How to set up a parking business

A parking lot or parking business is a project that today makes excellent profits, since parking on the street is totally limited. Giving an opportunity to those entrepreneurs who want to start their own business, and the good thing about parking is that large buildings are not necessary, it can be set up on an outdoor lot and with time it can be expanded.

Parking businesses are usually in places where it is impossible to park on public roads, be it central places, shopping centers, near airports, hospitals or near events where there are large crowds. The good thing about the parking business is that you don't have to own the property, as you can choose to rent the property and manage it yourself. It is a good opportunity for those entrepreneurs who do not have great capital to invest.

Who is the parking business for?

The parking business is for all entrepreneurs who want to invest in a rental / lease or purchase a parking lot, and who are looking for a high rate of return in the long term and a stable business in the future. If it is what you are looking for, then it is your ideal business.

What is work like in a parking lot business?

Once the parking business is set up, there is not much to do, since it is an automatic business. Where the main concerns of the employer is the hiring of employees so that they can assist clients, manage earnings and keep daily records. After that, the only thing left is to keep the place in top condition and look for monthly clients to cover fixed expenses.

How does a parking business make money?

All parking businesses make money by temporarily "renting" the vacant spaces with vehicles, which pay an hourly, daily or monthly fee. Parking lots are very profitable during peak hours, where cities are saturated with vehicles, either because it is a central location or because there is an event.

Is there growth potential for a parking business?

Although it may not seem like it, a parking business has great growth potential. Many homeowners start out with just one parking lot and eventually manage to buy other lots and even private building parking lots. Well, like any business, you need planning, and if this is viable, it is more than certain that success will be achieved.

Skills and experiences to consider for a successful parking business

To achieve a successful parking business you have to identify the real opportunities where a parking lot can really work. Therefore, you have to analyze all the situations and determine the potential demand and calculate the income to see if they can cover the expenses. If the income highly exceeds the monthly expenses, it will undoubtedly be a success.

How much does it cost to open a parking business?

The costs to start a parking business include the rental or purchase of the place, the necessary equipment such as transaction machines, security cameras, ticket generator, computers, etc. Keep in mind that garages with more than one story will be much more expensive to maintain. But to get a basic idea, with USD $ 10,000 you can set up a parking lot in a simple lot with a roof + your registration with the municipal authorities and if we want something bigger, the costs will already double.

Promoting the business

Parking lots depend primarily on location, so you don't need any advertising to capture customers. Something that helps attract customers is an attractive price and offering a sophisticated place using automatic car parking system.

As in any business, you have to take some strategies so that customers return, and one of them is to give away discount coupons or to give away parking hours. If the user has to return to the same area, they will undoubtedly return to the same parking lot.