Starting and running a business can be daunting, but it can also be gratifying. If you’re thinking of starting a commercial parking business, there are a few things you need to know to make your venture successful. This article will discuss the advantages of such a business and provide tips on how to get started and keep it running successfully. So read on to learn everything you need to know about setting up and running a commercial parking business.
Advantages of a Commercial Parking Business
Many businesses take a long time to break even. They also take too much work and are hard to scale up. The main advantage of starting a commercial parking business is that it can be highly profitable. If you charge per hour, you can quickly make back your initial investment and begin turning a profit.
Also, it is easy to run. Once you have set up your parking lot and marked out the spaces, there is not much else to do other than collect the money. Another advantage is that it can be easily expanded. If you find that your business is doing well, you can always add more parking spaces or even open another lot.
Now that you know the advantages of starting a commercial parking business, here are some tips to help you get started and keep running smoothly.
Find a Location with a Need
Choose the right site. The success of your business will largely depend on its location. You need to choose a convenient spot for customers and near popular destinations. This will ensure you get enough traffic and generate enough revenue to make your business profitable.
Choose a spot with nearby destinations that get traffic year-round, including weekends, so your parking space gets customers daily. The best way is to find areas that already need more parking. For instance, if the parking lots of existing commercial spaces cannot accommodate all their visitors, you will surely get more than enough customers.
Get the Right Permits and Insurance
Do not get caught operating without the proper approvals because this can close down your business. You will also face steep fines. Before starting your commercial parking business, you need to obtain the necessary permits and licenses from your local authorities.
You are liable if a person gets hurt or a vehicle gets damaged within your business. You can be sued, and you may have to pay hefty damages. Also, your premises can be damaged by cars. You need to get the appropriate business insurance to protect your business against all eventualities.
Available real estate may be limited, or you may not have enough capital at the start to purchase or lease a more expansive space. Still, you need to ensure that you have enough space to accommodate the number of vehicles you expect to park. To do this, you must make the most of whatever space you have.
You can use creative methods to make the most of your parking space. This way, you can accommodate more vehicles in the same area. For instance, you can create a multi-level parking lot and hire a professional designer to ensure parking spaces maximize the space on each floor. You can also build an elevator-type garage. This can accommodate three times as many cars.
Automate Your System
You save on costs for staff if you automate your parking system. You can set up an automated entrance, exit, and payment system. You will only need a security system and someone to monitor it during the hours of operation.
This will also be completely automated if you choose to set up an elevator-type garage. The customer drives their car into a platform and disembarks. The automated system moves the car into a lift and takes it adjacent to a vacant slot in the vertical stack. The system then slides the car into place. The customer is given a code in the latest version of this technology. They can use it on their smartphone to direct the system to deliver their car to the ground once they are ready to retrieve it.
Maintain Your Space
You need to keep your parking space well-maintained to ensure safety and longevity. If you have a traditional parking space, you need to use a durable garage floor coating. It must be able to tolerate heavy vehicle and foot traffic and chemical leaks from vehicles. Depending on the protective coat used, you must have it reapplied as needed. This will ensure that your floor is easy to clean and does not crack or peel.
Get a maintenance crew to do daily cleaning to prevent the buildup of grime in the parking space. Train them to do a daily inspection to ensure no items are left on your property. They must also inspect all lighting fixtures and replace any damaged bulbs. It is crucial to keep all areas of the parking space well-lighted.
If you have an elevator-type parking system, it is crucial to follow the manufacturer’s recommendation for cleaning and other maintenance tasks. Ensure that your supplier provides immediate support in case of a breakdown.
Watch Your Business Grow
Commercial parking can be a lucrative business, but it is important to set up and run it correctly. By following the tips in this article, you can maximize your space, automate your system, and maintain your business for years to come. As your business grows, make sure to keep expanding to meet the needs of your customers.