How to Start a Parking Lot

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2042

According to recent data, people spend 17 hours a year driving around looking for parking. It can be incredibly frustrating to arrive at your destination only to waste half your time looking for someplace to park.

Now you’re late, angry, and probably didn’t even find a very good parking space.

If you can relate to this, and you’d like to help alleviate this problem, you may be considering opening up a parking lot. There are some things you should know before doing so, and we’re here to help out.

Keep reading below to get started.

Create Your Business Plan

No matter what type of business you choose to create, a good, well-thought-out business plan is required.

To create a business plan for a parking lot business, you’ll want to consider the main aspects first. You’ll need to name your business and figure out how to market it. Look at your financial situation and create tangible money goals.

You’ll also want to have a section with broad goals for your business to help it run efficiently. Frequently look to your business plan and update it as your parking lot business grows.

Choose a Location

Next, you’ll need to choose the location in which your parking lot will reside, which is perhaps the most crucial step. Make sure to take your time and do your research before investing in a property, as the location could make or break your business.

While looking at the various sites, ensure there is enough traffic flow by the property your choose.

Ideally, you want to find a property close to a downtown area or around shops and entertainment. Areas close to convention centers are highly desirable.

If you can, talk with people passing by and local shop owners. Ask them if they think more parking is needed and where they would like it to be. You want to find a spot that is convenient and easy to use.

Next, you’ll want to look into zoning laws and land prices.

Calculate the Costs

Paving a car park is a bit pricey, as doing it right requires calling in professionals. You want to pave your lot correctly so it won’t crack and break in a few years.

The bigger your lot, the more you’ll pay, but expect the average to run between $2.50 and $7 per square foot for material and labor.

You’ll also need to obtain a construction permit and comply with all local standards.

Hire Staff and Security

Now it’s time to consider hiring staff for your parking facilities. Of course, you’ll need to hire parking lot management and at least one cashier to manage the money.

You’ll also need to hire 24/7 security—the more security, the better, especially if you are located in a busy place.

Along with this, you’ll want to hire parking lot sweepers to keep your lot clean. If you have a larger lot, you may also look into hiring valets to take care of the car parking.

Start Making Money From Your Parking Lot Today

Starting your own parking lot is easier than you may think, especially if you have the money to get you going. Just make sure to plan it out first, do your research, and choose the best location possible.

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