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“TerpsCart”
-Specialized and efficient chauffeur service using golf carts
---* Eventually, customers will be allowed to drive the golf carts themselves for a higher fee
-8:00 am- 5:30 pm weekdays
-Online services and Apps offered
-Prices that are hard to beat
-Founded by loyal and helpful UMD students
- Online schedule registration system comparable to Testudo registration.
- Students will be able to reserve specific time slots for each individual golf cart.
- For ease, a smart phone app has been developed (similar to NextBus)
$2.00/10 minutes
- Pricing still subject to change however
- Task:
o “We must create an advertising plan that will increase overall awareness of our service and develop close customer loyalty with many of the students on campus.”
- Commercialize product’s efficient attributes
o “able to cater to individual customer’s needs depending on their schedules”
- Spread TerpsCart across campus
o Offer free promotional rides
o Online advertising
o Post fliers, conventional marketing
o Word of Mouth
- Becomes a part of people’s daily routines
- Small Business Feel- an asset to our image
- Affordable option for students
- Customer Loyalty
- Golf carts embellished with the University of Maryland and TerpsCart logos
- The inputs are principally labor and capital
o Labor: Team members will drive people around campus, specialists to maintain the vehicle, marketing teams
o Capital: needed to purchase the vehicles (primary source of revenue)
o Location: Find Where we can store and charge our electric golf carts
- Supplier of golf carts
o Manufacturer with the cheapest prices for golf carts
o How many golf carts can we operate while minimizing our costs?
- Offering a service not producing anything- outsourcing golf carts
- Start off the business with one golf cart; get more efficient once we have a larger consumer base
- “South Campus” carts, “North Campus” Carts etc.
- A newer business model (after one academic year) will end initial doubts about the timeliness of our business.
o “Distribution is “we come to you,” but this will only happen through a strong focus on the marketing of our company and the optimal use of supply chain management.”
- First Year:
o Ten golf carts- carry six passengers at a time
o Each golf cart: $2,589.00, Total Costs: $25,890.00
o We plan on financing this over a 24 month period, 0%APR
o Monthly payments: $1,078.75
o Twenty workers employed at a single time
16 full time drivers
2 back-ups
2 webmasters
$7.25 per hour- 6 hour shifts
Software and Website - $12,500.00
Monthly Website expense - $112.00 per month
Total Weekly Expenses: $7,830.00, Total (Fall/Spring Semester): $203,580
First Year Expenses: Cost of golf carts with only paying one year off of our financing plan, our wages to our employees, the cost of developing the website and software and ignoring the costs of parking and storage- $230,369.00
- Student Population
- The Varsity, The View, Commons- largest expected consumer base
Going Internationally
Initially, TerpsCart will expand into countries in Europe that have similar economic status as the United States. We are mainly looking to expand into places that have college campuses that will allow students to ride golf carts
- Not just a taxi service
- Golf carts have many more benefits
- Decreased emissions
- Helps those disabled or injured
- Incredible opportunity to expand to other universities