A parking lot business is a profitable endeavor especially in busy areas with limited parking space. You can turn an already existing area or turn a completely different one into a Lakeland parking lot paving. You can earn a steady stream of profit that you save for retirement or invest in other business ventures.
Find a Suitable Lot
Look around your neighborhood. Are there any vacant lots that you can use for your planned parking area? You want a vacant lot that’s near busy areas such as office buildings, grocery stores, hospitals, and restaurants.
You have to check the zoning rules of the city or state you are in. Also, check how many parking spaces you can fit in the lot. Can you fit in 100 cars in there? Depending on the size of the space, you can earn hundreds to thousands of dollars.
Invest in Technology
Invest in a ticketing system with a timestamp so you know how much you need to charge your customers. This is for the hourly charge. You can also offer to charge them on a per-month basis. Another option to keep tabs of your charges is to hire an attendant who will receive payments before and after exiting the parking premises.
Be Fully Insured
There are two types of insurances you can get for your business: full general liability insurance and complete operations insurance.
The first one, which includes premises liability, covers customer injuries and damage to their vehicles. A complete operations insurance is recommended for possible litigation and settlement costs if your business is sued by someone.
Pay The Right Taxes
Check your state laws on the right taxes to pay. Some states require a commercial parking lot owner to pay 12.5% tax on the total parking fee. You can include this in the parking fee provided that it is clearly stated through signs in your parking lot and also the parking fee receipt.
You need someone to give the ticket to those entering the Lakeland parking lot paving. Someone else should receive the payments, account for the total profit that day, keep the parking lot well-maintained, empty the garbage cans, and make sure that the automated parking ticket system is working properly. Buy uniforms for the personnel so your customers know they are dealing with the right people.
Take a look at how much other parking lots are charging for their spaces. Try to make your fees competitive by not asking for too much and not charging too less. You can charge a higher rate for special events and during weekends and holidays.