Things to Consider When Opening a Parking Garage Business

You might be thinking that opening up your own parking garage business is a good idea. Well, it is if you take into account these key things.
parking garage business

Parking garages are one of the most necessary, yet often neglected parts of a town or a bustling city. It is a source of comfort, it creates joy, and establishes stability and security for car owners who need a safe place to leave their cars while they’re off to earn a living. That’s why you might be thinking that opening up your own parking garage is a good idea. Well, it is. However, it can be a bad one, too if you don’t plan well enough for it. If you think it’s that easy to build a lasting and profitable parking garage business, then you’re sorely mistaken.

So in this article, we’ve listed down a few important considerations when starting a parking garage business.

Finding a Good Lot

Probably the most important consideration when starting a parking garage business is actually having a space that allows for parking. This will depend on your budget and how big of a market you’re looking for. Fortunately, if you have a spare lot near a business district, you just need to figure out if you want a simple parking lot or if you would rather have an elevated parking space or an underground one. There are many options to choose from but you have to first determine just how big of a piece of land you can use and how much budget you currently have.

Determining All the Tools You Need

Once you’re all set with the land for your new business venture, you must understand that parking lots do need a few pieces of equipment, too. Tools needed in parking lots are mainly used for security purposes and payment options. An example of which is your ticketing system. A lot of parking spaces still hire people to man their ticket booths. But others now use automatic systems to collect payment depending on how long a client’s car has been parked in a certain area.

Meanwhile, there is also other parking equipment that can be operated remotely 24/7. Meaning, human interaction is almost never needed during these times. But, of course, such systems are pretty expensive so I suggest you focus on other things first before investing in such equipment. If you’ve already regained your capital and you’re on the market for innovation, then that’s the time that you could give this more thought. 

Understanding the Legalities

The good thing about parking lots is that they are still considered private properties. This means that the local police normally doesn’t have jurisdiction over them. You can even make your lot a bit flexible and offer to hold a few events in them during off-peak times.

Despite this versatility, you must be fully aware of all the laws that govern the business of owning a paid parking garage such as the accessibility code and specific business laws.

Getting Your Business Insured

Whether or not your state requires you to get your business insured, it’s vital that you prepare for unwanted situations, especially since you are in the business of taking care of somebody else’s possessions. A damaged car in a parking lot speaks volumes and you’d definitely take a hit if it happens. You may get general liability insurance to prevent such issues and keep you and your enterprise free from unnecessary worry. 

If you’re not that knowledgeable when it comes to insurance policies, perhaps it’s best that you seek professional help regarding the matter. 

Marketing Your New Business

Now, even if you’ve got a really nice place for your parking business, that doesn’t mean you won’t have to do some advertising and marketing. These days, the best way for parking lot owners to attract customers is through partnering up with a parking management company that makes parking convenient for motorists and profitable for you. 

At the same time, you can still do a bit of advertising for yourself through social media and word of mouth associations by making sure that your service is top-notch. You can even hire an assistant to help you with your more menial tasks just so you can focus more on your marketing. This means that you should be able to offer a flawless customer experience each and every time.

After reading this list, you might think twice before trying to start a parking business but don’t feel discouraged. This article is meant to equip you with the most basic requisites you need to start the biz. So gather up your courage because it’s about time you get this business started.

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