In recent days, choosing the most valuable and uncommon business to start has become a tedious task entrepreneur like you all. But intense research about various businesses in the market could give you better ideas on where to invest your financial material. Going with the research and analysis, parking lot striping business have ranked one among the top businesses which run with low investment.
There are various reasons to choose this as your main or side business. The very first one is the irrelevance of an office. This absolutely means that your administration costs are completely eliminated in this business. All the orders work as a contract and the need for office work is extremely less.
It is definitely not a fault to have office in case you choose this business. It is just that office is not one of the mandatory requirements to run the business. You can start this business with very minimal capital and investment. Below is business plan over of parking lot striping business.
Demand and survival
Like any other business, demand forecasting is an important factor which will help you make right decisions on your investment. The term “investment” is repetitive and connected to almost all the departments of a business due to the impact it can create on the success of your business. Now coming back to demand, every organisation which operates on a larger scale would require parking space.
This undoubtedly points the necessity for striping the parking lots. Thus, your business has its clients wherever there is a parking space. On a rough scale, at least 5 companies will have parking space for every kilometer. This is a rough calculation and the count is stated at its least. Frequency of striping differs from each company. Some will redo it every year, and some once in three years. No matter how much difference it makes your business will flourish right from the start.
The survival of the parking lot business is also positive as the businesses which are huge, keep increasing day by day in their establishment and this directly makes an increase in the need for striping their parking lots.
Choosing the form of business
After taking this business into your consideration, decide on the working hours. Making it part-time or full-time is definitely your wish. Next is choosing the right form of business. Your business can operate in the name of sole proprietorship, partnership, Sub S corporation, and Limited Liability company. All of these have their own advantages and disadvantages associated with each. Thus, I recommend you all to obtain thorough and detailed information about these.
Choosing the mode to reach your clients
When your business is all set to bloom, advertise it to the public. Honest and transparent information about your service should be communicated to your clients. Making your business popular is a critical task. A business can be positive by negative comments as well as positive comments. Bringing the right one is in your hands.
Popularity is possible and it faster when the quality of your work is maintained at a higher scale. Reaching the clients is not a tough task here in this business. Your clients are available on the internet, newspapers, and everywhere within the limits of your visibility itself. All you have to do is make the maximum of efforts to convince them to try your service. Marketing plays a vital role in this. Bidding is one technique which can be adopted while reaching your clients.
Pricing your service at a minimal cost is recommended to make an earlier and easier entry into the market. After making your service a standard one or the one liked by your client, your prices can be altered. Another way of reaching the clients is making contracts with the builders of company. These people will make the work easier for you. Wherever there is a new building and a parking space, these builders will contact you for the service. Thus, the opportunities for you to develop your contacts increases thereby finding you orders or contracts very often without any long break.
Important elements in the business
There are three important elements in parking lot striping business which are to be handled carefully. The very first one is the layout or the design of the parking area. It is in your ability and intelligence to create an efficient layout for the parking area. That is the only possible way to make space for more vehicle and also to make every single foot productive.
It should be planned and executed in such a way that the entire space allows for easier driving while taking the car from the lot. Next is the dimension which plays a very important role. Generally, these dimensions are decided by the concerned authority or these dimensions are mostly standard for a country. It is approximately 9 feet by 18 feet. In case of a smaller area, it can be 8 feet by 16 feet. Colour is the last element which conveys information on parking to the drivers. These colours communicate to the drivers where to park, to park or not, etc.
- White- Parking area
- Yellow-Not available for parking
- Blue- Parking for physically challenged
These are some of the standards that are followed in the striping business. They are kept standard so that there arises no confusion while parking in different places. Symbols can also be painted if required. More than texts, symbols communicate the information faster to the drivers. Again, all these makes your service from basic level to augmented.
License for the business
Licenses are definitely a mandatory one for any business to function without any legal troubles. It is to prove that the existence of your firm is legally accepted. First would be filing a certificate for the type of ownership for business you choose. This is discussed in the previous paragraph where you decide on the ownership. Starting from sole proprietorship till Limited Liability Company, there are various certificates to be obtained. Later is the business license which you procure for all types of businesses.
Paint and machine
This description is just to remind you all about the basic two requirements. One is the paint and the next is the machine which is used for striping. Getting a better-quality machine is what is more important as it determines the long-lasting nature of your service. Next is the paint which you will be using. The coating of it should stay new till re-striping. Re-striping should happen only due to time and not due to faded paint.
Check the prices of the machine and the paint in the market and choose the right source. Make or buy plans should also be made during source search. This is to cut down your costs of service wherever possible. Depending on the frequency of your orders, make or buy decisions are to be made.
In the end, this striping business stands to be the most lucrative one in the market. Soon, it will be one big industry all together. Road contractors are now making this as a side business or an expansion of their main stream. Records say that the business takes only 40% cost and the rest is profit. Apart from the plans on profits, be cautious and warned about compensating the loss if any. The losses will be at the minimum magnitude though.