Starting your own business can be one of life’s great adventures. If you have the dedication, passion, know-how, and support, you can embark on this challenge with the confidence that you can make your chosen business a success.
Picking the right field for your new business is a big decision and shouldn’t be made lightly. Exploring multiple possible business ideas is always wise, but perhaps one of those possibilities you are considering is that of a car parking business.
Car parking is a modern essential for any urban area. With street space being limited in many areas or parking on the street prohibited, car parks are an essential service in any town or city. If you are thinking of starting up in this industry, we have some hot tips for you.
1. Business Plan
The first step before embarking on your new business is to make a well-thought-out business plan. This key to working with investors and other backers and an effective business plan should prove that your chosen business is visible, has the potential for return on investment, and has a clear path to follow when moving forward with starting your new business. Jeff Haden at Inc.com outlines here how to write the perfect business plan, following his steps is a sure-fire way to get your business started with a clear and well-structured business plan.
2. Funding
When starting any new business you are going to need capital to get started. Whether small or big, you must have the funding to get your business off the ground and sustain it until it turns a profit. After outlining your financial projections and start-up costs, you should know your funding target. Following advice from experienced professionals is always a good idea before seeking funding, sites such as career experts can help you get the advice and information you need when starting a business. There are multiple options for finding the capital you need to get your new venture started. If you have the savings or funds available you can self-fund your business, however, this comes with significant risk and puts the financial burden solely on your shoulders, you should be very confident of the viability of your business if you are going to put in your own money. If you qualify for a commercial loan, you can find low-interest loans that are designed to help new businesses. Although still coming with risks, a loan can be an effective way to start your business if you have a clear plan for loan repayments and confidence in your profit possibilities. Finally, you can work with investors that will require equity in your company. Your business plan is key to convincing investors that your business has potential for return on investment and profit-making in the future. Working with investors is a great way to secure the capital you need without taking on all the risk personally but make sure you are clear and transparent about the progress of your business.
3. Location
Location, location, location. For a business such as car parking, the location could not be more important. Before you sign on a property, you have to be sure that it is the right place for your car park. Make sure to consider there is enough traffic flow, it’s in a high demand area, that there is no immediate competition nearby and that the structure or space is suitable. You will have to make sure to secure a solid commercial lease that will give your company the insurance and freedom to get your company started. Commercial leases can be very complicated. There is a lot of information online that can help you, Jennifer Post at Business News daily outlines what you need to know before you sign a commercial lease. Once you are confident of the location, have a solid contract and have secured your licences and permits it’s time to plan out your car park.
4. Planning
Before you start construction on your car park it’s important to have a well thought out plan. You need to consider the space and flow of traffic, consulting an architect or car park expert is a smart idea to make sure your car park is effective. Thoroughly researching the materials and structures you need is always wise. Using industry professional services from reputable companies will help you select effective and aesthetically pleasing materials. For example, professionals at Deckmaster have implemented innovative design and modern materials to create some impressive car parks and it is worth looking at existing car park projects for research and inspiration. You should design your space to accommodate the maximum number of spaces while giving enough room for parking manoeuvres, and a clear flow for the traffic in and out. You may also consider specialized parking spaces for disabled, extra-large or motorbikes, and making charging points for electric and hybrid cars is a great way to support sustainable energy vehicles.
5. Safety, Security and Staffing
Working with motor vehicles always comes with risk, the danger from fires is a concern you should take very seriously, designing your car park with effective fire escapes, alarms, sprinkler, hoses and extinguishers is essential. There will be commercial fire safety standards you will have to meet, but there is no reason to not go further to ensure the safety of your customers. As a car park owner, you are responsible for your customer’s property, ensuring high security is important to give your customers peace of mind and to avoid anyone becoming the victim of crime. Security cameras, motion detectors, alarms and effective entrance and exit systems are essential to your car park and should be an area of thorough research planning and implementation. To make sure your car park is both safe and secure it is important to have capable and well-trained staff. Making sure your security systems are manned by well-trained professionals and that all your attendants have received the relevant safety training such as first aid and fire is important to help you avoid any harm to your customers physically or to their property.
Following these tips will help you get off to a great start when you are embarking on a car parking business. There is a huge potential for making a successful and profitable business, so do your due diligence, work with professionals and take the safety and security of your customers seriously and you will be on the path to success in your new venture.