There are numerous business ideas flying all around us; business ideas that can grow to become a global phenomenon. The truth is that, no entrepreneur can be stranded if they are willing to explore the business world. If you are looking to start a business of your own, then you can consider starting a valet parking service.
Valet parking is a parking service that is common in places where people find it difficult to locate parking slots due to the number of vehicles in the car park. Here is the way a valet parking service operates; once you drive in, you are expected to hand over your car to a person called a valet who helps you locate a parking space and then parks your car for you. Normally you are required to pay a fee for the service. On the other hand, the organizer of the event or owner of the facility you are visiting may have paid on your behalf.
Normally, an organization can choose to run their own valet parking service or contract it to a third party provider. As a business person seeking to start a valet parking service, you would fall under a third party provider. So, all you need to do is to negotiate with the owner of the facility you are expected to service; you could agree on your terms of payment. It is either the organization pays you for your service or you get paid by individuals for their services.
Now if you are interested in starting your own valet parking services, then you will find the following surefire tips very useful;
Starting a Valet Parking Service – Sample Business Plan Template
1. Conduct Your Feasibility Studies
There are countries and areas where valet parking services thrives and there are other places where such service is not generally welcomed. Thus, in other to start your own valet parking service, it will be a wise decision to conduct your own feasibility studies to find out if a valet parking services will be needed in the location where you want to start it and all that you would need to successfully launch your own valet parking service business. You can also talk to various facility managers, owners of shopping malls, busy restaurants, casinos and bars, cinemas, stadiums and also managers of airports, sea ports, et al to know their expectation from a valet parking service company.
2. Draw up Your Business Plan
If you have successfully conducted your feasibility studies and you are satisfied with the report you got, then the next step to follow is sit back and draw up your business plan. Your business plan for a valet parking services should capture your strategy on how to source for business deals, how to effectively manage the business, your recruitment strategies and also accounting control system. The truth is that if you have a good business plan in place, you can be rest assured to run a successful valet parking service.
3. Secure an Office Space
You would need an office space to operate from if you want to start your own valet parking service business. You need an office where all your administrative jobs will be carried out and also a place where your potential clients can visit to discuss business. So, ensure that you secure an office space in a nice location that is easily accessible. You don’t necessarily need a big space for this type of business, as a matter of fact, if you don’t have enough cash, you can as well start from your home.
4. Purchase the Appropriate Insurance Cover
Valet parking services involves a lot of risk and as such you must be well secured to be able to run this type of business. The nature of the business makes it prone to risks – as a matter of fact, a car can get damaged in the process of trying to park it. So, you must ensure that you discuss with your insurance broker to advise you on the most suitable insurance cover to buy. If you don’t have an insurance cover for this type of business, you might end up paying huge amount for damages and that will negatively affect your business.
5. Source for Contracts
Once you are able to successfully setup your own valet parking service, then the next thing to do is to go out there to source for contracts. There are loads of organizations that may need your service. You can approach owners of shopping malls, casinos and bars, cinemas, hotels, stadiums and also government facilities like airports, and sea ports, et al to market your services. In some cases, you might secure a deal where the owner of the facility will be responsible for your payment for the services rendered or you could secure a deal where the owners of the cars will be responsible for your payment. Just ensure that the contract is favorable to you before accepting it.
6. Hire Reliable and Competent Valets
Starting a valet parking service means that you would need reliable and competent valets (drivers) who will be responsible for helping your clients park their cars. It is important to conduct proper screening when recruiting valet to avoid employing people with criminal records that will likely put you into trouble. The fact that the car to be parked and all the valuables inside are committed to a valet for a period of time makes it mandatory to conduct security check before employing them.
7. Train and Equip Your Valets
After you must have recruited your valets, you must endeavor to make provision for their training. Training your valet should not just cover only on improving their driving skills, but also their customer service skills and interpersonal skills amongst other trainings. You are also expected to equip your valet with your company’s uniform and also a safe for keeping keys.
In order to successfully operate a valet parking service and make profits, you must install a reliable payment structure in place – everyone who makes payment either in cash or via POS must be issued receipts.
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