Have you ever thought about starting a parking lot company? This business venture can be a lucrative opportunity if you know what you’re doing. You’ll need to maintain your lot and staff it effectively.
The responsibilities don’t end there. Read on to learn how to start your own parking lot business!
Find the Right Location
For starters, you need to be strategic about choosing a location for a parking lot company. You want to choose an area that is low on parking spaces. After all, setting up shop in an area already surrounded by parking lots won’t create demand.
Avoid desolate areas, too. You may need to account for the cost of demolition or paving if you’re repurposing an old lot. This can ratchet up the price by tens of thousands of dollars.
While you’re at it, create a business plan. When you’re starting a business, this step helps you to map out the budget, goals, and needs. You’ll be able to map out a realistic timeline and provide checkpoints along the way.
Figure Out Logistics When Owning a Parking Lot
Check the zoning regulations when you’re looking into buying a parking lot. You may need to get special permission to change an existing property into a lot. This is especially true if the land currently houses a structure that you’ll want to demolish.
You’ll also need to add painted stripes and other markings to communicate how the lot should be used. Salgado Painting can handle this responsibility for you, or touch up existing stripes. Similarly, plan on setting up signage to indicate pay rates.
Buying a parking lot is one thing, but marketing it is another. All signage should be bold and visible for anyone driving past the lot. Aim for clear lettering and as little confusion as possible about pay rates.
Advertise your new parking lot in the local paper. And buy email list that you can send to neighboring businesses and post online.
Determine Access for Your Parking Lot Business
Will you use a gate and machine to accept money? Or will you have pay stations? As another option, you could hire people to staff the parking lot and take payments.
Price out the options to determine which one is most cost-effective. Additionally, you may want to hire security or install cameras. You’ll keep your lot safe and make customers feel better about parking there.
When winter weather moves through, you’ll need to account for plowing and scooping snow, too. Make sure you have a plow or contract out that responsibility. You don’t want to lose out on customers just because it snowed a few inches!
Know What Goes into Buying a Parking Lot
A parking lot business can be a lucrative endeavor if you take the right approach. You’ll need to check zoning requirements and pricing if you’re repaving a lot. And you’ll need a solid business plan to ensure that you stay on track to meet your financial goals.
For more tips to get your business up and running, check back for new and informative articles!