Everyone wants to start a business right now either to boost their depleting income or to save themselves from having to go to the office when there’s a coronavirus threat. Are you thinking of starting a Lakeland parking lot paving business? If you are, know that it’s the same as planning for any kind of business.
The first thing to do is to map out the startup and ongoing costs, target market, prices of the services, and name of the business. These are the important things you have to figure out during the planning stage of the parking lot business.
If you inherited a vacant lot that you can turn into a parking lot, then you don’t have to worry about acquiring a property. If you do not have a spare property for the business, you have to rent it from someone else. The rental costs involve the down payment, deposit, maintenance, and ongoing costs. You’ll probably have to sign a contract for two years or more, and put a down payment and deposit for the property.
In some smaller cities, you can start a Lakeland parking lot paving business for less than $10,000. An indoor garage is more expensive, as is a multilevel parking garage that requires an elevator. The ongoing costs of maintaining a parking lot business are as follows: rent, wages, taxes, utilities, insurance, and supplies.
Where is your business located? The first thing you should determine is the kind of people you are going to market your business to. Are they urbanites? Are they parents? Parking lots are profitable during peak hours. Your fees and charges will also depend on where your parking lot is located, and how many customers you expect to need it.
How much will it cost to park for an hour in your parking garage? Check out nearby prices so you will be competitive. In rural areas, a parking fee of $1 to $2 per hour is common. But in bigger cities, a flat rate of $20 is also possible. In New York, many paid parking lots charge $15 per 15 minutes or up to $60 per hour.
Think long and hard about the name of the business. Don’t just choose a name out of a whim. Make sure that the name will connect either to the place or to your customers. Check if the name is already registered. You can also do a trademark search to make sure your Lakeland parking lot paving business won’t have the same name as other businesses.