For people who worry about where to park their cars before they travel in a cruise, here is a chance for you to make their life easier. They often find it difficult to park their car especially if they are in a hurry.  To alleviate some of the parking woes near the harbour, you can think of starting your own car parking business close to the cruise terminals.  Car parking lot business is a lucrative source of income. However, if you have doubts as how to initiate and make it successful, you have landed on the right page.

Car Parking Business

Factors essential to start your car parking business near cruise terminals:

 1.       Write a business plan:

A well-structured business plan ensures the success of a car parking lot as a business. It highlight the details of how to make a profit. Business plan will access both the opportunities and threats for your business and how they can promote or hinder the success of your venture. Most importantly, determine how you will develop and expand finance.

2.       Find funding:

First of all collect information regarding the average selling price for parking lots in the area where you want your parking lot to be located. Talk to a loan officer or credit union to find out whether you have enough credit scores to qualify for commercial loan that can cover the initial costs of your business. You can find a few small business administrations that offer low-interests loan specially designed to help new entrepreneurs to get their venture started.

3.       Find a location:

Hire a real estate agent who can help you find a commercial property near a port to purchase at a cheap rate. It is for certain that parking lot near a harbour is always in demand as often traveller finds in difficult to find a suitable place to park their cars. However, square away any legal issues as you might have to pay certain licensing fees or taxes.

4.       Plan your specifics:

Determine whether you want to lease spaces to tenants on a monthly or yearly basis or if you want to rent out the parking area at either an hourly or daily rate. Most importantly, decode on the price you want to charge people at the parking lot. However, make sure that your price is reasonable, yet decent enough to cover your expenses and effort.

5.       Organize the parking lot properly:

Consult an architect to assess your parking lot. They specialize in designing parking lots to ensure all your requirements are met. It is important to check that your lot has maximum number of spaces based on its layout and size. If required, resurface the lot and paint the line to clearly divide each space. If you plan to rent out spaces, it is better to add numbers to each space as that would help tenants find and use their spaces.

 6.       Ensure safety and security

Install security cameras to monitor the lot. In addition, pass code gate or attendant at the entrance of the car parking lot will help to keep out people who don’t have authority to park their cars. You can also hire security guard who can closely monitor the parking lot especially when the travellers are enjoying in the cruise. You are solely responsible for the security and safety of others assets.

7.       Insure your parking area:

Obtain liability insurance to protect your car parking business.  The insurance will cover your business from damage to a person’s car while they are parked in the lot. Additionally, you can consider placing signs around the parking lot and also have people who want to use it sign a release of liability form.

8.       Promote your business:

It is important to advertise your car parking business to expand it further. Purchase sandwich board signs and set up at major intersects especially during special events to direct people to your parking lot. Moreover, you can ask concert venues, local sport arenas and conference centres to post your business information on their website to grab the attention of the viewers.

Depending on the parking type you choose and the cruise line, there are a few additional services available including car valeting, engine maintenance, meet and greet and fuel top up services as an added advantages for your new venture.