Looking for a New Business Idea? Consider Paid Parking Lots

If you want to enter the entrepreneurial world, but haven’t decided what to do, how about parking lots? Launching a parking lot business could be the best thing you do this year, given the growing number of cars that need places to park. For the biz to be a success, though, you’ll want to consider a few things.

Find the Right Lot

Yes, you’ll need a parking lot. Location is crucial here; pick a lot that has steady traffic, so you’re sure the spaces will fill up regularly. Also, check how easy (or not) it is to drive in and out of the lot.

Ideally, you want to own a parking lot that is easily accessible and in a busy area of the city. Once you find one you like, look at its cost and whether you’d have to change anything construction-wise about it as changes can be pricey.

Security Measures

Congratulations on finding the premises! Next up, secure the property. Unfortunately, parking lots can be a target for vehicle break-ins. Protect your customers as best as possible with effective LEpro LED parking lot lights.

The bright illumination is sure to deter those who have crime on their minds. It will also deter strangers from dumping trash into your bins if you have any on the property. Along with lighting the lot itself, also ensure stairwells are lit up, if applicable.

Additional security options are hiring guards to patrol the area, as well as live monitoring. A security gate is also something to consider.

Proper Insurance

Never forget insurance for the site! Get full general liability coverage, as well as premises liability, in case any customer gets injured on site. This consideration is part of smart business planning.

While you might think that’ll never happen, the reality is that you just never know what is in the future, and it’s not wise to risk your assets. If they were to sue your company and you don’t have insurance, that could be a one-way ticket to bankruptcy.

Figure Out Prices

Finally, determine what you will ask customers to pay to rent spaces, both for monthly and annual rates. Also, will there be hourly and day rates available?

Another consideration is whether to increase rates for evenings and on weekends. Some but not all lot owners do so.

Starting a New Business

If you’re looking for a new venture, a parking lot business could be right for you. If you’re not sure if it’s a good fit personally, why not try working for a short time as an attendant to learn more about the way the business works?

If you’re still interested, then begin the entrepreneurial journey by doing your homework to find a suitable premise. Be sure to have insurance, as earlier discussed.

Remember to advertise the lot to businesses close by, as well. Let them know you’re open and even offer a special rate for the first month to those who work in the neighborhood as a way to attract attention.

Determine reasonable pricing for customers and secure the lot properly. We are wishing you all the best with this fantastic opportunity!

Why Your Business Relationships Are The Key To Your Success

Image by Gerd Altmann from Pixabay 

Good relationships in business can help you make decisions faster; strong relationships can help you overcome and avoid problems with more agility than your competitors; and time and energy invested into building strong relationships allow you to improve profit margins. It's important to have good relationships for a number of reasons:

It Can Make You More Reliable

When you rely on suppliers or vendors or partners in your business, then having a good relationship with them is vital as you need to be able to rely on them so your customers can rely on you. Their timely deliveries are crucial to how customers view your reliability. A quick turnaround can become the key to minimizing your inventory, which in turn, translates to less risk of inventory obsolescence and lower cash needs.

It Can Give You The Competitive Edge

Strong relationships can give you the one-up on your competition based on their pricing, quality, reliability, technological breakthroughs, and knowledge of industry trends. For example, if you have an IT consultant, you can benefit from their expert knowledge and work together to improve your processes.

Spectrum Wise, for example, will develop a personalized roadmap to help you make strategic decisions so you can get the most of your IT investment. They will streamline your processes to increase productivity and reduce expenses. You can find out more about them here: https://www.spectrumwise.com/worry-free-solutions/it-consulting/ 

Innovation

Suppliers can make major contributions to new product development or service. Remember, they live their product more than you do; they're working to be on the cutting edge of innovation. The good ones will understand your company, its industry and needs, and can help you tweak your new idea.

Finance

If you've proven to be a considerate, loyal and paying customer, you may be able to tap into your suppliers for additional financing once you hit growth mode-or if you run into a cash crunch. That financing may take the form of postponed debt, extended terms on new purchases, a loan, or an investment in your company.

Now that you know the benefits of good relationships, here's a few pointers on how to cultivate them:

Diversify your network

Push yourself out of your comfort zone and get out there and meet people beyond your immediate circle. Then seek out relevant people from unrelated organizations, such as media and government, and get to know them too. 

Spend quality time on key relationships.

Spend time with your most important customers, your most productive employees, and leaders who can make the most difference to your organization. These relationships will generate returns in the immediate future and in the long run. 

Renew and reshape your networks frequently.

It's important to look at the relationships you have, and you need to work on them to keep them. However, you also need to identify new relationships that are vital to the future of your business. Good relationships empower you to confidently and aggressively take risks, continually innovate, and bounce back from setbacks along the way. You can't run your business alone.