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"Valet Parking Service Business": How to Get Started

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Becoming a valet parking service owner can be a great venture for both first time and veteran entrepreneurs alike, and the business offers excellent profitability potential with minimal startup capital needed. You can provide service to malls, hospitals, convention halls, and special events and parties. The entry barrier is also quite low as you'll only need basic driving (if you're planning to drive yourself) and necessary management skill.

However, the competition can be tight, so you'll need extra hard work to win clients at the beginning. But when you're established with a great reputation, you can easily expand to more venues or locations.

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Interested to open a valet parking service?
Here are some tips to help get you started.

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1. Startup Cost
The business can be started with below $10,000, as your only main expenses will be labor cost, uniform and a liability insurance. The time and skill investment needed is also relatively low compared to other service business. However, this also means that competition can be though as more people will be interested in this business.

2. Insurance
As you'll be dealing with other people's vehicle, and can be luxurious ones, liability insurance is a necessity, and will be one of your biggest expense for the business. Make sure you research all your insurance option and get the most out of it. The essential factor for considering your insurance provider is whether it cover third-party liability and the terms surrounding it. Make sure you're open to your insurance provided about your valet parking plan so that it won't cost you problems in the future.

3. Choosing your Driver
As this business will be labor-heavy, you should be careful in choosing your drivers. Make sure they are all reliable, professional, honest, and most importantly have a valid driver's license. Also, manage your labor costs as healthy as possible to ensure healthy profit and growth.

4. Marketing
You can market your service to shopping malls, hospitals, events and party organizer; trade shows, and many more. You may need to write a professional business proposal. Research the current market to understand the competition better, and adjust your strategy accordingly.

5. Pricing
Research your current competition to get a clearer picture of the average price for your locations. Sometimes, creating more value is better than lowering price. Be creative, try something new like combining your valet service with car cleaning service. Even having friendlier, more professional drivers are sometimes enough to create a difference. On average, valet parking service usually charges $50-$70 per car.

Earning Potential

Valet driver's national average pay is around $9 per hour, while most valet parking service charges $50-70 per hour. As we can see, the potential profit margin is very healthy in this industry. By expanding to more venues or events, you can also scale the earning, and thus profit potential.

If you can get a deal to be the sole valet parking service of a crowded shopping mall or other venues, your earning can be very high with hundreds of potential customer every day. The key to this business is to find clients and build healthy, long-term relationships with them.