The Value of Innovative Business Idea: Turo Case Study – Innovative business ideas do matter for business productivity. A better Return on Investment(ROI) is essential for a business’s survival. In the business world if you can generate and implement an innovative business idea. Then it is possible to gather maximum profitability from the innovative business idea. This means you are targeting consumer needs more accurately, nobody has done yet.
What is an Innovative Business Idea?
So, what specifically is an innovative business idea? It’s all about bringing something new to the table. Let us discuss it together.
Solving a Pain Point
Think, you’re standing on a crowded street. You’re trying to order a taxi in the pouring rain. It’s a pain, right? This is where firms like Uber have stepped in. They saw people’s frustration with traditional taxis. Then they introduced a solution through their handy app. That’s innovation at its finest. It addresses a common headache and offers a smoother alternative.
Fulfilling an Unmet Need
Have you ever detected a gap in the marketplace? Possibly a missing product or service would make life easier for a particular set of individuals. Consider meal delivery services as an example. Some people have dietary restrictions or fitness goals that traditional solutions cannot satisfy. This is where innovative entrepreneurs find a chance for growth.
Improving on Existing Solutions
Innovation does not forever mean reinventing the wheel. Sometimes it’s about upgrading the wheel. Consider electric vehicle manufacturers, for example. They’re taking the idea of a car the wheels if you will and making it more sustainable and environmentally beneficial. They are propelling transport innovation forward by building on what already exists.
So, you see, fresh business ideas come in all shapes and sizes. Whether it is addressing a pain point. It could be addressing an unmet need or improving existing solutions. The ultimate goal is to provide distinctive value. That is the core of entrepreneurial innovation.
The Value of Innovative Business Ideas Like Turo: Case Study
Turo is a prime example of innovative Business ideas. Turo is a US-based peer-to-peer car-sharing company. It is located in San Francisco in the south of the country. Turo allows private car owners to rent out their vehicles via a Turo App. Now Turo is operating in 5 countries( USA, Canada, UK, France, and Australia). The reason for Turo’s success is its outstanding service and risk-free investments.
The risk-free investment opportunity is because all Turo Vehicles are insured. Turo is going to pay all the losses incurred by an owner due to an accident or theft. For information about the Turo Package try out the Turo calculator by the calculator online. You can get maximum profitability without any extra investment.
What is Turo’s Business Idea?
The business idea of Turo is to provide a platform for consumers to rent cars. Car owners can generate extra income by renting out their cars. You can get a long-term and short-term Turo contract according to your feasibility.
Turo is a peer-to-peer car-sharing and investment company based in the US. Turo allows car owners to rent out their vehicles to others and generate maximum profitability. You can check in advance the profitability of renting out your car with the Turo calculator.
Win-Win Situation:
Turo has a unique business idea that is profitable for everyone. You can say it is a Win-Win Situation for everyone. You can say Turo is providing a safe investment platform for investors, where they can get monthly profitability without any delays. Turo is the best place to invest and Turo provides a platform for people in search of generating extra money without any fear.
Unique Features of Turo’s Business Idea
- Fearless Platform: There is no fear of any loss when you are working with Turo, as every vehicle is insured.
- Safe Investment: Turo is a safe investment platform without any real-time effort.
- Extra Income: Everybody is in search of a platform where investments are safe and they are getting reasonable profit.
- Timeless Investment: Turo enables car owners to rent out their cars for longer periods.
- Repeated Return: Car owners can receive repeated profitability without any delays.
Example of Turo’s Business Idea
Let’s suppose we rented out a Turo car for $50 per day. The maintenance cost per month of the Turo vehicle is $200. Then calculate the rent of a Turo car per month.
Given
Daily Rent of Turo Car = $50
Per Month Maintenance Cost = $200
Per Month Turo Car Rent =?
Solution
Per Month Turo Car Rent = (Daily Rent*30) – Maintenance Cost
Per Month Turo Car Rent = ($50*30) – $200
Per Month Turo Car Rent = ($50*30) – $200
Per Month Turo Car Rent = ($1500) – $200
Per Month Turo Car Rent = ($1300)
To know the monthly and daily rent of the Turo vehicles. Enter all the information and the values in the Turo profitability calculator, for a precise calculation of the profitability in advance. The renter and the car owners can both calculate in advance their rent and profitability.
There is no restriction on Turo investment, as you can even rent out your car for an hour or two. You would even receive 1-hour rent by the Turo app.
List of Turo Cars:
Turo has also generated a list of cars that are rented most by the clients. These cars are preferred by the Turo for renting out.
- Chrysler Voyager
- Toyota Yaris
- Kia Rio
- Kia Forte
- Nissan Versa
- Volkswagen Jetta
You can find various vehicles and their probable profitability by using the Turo car calculator before renting out your car to Turo.
Turo Vehicle Criteria:
There are certain criteria for registering your vehicle to the Turo App.
Turo criteria for a vehicle is given below:
- Turo vehicle models should not be over 12 years older
- Turo vehicle mileage should not exceed 130,000 miles
Turo calculator calculates the profit margin of Turo investment relative to your car model and mileage per month.
Conclusion
Turo is offering an attractive investment opportunity to the car owners. You can get profitability around $ 500 to $ 100 per month. The Turo has simple criteria and a car should pass that criteria. There is no fear of any misadventure as all Turo cars are insured. Turo would pay you in case of any damage to your vehicle. This makes Turo an attractive business opportunity. People who have an extra amount of money can invest in it. They can earn a healthy profit without real-time effort and skills. Turo allows them to earn maximum profit without any kind of risk.
