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Easy A Parking Insurance
Transcript of Easy A Parking Insurance
We are dedicated to support customer needs regarding parking tickets or parking-related problems.
We do our best to provide high quality insurance and service to satisfy our customers.
A percentage of our profits may be donated to charity to support social causes.
Description of Product/Service
Partnership (3 people)
Specialize in inexpensive high quality insurance to parked car incidents (such as bumps, scratches or broken windows), as well as parking tickets.
Our deductibles will be priced at $50 per month (does not include taxes), lower than your typical car insurance company.
Claims can be filed online or placed on the phone
Only serving state of California. Headquartered in San Jose, CA
Most insurance agents will work from home
Will have 25 employees at first.
Industry Name: Auto Insurance Industry
Annual Industry Sales: $220 Billion
Marketing and Sales
We will promote our new company by advertising on television, radio, & newspapers via 30 to 60 second commercials that will feature the facts, the benefits of utilizing our product and how to contact our agents.
We will also advertise our product on social media, establishing Facebook & Twitter accounts to attract younger consumers.
If we do earn a lot of profit, then we will invest in billboards and hire a marketing agency like our competitors (such as Geico) to create fancy, high quality commercials.
Easy A Parking: Geico: Nationwide:
Factor #1: We cover Parking Tickets No Coverage for Parking Tickets
Factor #2: Low and Affordable prices. Age, High Prices / Unannounced rate increases /
and experience doesn't affect price. Age and experience affects prices
Factor #3: We promise excellent customer credio.com: credio.com:
service. Each agent has social media 1.6 out of 5 2.3 out of 5
1. We will specialize and devote resources into 1 specific problem which is accidents involving parked cars.
2. Our social media services are ahead of our competitors because each insurance agent has a Facebook, Twitter & Phone Number.
3. Has a fixed monthly deductible of $50 while our competitors adjust prices without notification.
Total Units: 25,000
Gross Revenue: $1,250,000
Net Profit: Will vary depending if accident occurs. Estimated around $800,000
Units Sold (Insert Chart)
Easy A Parking Insurance
The faster route to safer parking!
People without money to pay for parking tickets
No time to pay for tickets
Court appearances because of a parking accident
Limited insurance coverage for minor parking accidents.
We provide insurance to parked cars
Easy process to pay for parking tickets
What Problem Does Our Business Solve?
Definition of one unit: Monthly Deductible
Economics of one unit
Costs of materials exp.: $30
Cost of labor: $15
Other variable costs: $5
Total COGS/COSS: $50
Contribution Margin: $45
Monthly break even units: $50 / $45 = 1.1
Description of expenses:
Expenses will depend if customer is involved in an accident
If customer keeps up with not having an accident, then there deductible will be used to cover the variable and fixed expenses if an accident occurs to another customer.
Variable Material Expenses: $30 to car repair shop. If expense succeeds $30, then a customer that hasn't been involved in an accident will indirectly cover the rest of the expenses
Fixed Expense: $5 from each customer to cover rent for our headquarters and pay back loans
Description of Target Customer
Demographics: Licensed Drivers Ages 16-75
Geographics: Lives in the State of California
Psychographics: Worry about their parked cars
Buying Patterns: Prefer cheaper products and specialized services
Target Market Size
Total Population: 38,802,500 California Residents
Total Market Population: 22,657,288 Licensed California Drivers
Market Size: Same as Market Population
Item: Why Needed: Costs:
Total Startup Expenditures: $10,000
Emergency Funds: $5,000
Reserve for Fixed Expenses: $1,000
Total Startup Investment: $16,000
ROI: Return on Investment: $800,000 / $16,000 = 50%
ROS: Return on Sales: $800,000 / $1,250,000 = 64%
If we meet above expectations after a one year testing period, then we will expand our business to cover the West and eventually the entire United States by opening up stores and hiring more qualified insurance agents.
We may go public on the Stock Market if our business becomes very successful.
If we meet below expectations, we will continue trying/operating our business but we will conduct reviews and evaluations of our employees and procedures so we can make changes to meet above expectations.
Loan to lease 1 building to house headquarters
To house main operations
To handle and process insurance claims
*Interested in Business
*Has high GPA / Straight A Student
*Enthusiastic / Good Communication Skills
*Interested in Cars and the way they are designed
To promote our product to the public
*Been in two car accidents
*Understanding of how cars work, as well as insurance
*Passionate about customer satisfaction