Have you ever gone on vacation to a big city and experienced the frustration of it taking more time to find a parking spot than it took to get there? Ok, so we exaggerated a little, but the world’s population keeps on growing and parking can turn up in short supply.
For the adventurous businessperson, however, this presents a financial opportunity. A chance to start your own parking lot business to provide parking for people while making money. But where do you even start?
Well, you’re in luck. We’re here to break down how to start a parking lot business with the top 5 things you should consider when doing so!
But enough talk, right! Let’s get started!
1. Want to Know How to Start a Parking Lot Business? Get a Lot
In order to run a parking lot business, make sure you’ve got a lot that’s approved and ready to go before you move anywhere out of the planning stage. Look around your area for lots that provide the amount of space you want, are in a solid price range, and are close enough to big-name stuff (like arenas and shopping malls) that you’ll get a solid customer base.
It’s also worth noting that you’ll want to make sure the zoning permits on the land allow you to build a parking lot there.
2. File the Paperwork
In addition to the zoning rules, certain states require you to have permits to run your parking lot business. These permits are also not infinite. Instead, you’ll have to renew the license every so often.
When constructing your lot, local governments also tend to have requirements that your lot needs to meet to be deemed safe. Make sure to check with your local town or city office to see what’s required of you.
3. Get Constructing
To make a top-notch lot, you’ll need to hire workers to put down a new asphalt surface to keep the terrain from looking rough and uneven. Companies like Salgado Painting will provide the parking lines and traffic markers to guide drivers in your lot. Installing a drainage system of some kind will help prevent your lot from flooding too.
This is also the point where you’ll want to decide whether you want a gated lot or not. Having the gate with an operator improves your security, but costs more. You can also opt for the honor system of people only parking as long as they stay, but then you’re gambling.
4. Decide How Staffing Works
Next, you’ll want to consider what level of staff you want to run the lot. Besides the gate operator, bringing in a janitorial staff will help ensure your lot stays super clean. Depending on how focused you are on security, hiring some guards would give you a boost in that area.
Or if you want a lot with some more “class”, hiring valets to park people’s cars for them gives you that air of professionalism.
5. Grab Security on Multiple Fronts
First off, getting security equipment in your lot will help you catch vandals and criminals and give your lot a safer feel. Using security cameras or alarms and keeping your lot well-lit are great ways to do this.
You’ll also want to secure yourself with business insurance and general liability insurance to make sure that an unexpected string of bad luck doesn’t devastate you financially.
Rows of Cars for Days
So, now that you know the top 5 things to consider regarding how to start a parking lot business, where do you go from here? Well, if you want to learn more about real estate and handling business in the world today, come check out the other articles on our blog!
Now sit back and get planning!