment of Risk

Evaluate the weakness of the business

Being a new venture, we face difficulties which is the weakness of our business. The first and
foremost weakness we are highlighting is existence of a direct competitor is Park Koi. Then we face
the promotional problem of the business because to promote our app we need a big amount of
money and being students and starting up our own businesses is quite a tough and complete new
challenge for the owners/partners itself.

Technology
The technology used in our business is quite simple. We have taken the advantage of the modern
communication system and created the B2C (Business to Consumers) platform where our

26
application works in between where all transactions take place directly between a business
organization and a customer. The consumers are getting service from us by using our platform. Our
business organization is a third-party platform that helps parking owners and customers meet and
share services. After building this system we just needed a 3 rd generation mobile phone and GPS
tracking system supported by that phone to run the application.

Contingency Plans
 To deal with the uncertainty in estimating parking demand, these would be tested before
contemplating expanding supply.
 Signs and a parking facility map might help to improve parking information.
 Limit the most convenient parking places to two hours.
 Encourage staff to park in less desirable spots.
 Increase the monitoring of parking restrictions and taxes.
 The most convenient parking places should be priced the most.
 Increase parking prices gradually and predictably.
 Enhance the walkability of the region and solve security problems.
 Using changeable displays, provide real-time information about parking availability.
 Make provisions for extra parking for big events and busy times.

Financial Plan
Assumption:
We are going to invest with our own money in the beginning. We each are contributing a total of
1,00,000 Taka, for a total investment of 5,00,000 Taka. There is one thing that must be assumed
when establishing the financial strategy. Because it is difficult to predict the future, we must
make assumptions when preparing the plan. We will have difficulty obtaining the parking spot
on a credit basis because we are a startup company with a little budget.

Cost of sales:

27
Our main type of business is offering parking facility services. As a result, we must give service
at a reasonable cost. We estimate that our parking service will cost 50 Taka on average. All costs
are included in this price. We are going to earn 40% benefit from each parking on average.
Assuming that we can provide at least 130 parking spaces per day, our variable cost per day will
be (130*75) =9750 /-. This is the cost of sealing for one day.

Expenses:
There are different types of expenses are occurred when you run a business. Our main
expenses are advertising, web and App maintenance, salaries, parking plat rent, and electricity
bill. The detailed amount of these expenses is given below.

 Advertising: 10000/- taka every month. In one year it is (10000*12) = 120000/-

 Website and app maintenance cost: 20000/- every month. In one year it is
(20000*12)=240000/-
 Office rent: 25000/- every month. In one year it is (25000*12)=300000/-
 Salaries(security guards): 50000/- every month. In one year it is (50000*12)=600000/-
 Salaries(IT professionals): 60000/- every month. In one year it is (60000*12)=720000/-
 Parking plats rent:10000/- every month. In one year it is (10000*12)=120000/-
 Electricity bill: 3000/- every month. In one year it is (3000*12)=36000/-

These expenses are increased by 10% every year.

Though this is our start-up business we have many other expenses. The list of these expenses is
given below.

Name of cost Amount

Security camera 50000/-
Patent and trademarks 10000/-
Tin & Trade licenses 10000/-
Cloud server storage 50000/-

These all are the expenses we have to spend for our business.

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Pro forma income statement
Pro Forma Income Statement

2023 2024 2025

Sales Revenue 3510000 4050000 5130000

Advertising 120000 132000 145200
Website and app 240000 264000 290400
maintenance
Office rent 300000 330000 363000
Salaries(security 600000 660000 726000
guard)
Salaries(IT 720000 792000 871200
Professionals)
Parking plats rent 120000 132000 145200
Electricity bill 36000 39600 43560
Total Expenses 2136000 2349600 2584560

EBIT 1374000 1700400 2545440

Tax expense(25%) 343500 425100 636360
Net Income 1030500 1275300 1909080

Cash Flow Projections

Cash Flow Projection

2023 2024 2025

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 Cash flow from
operating activities:
Cash receipts from 3510000 4050000 5130000
customers
Net profit 1030500 1275300 1909080

Total Cash inflows 4540500 5325300 7039080

Cash Outflows:
Purchase of fixed 120000 0 0
assets(camera+Patent+
Trade license+cloud
websites, etc)
App maintenance cost 240000 264000 290400

Advertising 120000 132000 145200

Office rent 300000 330000 363000
Salaries(security guard) 600000 660000 726000
Salaries(IT 720000 792000 871200
Professionals)
Parking plats rent 120000 132000 145200
Electricity bill 36000 39600 43560
Total cash outflows 2256000 2349600 2584560

Net cash flows 2284500 2975700 4454520

Pro forma Balance sheet

Pro forma Balance sheet

2023 2024 2025

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 Current Assets
Cash 2284500 2975700 4454520
Fixed Assets
Security Cameras 50000 50000 50000
Patent and 10000 10000 10000
trademarks
Tin and trade license 10000 10000 10000
Cloud websites 50000 50000 50000
After depreciation 120000 114000 108300
cost(5%)
Owners equity:
Capital 500000 500000 500000

Breakeven Analysis
Calculating breakeven point:

BEP = Fixed cost / (per unit average sales price – Variable cost)

= 2136000 / (75- 45)

= 71200 units.

So it means at the 71200 parking will be able to meet our BEP. According to our estimation per
day we will be able to provide 130 parking service to our customers. So, this will take
(71200/130) = 548days.

Sources and Applications of Funds

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 Fund collection Amount (TK)
Farah Farjana Medha 100000/-
Raju Ahmed 100000/-
Abdullah Al Rafi 100000/-
Rafi Siddique 100000/-
Mohammad Nazmul Haque Chowdhury 100000/-

References:

1. Hisrich. R. D. (n.d.). Entrepreneurship. Ms.Graw Hill. 10th edition. ISBN-10:0078029198.

2. Hatten. T. S. (2011). Small Business Management-Entrepreneurship and Beyond. Fifth

Edition.

3.

Freshbooks. (March 28, 2019). 14 Small Business Expense Categories to Consider.

https://www.freshbooks.com/hub/accounting/categorize-expenses-small-business

4. Hugh Courtney, J. K. (1997). Strategy Under Uncertainty.

https://hbr.org/1997/11/strategy-under-uncertainty

5. https://www.emizentech.com/blog/parking-finder-app-development.html

(Car Parking Finder Mobile App Development: Cost and Features, n.d.)

6. H.Matthew. (October 12, 2018), Marketing Strategy of Smart Parking, retrieved on April 12,
from https://www.essay48.com/marketing-strategy/2135-Smart-Parking-Limited-Marketing-
Strategy

7. M.Y. Aalsalem, W.Z. Khan, and K.M. Dhabbah. An automated vehicle parking monitoring and
management system using ANPR cameras. In Advanced Communication Technology (ICACT),2015
17th International Conference on, pages 706-710, July 2015.

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https://www.thedailystar.net/city/news/govt-approves-64-parking-spots-dhaka-city-quader-1834267?
amp

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