Business Plan for JustPark

This business plan provides a comprehensive overview of JustPark, a technological platform that helps users find parking spaces. It includes information about their vision, mission, market analysis, competitor analysis, organization and management, marketing plan, financial analysis, SWOT analysis, and pivot strategy.

BUSINESS PLAN

TABLE OF CONTENT
Company description.......................................................................................................................1
Vision, mission and values and current strategy.............................................................................1
Market analysis................................................................................................................................1
Competitor analysis.........................................................................................................................2
Organization and management........................................................................................................2
Marketing plan.................................................................................................................................3
Financial analysis.............................................................................................................................4
SWOT analysis................................................................................................................................4
Pivot Strategy...................................................................................................................................5
REFERENCES................................................................................................................................7

Company description
Organization chosen for this business plan is JustPark. JustPark is a technological
platform that was founded in 2006 whose main headquarter is in London. JustPark help its users
to find parking places nearby through its website and mobile application ((JustPark mission and
vision, 2020)). This application was founded by Anthony Eskinazi in September, 2006 when he
had parking trouble for a baseball game in San Francisco. JustPark allow property owners to
make money from their underused spaces by opening those space for drivers who are looking for
parking space. They have approximately 95 employees working for them so that they can
maintain their website and application so that drivers do not face any difficulty in finding space
for parking.
Vision, mission and values and current strategy
Vision: Main vision of JustPark is focused upon contributing to world that prioritizes the
community and environment by empowering people to make smarter, seamless mobility choices.
They have focused upon developing roads that are more prosperous, healthier and better-
connected future.
Mission Statement: Mission statement of JustPark is to make parking easy. This 5- star rate
application help over 3 million drivers to enjoy an intelligent digital parking experience.
Values: JustPark values users experience of parking. They have focused majorly upon
developing an award- winning car park technology that has not only helped drivers but is useful
for property owners so that they can make more efficient use of their assets.
Current Strategy: Current strategy adopted by JustPark is that they provide special promo codes
and discounts to its users for making booking through their mobile application for the first time.
Market analysis
Current target market audience of JustPark are drivers who use smart phones and are
familiar with smart technology and find difficulty in finding parking on daily basis. Target
segmentation of JuatPark are renters and owners who face parking difficulty on daily basis and
require an appropriate solution everyday parking, hourly parking whole day or weekend parking
etc. Geographical area served by JustPark global but it is majorly available for customers of
north America and UK. But current pandemic situation of Coronavirus has impact their overall
business in many different ways. Due to Coronavirus people had reduced moving out because of
which availability of parking for people became easy as a result usage of JustPark application
1

reduced. But after removal of lockdown they have changed they way they communicate. Now in
order to retain their customers they have added a new functionality in which drivers can upload
their route of reaching destination and on the way all the available parking places will be
available to the drivers and parking places of owners were sanitized from time to time.
Competitor analysis
Competitor analysis is a kind of strategy that helps an organization to identify their top
competitors, business model used by their competitors, target Audience etc. (Vieira and et. al.,
2019). It can also be used to identify or analyse results of pandemic on their business. They do
not have much competition in UK but if competition in America is seen then their top
competitors are: SpotHero, ParkJockey, ParkWhiz. These three are the top closest competitors of
JustPark.
 SpotHero: it is a Chicago based organization that provides on demand parking facility to
people that has helped them to $50 million. They use referral scheme to attract a greater
number of customers like they offer $250 for referring friends and 50% off. In order to deal
with pandemic situation of Coronavirus they have introduced touchless parking system. But
area served by them is only North America.
 ParkJockey: It is a Miami based parking management platform that helps commercial
property owners to monetize parking ((Xiao and Xu, 2018)). They also use referral scheme to
attract a greater number of customers. Area served by them is America. In order to deal with
current pandemic situation of Covid-19 they have brought various kinds of changes within
their terms and conditions.
 ParkWhiz: it is an online platform that help companies to manage their employees and
visitors parking. They provide monthly payment scheme to corporate organizations to
manage their receipt less parking payment. Due to Coronavirus, they have brought changes
within their cancellation and refund process.
Organization and management
Leadership team of JustPark consist of five main persons. Leadership team of Justpark
are:
 Anthony Eskinazi is the founder and CEO of Justpark.
2

 Jason Stoop is Co-Founder, investor and consultant at JustPark. Anthony Eskinazi and Jason
Stoop together founded JustPark and Jason Stoop invested required money in this business as
an investor or the growth of the business.
 Lewis Tasker is the chief operating officer of JustPark.
 Hannah Gibson is talent acquisition manager of the finder of growing talent in start-ups who
is passionate about employer brand and company culture.
 Fourth is Bastien Eymery who is head of growth in JustPark.
Strengths: JustPark is one of the best and well- known parking applications that provides 1.4
million spaces throughout the UK, including off-street and on-street parking. It is one of the
most loved parking application used in UK. Collaboration with BMW i Ventures has helped
them in expanding their business throughout UK. They were the one to launch world’s first
dashboard park and pay application.
Weaknesses: Frequent changes within business strategy has reduced their employee satisfaction
and because of this employee turnover of JustPark is also high. Due to data breach incident
overall brand image was affected and trust of customers upon application was also affected
Marketing plan
Marketing plan of JustPark can be explained with the help of 4 P’s of marketing mix. 4 P’s of
marketing mix are:
 Product: JustPark provides an application and website for drivers who face difficulty in
parking and require a permanent parking solution so that they can easily find parking near
their destinations. This application is also for owners of unused spaces who want to monetize
their unused space for parking in order to earn more money.
 Price: they have adopted low pricing strategy where they try to provide parking spot to
drivers in lowest possible cost. They also provide a feature to compare prices of parking spot
available near them. This low pricing strategy is for drivers who require parking on daily
basis. But they have also adopted premium pricing strategies for top hotels like Marriot who
require parking for their customers.
 Promotion: in order to promote usage of this parking application, JustPark offers discounts,
promo codes of 50 percent discount and referral schemes. These promotional strategies
further help them to attract a greater number of customers and further helps them in
enhancing their overall current customer base.
3

 Place: this application is available in approximately 45,000 location in most of the smart
cities of UK. Customers can use JustPark website and applications for booking their parking
spaces (Wang and et. al., 2020).
Financial analysis
Financial analysis is a kind of process that helps in evaluation of business, budget,
projects etc. that helps in determining suitability and performance of the company (Ahmad Fiaza,
2016). It further helps in identifying a secure source of income of business, analyse their profit
and loss statements as well as their current financial position. JustPark uses crowdfunding
technique for funding their business. Recently JustPark has raised a total of £ 15.8 M in funding
over 8 rounds. JustPark has overall eight investors who help in raising funds for business and
their main investor is co-founder of the company i.e. Jason Stoop. Remaining other investors of
the company are: Peter Kelly, Crowdcube, Upscale, LocalGlobe, Index Ventures, Elena
Capaccioni, and Alain Garner. This crowdfunding method has helped Justpark to not only raise
funding but has also helped them in generating revenue. All the profit and loss of the company is
equally hared by all the investors. But continuous growth of the business has helped them in
attracting a greater number of investors which has further helped them in expanding their
business throughout UK and new they are thinking of expanding their business in US as well. It
has further helped them in gaining financial stability and gain competitive advantage by giving
tough competition to their current competitors.
SWOT analysis
SWOT analysis helps in analysing strengths weakness, opportunities and threats of the
business (Comino and Ferretti, 2016). SWOT analysis of JustPark has been explained below:
Strengths: it is one of the most loved car parking application used by mot of the drivers all
around UK. Has customer base of approximately 1.4 million customers. It is one of the best cost
saving application which is easy to be used and helps in saving time of customers.
Weaknesses: frequent changes within business strategy is impacting overall satisfaction of
employees. Time to time update within website and application and its maintenance increases
overall operational cost. Due to data breach incident information of thousands of customers were
leaked on their website.
4

Opportunities: expansion of JustPark business internationally especially in developing countries
is one of the best growth opportunities. Collaboration with top hotels, restaurants and corporate
organizations is another opportunity for growth of JustPark organization.
Threats: increasing competition in this industry is one of the main threats for them. Increasing
safety needs of customers due to Covid-19 has made it compulsory for JustPark to bring
necessary changes within their business.
Pivot Strategy
When an organization especially start-ups need to bring changes within their current
strategy it is often known as pivoting or bringing shift within current strategy is known as pivot
strategy (Hasnine, Weiss and Nurul Habib, 2017). It is often seen as drastic changes that are
required to be brought within whole company. Current pandemic situation of Coronavirus has
drastically impacted world in may different ways but majorly it has impacted start-ups or micro-
organizations (Möller and Haas, 2019). In order to overcome this negative impact of coronavirus
pandemic JustPark can adopt following recommended pivot strategies that can not only help
them in overcoming this pandemic situation but will further help them to grow their business
drastically. Some of the recommended pivot strategies that JustPark can use in this pandemic
situation of Coronavirus are as follows:
 JustPark can focus upon frictionless and touchless parking system in which drivers do not
require any kind of token or tickets for parking or do not require to press buttons for
redeeming their parking reservation. This touchless parking can allow drivers to self- park
their cars or vehicles without any issue and friction free. JustPark can also focus upon
installing advanced parking access & revenue control advance parking technology so that
frictionless parking is available. They can also focus upon installing parking sensors so that
customers can be protected from coming in contact with outside person and can park their
vehicle without any guidance friction free.
 JustPark can also focus upon bringing some changes within their payment methods. They can
introduce advance payment technology where customers will be able to make payment from
third party applications like digital wallets, PDA’s and from many other methods like
Amazon wallets etc. This will help them to ensure their customers that they will remain safe
and they do not need to come in contact with anyone for payment.
5

 They can also work with property owners who provide their unused spaces for parking to
sanitize their parking sports from time to time. JustPark can focus upon paying property
owners so that they can agree for regular sanitation of their property as well as can install
sensory motion sanitizers that have active sensors so that drivers do not need to touch
machine for sanitizing their hands so that risk of contamination from sick people can be
removed.
 JustPark can also focus upon updating their website and application and should introduce real
time navigations that will help drivers to reach their parking spot without any issues and can
reach parking location accurately not only this, this real time parking system should be
integrated with safety instructions that will guide drivers to use places that are already
sanitized and to use parking sensors and sensory sanitization machine. This strategy will help
them to ensure that users to be sure that they can remain safe from Coronavirus.
6

REFERENCES
Books and Journals
Ahmad Fiaza, A.S., 2016. The relationship between service marketing mix, service quality,
service value and customer satisfaction in commercial car parking facilities (Doctoral
dissertation, Universiti Utara Malaysia).
Comino, E. and Ferretti, V., 2016. Indicators-based spatial SWOT analysis: Supporting the
strategic planning and management of complex territorial systems. Ecological
Indicators. 60. pp.1104-1117.
Hasnine, M.S., Weiss, A. and Nurul Habib, K., 2017. Stated preference survey pivoted on
revealed preference survey for evaluating employer-based travel demand management
strategies. Transportation Research Record. 2651(1). pp.108-117.
Möller, D.P. and Haas, R.E., 2019. Connected parking and automated valet parking. In Guide to
Automotive Connectivity and Cybersecurity (pp. 485-511). Springer, Cham.
Vieira, A., and et. al., 2019, June. Smart campus parking–parking made easy. In International
Conference on Computational Science (pp. 70-83). Springer, Cham.
Wang, X., and et. al., 2020. Parking Under the Sun: Solar Heating As a Strategy for Passively
Disinfecting COVID-19 in Passenger Vehicles During Warm-Hot Weather. Available at
SSRN 3714072.
Xiao, H. and Xu, M., 2018. How to restrain participants opt out in shared parking market? A fair
recurrent double auction approach. Transportation Research Part C: Emerging
Technologies. 93. pp.36-61.
Online
JustPark mission and vision. 2020. [online]. Available through: <
https://www.justpark.com/about>
7