How to Run a Parking Lot Business More Efficiently in 2021

If your parking business is struggling to earn customers and profits, understand the importance of efficient operations for your business. Efficiency is essential for boosting productivity and revenue while saving money, time, and effort.

Discover methods for running your parking lot business more efficiently in 2021.

Analyze Your Current Business

Before you begin improving efficiency, analyze your current parking business. Understanding the overall structure, success, and shortcomings of your system allow you to proactively change your business for the better.

Generally, a parking business’s operator or manager is responsible for providing a monthly report regarding revenue and expenses. A comprehensive view of your overall revenue includes information about monthly parking, visitor parking, validated parking, and miscellaneous revenues.

A description of your business’s expenses includes items related to labor, insurance, facility payments, and much more. Information gathered from the monthly reports informs you of the average number of people using your parking structure as well as the amount of money you’re earning.

Once you’ve analyzed your financial situation, examine the overall layout and procedures for your parking business. Specifically, investigate entry and exit methods, guest services, and parking structure appearances. Reviewing your business’s situation assists in recognizing specific areas for improvement.

Analyze your business’s current state regarding finances and procedures to begin successfully altering your parking business.

Choose Efficient Designs

A parking business’s efficiency is rooted in design. Understand the different design and layout decisions to build a productive parking structure or improve your current parking business.

Parking Lots vs. Parking Garages

Parking structures, specifically parking lots and parking garages, are profitable investments; however, certain structures cost more to build and maintain than others, meaning more startup capital is required.

An average surface parking lot costs around $10,000 to build whereas an average multi-level parking garage costs about $9,750,000 to build, ranging anywhere between $7,500,000 and $12,000,000. If you’re starting a parking business and considering structure options, surface parking lots are significantly cheaper investments to save money and still earn excellent profits.

Parking Spaces

The orientation of your parking structure’s spaces impacts overall efficiency for cars entering and exiting your facility. Two primary options are available for parking spaces: Angled parking and straight parking.

Angled parking spaces provide easy parking for users and ample room to fit more spaces per square foot; however, angled parking only allows one-way traffic lanes. Straight parking is excellent for two-traffic lanes and parking variations, but spaces require more square footage.

On average, straight parking spaces are considered more efficient because they’re suitable for two-traffic lanes. Evaluate your current situation to discover the best option for your parking business.

Improve Security Measures

Improve security measures to enhance the success of your parking business. A monitored parking structure allows customers to feel safe and secure, leading to people returning to your business.

Inexpensive and simple methods for improving safety include installing security cameras and upgrading to quality lighting. Additionally, consider hiring security personnel to increase your efforts. Each security measure assists in reducing theft and violent crimes from occurring to protect your customers and employees.

Enhance safety and security at your parking structure to earn loyal customers

Implement Parking Technology

Implement advanced parking technology to improve customer experiences and overall efficiency.

Payment stations are excellent areas to incorporate technology. Typically, payment stations are operated using a self-ticketing system or controlled by a cashier. Self-ticketing systems, specifically automated pay stations, accept payment, supply receipts, and release tickets to essentially replace cashiers. Automated pay stations are easy for customers to use and allow you to save money on employees.

Another method for implementing technology is access control. Normal gates and barriers are able to control who enters and exits your facility, but it usually causes delays in productivity. Forms of automatic vehicle identification, such as proximity cards, are excellent options for parking businesses with regular customers or members. Automatic vehicle identification recognizes a vehicle when it approaches and allows the car immediate access to save time.

Parking technology offers numerous options for boosting the efficiency of your parking business.

Recruit Parking Management Services

Recruit parking management services to substantially boost the efficiency of your parking business. A management service provides business ideas, improved security, upgraded technology, and amazing guest services to enhance your parking business and earn greater profits. Parking management services operate in a variety of industries, including:

  • Residential
  • Commercial
  • Hospitality
  • Healthcare
  • Airports
  • Universities

Regardless of the type of parking business you own, parking management outsourcing to Pro Park instantly improves your business’s efficiency.

Guarantee success by understanding methods for running a parking lot business more efficiently in 2021.

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