Thinking about opening a parking business? We tell you what you need to know to get started.
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Characteristics of a Good Parking Company Business Plan
Every business plan is unique. However, the most effective business plans do address specific sound business plan elements:
- Mission Statement – Your description of your parking business's reason for existing.
- Goals & Objectives – The end results of your company's business activities.
- Financial, Marketing & Action Plans – Each of these plans covers a specific aspect of your parking business's strategy and direction.
Evaluate the Competition
Long before you open a parking business within your community, it's worthwhile to find out how strong the competition is. Use the link below to get a list of local competitors nearby. Just enter your city, state and zip code to get a list of parking businesses in your community.
Gain a knowledge of how existing firms have positioned themselves in the marketplace, and then design your business in a way that sets you apart from the others.
Getting Advice from Experienced Entrepreneurs
Once you've finished assessing the competion, the next step is to have a conversation with someone who is in the business. If you think your local competitors will give you advice, you're being overoptimistic. What's in it for them?
Fortunately, somebody who runs a parking business in a location that is not competitive to you may be willing to share their entrepreneurial wisdom with you, given that you don't compete with them in their area. In that case, the business owner may be more than happy to discuss the industry with you. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
Where can you find a parking business entrepreneur that lives outside of your area?
Easy. Find them using our link below and start calling until you are successful.
Top Three Reasons to Buy an Established Parking Business
For years, street-smart entrepreneurs have known that whenever possible, it's more advantageous to buy an existing parking business than it is to start one from scratch.
Due diligence and other business buying requirements are essential. But there are several reasons why buying a parking business may still be your best bet.
- Proven Profitability. Startups struggle to bring in revenue right out of the gate while existing businesses usually have a steady stream of income.
- Operational Efficiency. Existing businesses are established operations, with the necessary processes, people and other resources already in place.
- Capital Acquisition. In general, it's easier to finance an existing business than it is to fund a startup. While a startup only exists on paper (initially), established businesses have the benefit of historical earnings statements and tangible assets.
Consider Buying a Franchise
The probabilities on your thriving in your new business are much greater if you buy a franchise and benefit from the prior work of others and their lessons learned.
Prior to making the decision to open a parking business, you should investigate whether franchise opportunities in your space might make it easy to get started.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you already are in business and came here to learn about growing an existing parking business, these resources will come in handy:
If you came here to learn about selling to parking businesses, this isn't the right place for you. These resources are more appropriate for you:
If you are still exploring all of your options, please browse our directory of guides below.