Starting a parking business and becoming a profitable business owner is an enviable goal. After you buy or build your parking space, regular fees are generally minimal. Parking is a problem in many places. Placed in the right market, parking businesses can reap huge returns.
There are more than 136 million vehicles registered in the United States. That number does not include trucks and vehicles that are not registered. Parking near commercial areas, apartment complexes, hospitals, libraries and entertainment venues is generally limited. Providing short-term or long-term options in areas without adequate parking services can produce fast growth.
Determining how to start a parking business involves choosing the type of service to be provided, parking that decides whether to buy an existing facility or new research and completion of a building in an optimal location. You can open a parking lot near a busy shopping or business area. The location near an apartment complex or condominium provides an opportunity to obtain a long-term parking contract. Base your decision on the availability of property and location parking that gives you the greatest benefit.
The main services of the parking business include:
Providing parking space or valet service for paying drivers. Receive customers who park in their parking lots. Communicate daily with those who qualify. Keep your parking property clean and safe.
Other common activities they do are:
Prepare and enforce contracts, if you offer long-term parking subdivision naming functions such as bill payments, contact customers and pay collections. Borrow a lot of care. Employ and monitor employee status.
Ensure and comply with local codes
Research on how to start a parking business involves using parking ticket machine, knowing and complying with all legal requirements. Local and state laws govern parking spaces. Parking spaces are also under federal jurisdiction which requires compliance with the American Disability Act (ADA). The ADA requires that the parking lot provide a number of accessible spaces, determine the width of the accessible space and designate an ADA location that is compatible with the parking space. Following ADA guidelines is required and, in some cases, tax credits or deductions are given for compliance with standards.
An effective communication system will attract people to your place
Signs must inform customers about parking fees and operating hours. If the parking lot is located in the business district, publishing a brochure and sending press releases to the company is an economical and practical way to find customers. Form partnerships with nearby companies that agree to validate parking for their customers in return for reduced rates. If the parking lot is located in an area that does not have adequate parking space, chances of success will be found. That doesn’t mean you can only sit and do nothing.
Remember the following keys to success:
Make your parking space the best in this area. If prices are better, more security, more hours of operation, or creative promotions, offer something extra for drivers to choose their parking first.
Building a strong reputation ensures that customers are with you, even when a new parking lot is open.
Your employees are the face of your business. They deal with customers every day. Make service employee requirements. In addition to working directly with customers, employees handle money. Check background behaviour before hiring someone.
And finally, be flexible. Economic changes will have an impact on the parking business. High gas prices can cause more people to use public transportation and fewer people in the parking lot.