How to Start a Parking Garage

Like self-storage facilities, parking garages are an excellent way to make money out of empty space. The low maintenance and capital costs of a parking garage coupled with its long money-making lifespan make it a great cash business. Follow some steps to start your own parking garage.

Instructions

1. Find the right space. The ideal situation is to find an existing structure to buy or restore, rather than building a parking garage from scratch. If you do need to erect a structure, keep it safe and simple in the beginning; later profits can be used to expand the garage's capacity.

2. Keep in mind that parking garage is real estate and, with real estate, only one thing counts: location. An enormous, multi-level garage located where there aren't any parking issues is a complete waste of money. A busy downtown area provides a supply of customers but also raises costs. Look for an up-and-coming neighborhood where traffic is increasing and parking regulations are tightening to start a successful garage.

3. Get insurance. Your parking garage will need a limited liability insurance for damage or injury caused by the structure or its employees. You should consult with a lawyer to find out about limiting your business liability as well.

4. Install a closed-circuit camera system. One of the worst things that can happen to your parking garage business is a spate of auto-theft or other crime. Keep the garage monitored and well-lighted to ward off potential crime and give your garage a reputation for safety.

5. Hire staff or install an electronic ticketing system. Initially, you will probably need to hire staff to make sure that everything goes right with the ticketing system. Eventually, glitches can be cleared out but until then you need a person on premises to make sure everything goes smoothly for your customers.