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Parking for Cars, as a Business: "How and how much can You Earn?"

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Almost 500 million cars in the World need a place to park when they are not in use. Have you ever thought about the business idea behind this revelation? Parking lots for cars are part of our life. We can’t live without them; one of the main reasons you will find them everywhere.

Take a closer look at how you struggle to find a place to park in a big city or when there is a major event like a concert. You can turn your daily struggles as a consumer into an advantage by starting a parking lot business.

How much can you earn?
How much you can make by opening a parking lot business depends on the size of the parking lot and how much effort you dedicate towards the business. Basically, you will charge your customers for parking their cars in your parking lot. You will charge them based on the market supply and demand.

For instance, taking all the above factors into consideration, you can make up to $6,000 a month by operating one parking lot with 20 spaces. This is possible if you are charging each customer $10.00 a day and the spaces of your parking lot are occupied throughout the month.

The most covetable parking lots tend to be in city centers, but sill you can make enough money elsewhere. To get a rough idea of how much you might be able to make while operating a parking lot, there are several online tools that you can use to get quick estimates.

How much money is required to start the business?
The cost of opening a car parking lot business varies depending on a number of factors such as the cost of renting a space, local tax taxes, property taxes, insurance costs, workers’ salaries and other factors. For instance, if you are renting out space, you will spend more than when you would have used your own space.

The cost of opening a car parking lot business will also depend on the type of equipment required. If you plan to use a ticketing system to charge your customers, you will need to dig deeper into your pockets. Another option is to hire someone to collect payment from customers f you don’t intend to operate the business yourself. So at first, you will need to set some money aside to pay your parking lot attendant. These expenses go towards the cost of starting a parking car business.

So roughly you will need around $10,000 to start a 20 space parking lot.

Recommendation!
Learning how to start and operate a car parking lot business requires you to conduct extensive research. It also requires you to come up with a business plan with attainable goals. When opening this type of business, you will also need enough capital to open and keep the business running smoothly. Conducting research, coming up with a business plan and obtaining the cash needed will guarantee you success in your business.

Decide how much money you can raise or set aside to help you start a parking lot business. Don’t be tricked into borrowing if you don’t know what you are getting into.