parking app business plan

A Comprehensive Guide on How to Create a Parking App in 2024

Updated 12 Sep 2023

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The number of motor vehicles on the road in cities is increasing all the time, while parking spaces are becoming increasingly rare. Drivers often waste a lot of time looking for a parking spot.

Fortunately, the modern IT industry can provide a solution answering how to create a parking app according to the following steps:

• Create a business plan
• Study the competitors
• Hire experienced developers
• Create a functionality list. Launch an MVP
• Consider a UI/UX of your app.
• Think about advanced features
• Keep it updated regularly

Citizens benefit from applications since they save time and nerves. The main purpose of such solutions is to locate and book available parking spaces in the area. They can also provide cashless payments, GPS, and other services.

That’s why we’ve created a comprehensive guide on how to build a parking app. We’re going to discuss parking app features and steps to develop such an app.

Parking App Development: Working Principles

The parking is a lottery for drivers almost every morning of their life: when going early to work, being in another city or just doing some business in their own one. It's not guaranteed that the parking place will always be free from any other automobiles.

That makes a danger for vehicle security. But the solution for this problem is nearby - using a car parking app allows you to book a parking place beforehand.

That's why the need for car parking apps has increased and the "how to make a parking app" question became more essential. Furthermore, a range of their advantages are essential both for vehicle owners and parking businesses. Thus, the drivers may save money by using the app to find the nearest and cheapest parking spot available. For the rental vehicle sector, a car parking app development is a useful tool for saving time and reducing traffic violations, as many of them occur when the driver is looking for a parking spot.

The creation of smart parking apps is also environmentally favorable. Because the motorist spends less time looking for parking, it helps to minimize pollution.

If you want to benefit from all the said asking "how to find parking near me", app development is the best solution. We'll start to talk about it from how it works at the user’s point of view.

How does a parking app work?

• Step #1. Searching . The person uses GPS to find the automobile or types in the required address.
• Step #2. Comparing . The app offers a variety of parking options. To locate the right match, the user can sort them by pricing or distance.
• Step #3. Booking . The driver obtains an access code and reserves the desired parking place.
• Step #4. Paying . The client can pay beforehand with a credit card or later with cash funds.
• Step #5. Driving . Driving recommendations to the parking lot are provided by the parking app.
• Step #6. Parking . The driver pulls into the parking space and stops their vehicle.

The working mechanism seems to be quite easy from the first point of view. Now, let's find out how to bring it into life by developing a car parking solution.

Steps on How to Build a Parking App

Follow these seven steps to develop a parking app:

• Create a business plan for your parking application.
• Study the competition (e.g. BestParking).
• Hire experienced developers to build a parking app.
• Choose several vital features and launch an MVP.
• Consider an intuitive design of your app.
• Consider advanced features to make your parking app unique.
• Keep it updated regularly.

There are main steps to create parking enforcement solutions. Below we discuss them more precisely.

Build a comprehensive parking app

Cleveroad experts will give you an in-depth consultation as to the creation of a smart city solution

Car Parking App Development Business Plan: Models to Follow

There are plenty of functions that a parking app can have, from online payments to navigation based on GPS. If you want to launch a car parking mobile app development, you need to start with a business idea.

There are three most common ones: navigation, navigation & booking, complete solution. We’ll consider all the details below.

Parking applications business models

Solution #1. Navigation

This option is the basic one since it provides users with one primary function — finding a parking spot near the car’s location. Such an application can’t book the free parking spot. However, solution of this type is perfect for an MVP of the parking booking app development to start the business.

Solution #2. Navigation & Booking

This type is more complicated than the first one. It allows users to find and reserve the chosen parking spot. Additionally, the app can navigate the driver to the booked place.

This parking service app tends to provide a flexible payment system. So, the users usually can pay by credit card or in cash. There are also such features as adding extra parking time or navigation back to the parked car.

By the way, this business model is the most widespread among existing parking applications like BestParking.

Solution #3. Full Set of Functionality

Such car parking application development tends to be more expensive compared to the previous ones.

Such applications solve the parking problem completely. They allow users to book the parking spot. Additionally, it’s possible to order door-to-door service. There are valets that can take and park the car.

How does a parking app work? The user needs to pre-book the parking space and choose the time and place to give the car keys to the valet. The valet takes the car, parks it, and returns the vehicle to the owner in the discussed time.

The service is secure since the users can look through the valet’s photo, reviews, and more. Luxe Valet is a perfect example of such a service.

What business model to choose?

Cleveroad will help you to select a model which will be the most beneficial for your parking app!

We'll discuss the parking app examples where the above described business models are successfully implemented. You can accurately analyze them in order to choose and properly implement a business model in your own app for car parking business.

Parking App Development: Popular Examples

To start a car parking location app development, you should study your competitors first. Parking management solutions development requires preparations, so we’ve chosen four popular projects from the US, UK and Europe to review.

1. BestParking

BestParking assists in finding and booking spots at the best price. The service works in many cities across North America, e.g. NYC, San Francisco, Chicago, Boston, and more. Additionally, the platform offers to reserve parking spaces in major American airports like LAX, ORD, and JFK.

The applications have such exciting features as pre-booking. So, the users can reserve a parking spot for a specific date and period of time. BestParking provides the final prices on the map to let users choose.

Available on:

Parking reservation app development example: BestParking

2. SpotHero

SpotHero is another parking application providing high-quality services. The platform offers to find a perfect spot near your current location. SpotHero cooperates with various lots and garages having parked about 40 million cars for 10+ years.

This application offers to book a parking spot in many big cities across the US and Canada, including NYC, Chicago, Toronto, Boston, and more.

SpotHero also guarantees secure payments with credit cards, Apple Pay, or Google Pay.

3. Parkopedia

Parkopedia is the largest parking service app. It’s possible to book a parking spot in 89 countries and approximately 15,000 cities all over the world. The app allows the user to find a parking spot using the current location of the car or entering the address.

Additionally, Parkopedia works as a navigation system and provides users with the direction to the chosen lot. Users can filter parking spaces by free spots, credit card payments, and more.

Parking spot finder app development example: Parkopedia

Parker is an effective example of how to build a solution for a vehicle parking giving the customers a flawless UX. It is gained thanks to implementation of various smartphone payment alternatives and necessary features.

For example, due to GPS use, Parker offers data for available garage/spot for parking in real-time mode without making users search by themselves, losing a lot of time.

5. Parclick

This service offers parking spaces in more than 250 cities in Europe like Rome, Barcelona, Madrid, Paris, Faro, and so on. Parclick can find parking spots for cars, vans, motorbikes, and more. Additionally, it’s possible to pre-book a space to park for a long time. For instance, you can reserve a place according to your schedule for several hours or days.

Parclick offers a flexible bonus system: there are discounts for monthly subscriptions or a 5% discount if you install the app. The service can satisfy the needs of any client as it allows to find a parking spot by price, distance, car type, and more.

Parking garage finder app development example: Parclick

6. Parking Mate UK

Parking Mate solution helps the UK customers quickly find the available car-parking spots throughout the city. The map attached to the main screen assists users to find the most secure parking lots nearby. Furthermore, if there are some specific regulations as to the particular spot, the app can also warn the user about it.

The user occupying a lot, will also be notified by the app when the parking time is over. It will give them an opportunity to take their vehicle on-time for not to pay possible fines.

After you've thoroughly learnt about your biggest competitors in vehicle parking business, it's time to plan your further actions in such a way to overcome them all. And the first step in this planning is to create a proper functionality list for your upcoming solution.

How to Build a Parking App and What Features to Implement?

Public parking finder app development requires a defined set of features. Usually, they are divided into two types according to their complexity — basic and advanced. It’s common to create an MVP (Minimum Viable Product) with some basic functions and, after that, add some advanced and unique features.

Revealed: How to build an MVP and measure the application success .

MVP allows you to launch an app and get some feedback from users. Based on this data, you can decide what features to add.

Basic Features of a Parking App

MVP features for an online parking reservation app development

• GPS tracking

To make the application more easy-to-use, it’s necessary to enable GPS tracking. This technology allows to find the location of the car and determine the distance to the nearest parking lot.

The searching process should be as easy as possible. For instance, the solution should offer to find the nearest spot in one tap after a parking finder app development.

This feature allows reserving a parking spot. The user can find a place that fits the budget and pre-pay it on a daily, weekly, and monthly basis. It allows for avoiding everyday reservations.

• Price comparison

Parking applications tend to provide an opportunity to compare prices. So, it’s easy for users to find the cheapest place nearby.

Various payment options

Users should have several payment options to feel comfortable and secure. So, such services as PayPal should be integrated.

Lost in features variety?

Apply to us! Cleveroad team will help you create the best-fitting feature list for a parking app!

Advanced Features of a Parking App

Basic features are enough to launch the parking app. However, to gain loyal users and make your application unique, it’s necessary to add some complex functionality. There are some ideas below that you can use during parking finding app development.

Push notifications

One of the most popular features for increasing user engagement is the ability to deliver alerts about discounts, application updates, and more information. Furthermore, consumers should be notified 15 minutes before their parking place expires. Users can stay longer or return to their automobile in a timely manner.

Several cities

An opportunity to choose parking places in other cities is necessary while traveling or business trips.

• Waiting list

Every driver has a favorite parking lot. However, it can be full. So the user can be notified when a parking spot becomes available.

The application can show the busiest routes in the real-time mode. Based on this data, users can make decisions about their booking.

• Tag location

This feature allows saving the place where you’ve parked the car. Additionally, the user can share the parking location via social media or messengers.

There are various exciting features to implement during parking spot finding app development. However, it’s always better to start with basic functions and add advanced features gradually.

Advanced features of a parking application

What to Consider Before Parking App Development

Several more aspects should be taken into account before the car parking finder mobile app development.

Team of Mobile App Developers

If you want to create an app, you need skilled and experienced developers. There are two reliable variants — choose between an in-house vs. outsourcing development .

Outsourcing has become popular these days. Outsourcing companies offer affordable prices along with the high quality of the final product.

Having decided to cooperate with a parking app development company, you need to study reviews and previous projects. There are independent platforms like Clutch and GoodFirms with firms’ rates and portfolio.

UI/UX Design

People pay a lot of attention to the application design, so it should be user-friendly and convenient. Users don’t want to spend time trying to understand how the app works. Design can assist in gaining users and their loyalty.

Creating a UI/UX design during the parking lot finder app development can take plenty of time, depending on your requirements and it's complexity.

Tech Stack of the Parking App

The tech stack of your future app is more important than you may think. It’s responsible for the stability and scalability of your parking space locator app development project. Applications can be native, hybrid, or cross-platform. Each of them has certain peculiarities that you need to consider beforehand.

How to choose the best technology stack for mobile app development ? Let's check our article and learn more about choosing a toolkit for your project!

For instance, native apps are the most stable and provide the best user experience. Additionally, such applications offer the high-security level that is vital for parking apps. However, their development requires more time.

Below we’ve listed the approximate tech stack for city parking finder app development.

• Kotlin for Android
• Swift for iOS
• Google Cloud Messaging for Android
• Apple Push Notification Service for iOS
• MongoDB or SQL
• Google Maps
• Amazon CloudFront

Start building a parking app now

Our team can offer you an efficient tech consultation and accurate project estimation.

Parking App Development with a Skilled Tech Partner

Parking app development requires preparation since there are a lot of factors to pay attention to and features to implement. A competent IT vendor with a profound expertise in the Smart City solutions building may help you a lot. If you require to start such a collaboration, Cleveroad is the perfect choice for this purpose.

Let us tell more about this IT service provider.

Cleveroad is a skilled software development company from Estonia, Central Europe. Since 2011, we've been assisting startups and organizations of all kinds in acquiring cutting-edge technology specializing in a wide variety of IT services and bespoke software solutions. They improve workflow efficiency, address business issues, and aid in the acquisition of competitive advantages.

• A parking space finder app development considering our experience and knowledge of the latest building technologies
• An initial project estimate from our Sales Managers
• A complimentary consultation with one of our BAs or PMs
• Signing non-disclosure agreements (NDAs).on request
• A team that can easily adopt to the existing workflow conditions
• Profound software development expertise in various domains
• A cutting-edge tech stack to build a modern and competitive app, etc.

We are eager to provide you with all the necessary information as to parking search app development. Our professionals will also help you with a tech stack choice and a feature list creation, selecting those features and tools to implement them which are the most appropriate in the current situation.

The way to a perfect car parking finder app development for your business is quite simple: let's collaborate with us and succeed. We're ready to help you lead your business to a new level.

• Searching . The user locates the car using GPS or enters the necessary address.
• Comparing . The app provides several variants of parking spots. The user can filter them by price or distance to find the perfect match.
• Booking . The driver reserves the selected parking space and gets an access code.
• Paying . The user can pay by credit card in advance or in cash later.
• Driving . The parking app offers driving directions to the parking lot.
• Parking . The driver enters the parking lot and parks the car.
• Study the competition(e.g. BestParking).

If your business clients ask you "what are the places for parking near me" app development of your own will solve this issue. However, you need to study the competitors before launching such a project. We offer you to pay your attention to the following apps as:

• Best Parking
• Parking Mate UK

Here is the final list of parking app features which includes both MVP and advanced functionality:

• Real-time search
• Payments (e.g. PayPal)
• Personalized push notifications
• Support for multiple cities

Evgeniy Altynpara is a CTO and member of the Forbes Councils’ community of tech professionals. He is an expert in software development and technological entrepreneurship and has 10+years of experience in digital transformation consulting in Healthcare, FinTech, Supply Chain and Logistics

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Home / Development / How To Build A Parking App: Steps, Features, Cost

• March 8, 2023

How To Build A Parking App: Steps, Features, Cost

Digital solutions do not just make our lives more comfortable. They expand business opportunities and help establish business processes even in cases where they are very confusing and complex. Digitalization has affected almost every sphere of human life, and it will continuously change it more and more every year.

So what are we talking about? We mean daily routines people are engaged in, and some digital solutions that make them more manageable. For example, a parking app. Users can find a parking spot faster, pay with a credit card, and then find their car quickly among dozens of other vehicles.

If you want to know more about car parking app development, you should read this article certainly. You will find here the types of existing parking apps, the principle of app functionality, car parking app development steps, and more. Let’s start our journey!

How Parking App Works

The principle of parking app functionality is rather simple. First, an app starts with searching features. Users may find a nearby parking lot or enter the address where they would like to park a car.

If there are a few options in a particular district, users may filter them and choose the most appropriate one for them. Once they make a choice, it is possible to proceed to book a parking spot. They may pay immediately using online banking or do it after having their car parked by cash (or using a QR code).

And finally, they see navigation from their current location to parking. There is no need to drive a car as fast as possible, the spot is already booked, and no one will occupy it. So, this is a short chain of events drivers should follow. It takes no more than a couple of minutes.

How Parking Apps Gather Data

There are two main ways — either track all vacant and occupied spots manually, or install sensors. Manual work will be more complicated and exhausting, so sensors are a better option.

Sensors are installed around the parking lot (or on the ceiling, if it is a garage), and sensors may represent either ultrasonic distance devices, or cameras. Cameras make it possible to see a vehicle’s brand and model, plate number, so it is easier for you and users to find their car then.

Data collected from the parking garage can also be used for analytics. Advanced applications have data collection and analysis features to create statistical tables and demand forecasts. It helps to monitor occupancy rates, sales, parking capacity, etc.

Issues That Can Be Resolved With the Parking Application

Parking apps are top-rated nowadays because they help to solve many issues and provide wide opportunities for parking business development. Let’s take a look at several most common options.

• Parking availability. It helps drivers find available parking spaces in real-time, reducing the time they spend driving around and searching for a spot.
• Management. All these apps have extensive functionality for efficient parking management, including reservation of parking spaces in advance and keeping track of parking usage and availability.
• Traffic congestion. Everything is simple here. By making it easier for drivers to find an available parking slot, a parking app can help to reduce traffic congestion in busy areas.
• Overcrowding. It helps to prevent overcrowding at popular spots or on-street parking by allowing drivers to see how many spaces are available before they arrive.
• Complicated rules. Each parking has different sizes and infrastructure. Accordingly, the rules of use may also vary. Drivers often feel confused or irritated when it appears that the place is only working for short-term parking, for example. The mobile application helps inform them about the rules in advance to save drivers and staff time.
• Cost optimization. Effective parking software is an excellent tool to save money by providing information on the cheapest and closest parking options.
• Improved user experience. A well-designed mobile applicatio n can provide a smooth and user-friendly experience, giving drivers the opportunity to easily find and reserve parking spaces and pay for them without having to interact with parking meters or machines.

And last but not least, such digital products provide huge environmental benefits by reducing the time spent driving around searching for a parking spot. It helps to reduce air pollution and greenhouse gas emissions.

Parking App Business Plan

Choosing a business model always precedes the car parking app development process. It defines what functionality the product should have to meet all needs and have room for future development. A business model is required for any application, including parking-sharing app s and tracking systems.

The parking app is not something unique on the market today, so you need to explore what business models competitors tend to use. We will look through three basic models that are used by different parking apps.

Navigation-based model. This is the most primitive option some parking apps use. Users may find a parking lot somewhere near their current location. It is impossible to book a spot in advance, so such apps are useful mainly for finding parking. Besides, your MVP may start with this business model.

Navigation and booking-based model. An advanced model that includes booking processes along with navigation. Users reserve a spot and go there to park a car in a selected place. Navigation shows users the route to a booked spot. These apps include various payment options — cashless by card or by cash upon arrival.

A full-fledged service model. This business model is the most expensive, but it includes all neat services a parking application may boast about. Apart from pre-booking features, users may extend the booking time if they are late, for example. Also, some parking apps offer services of a valet who parks your car. Of course, you can see all the personal details of a valet to know that your vehicle will be safe.

This article may be helpful for you:  How to Write a Business Plan for a Mobile App

Types Of Apps For Parking

It is vital to figure out what types of parking apps are available on the market and which of them would be useful in your case, if you want to provide your future users with a full range of parking app benefits. If you want to enter the market successfully, don’t skip this section.

Local Parking App

For instance, you’re planning to create an app for one specific parking. Moreover, you may even build the parking lot from scratch. You rent free space, surround it with a fence, mark it up, and so on. Then, you build a parking app with all the necessary features. However, you can make a few parking lots as well around the city, so your app will control each of them.

Parking Sharing App

A shared parking app allows companies, homeowners associations, hotel complexes ot other groups of users to share reserved parking spaces. Such software helps to use parking spaces more efficiently and prevents them from being idle. In addition, they help to save money and increase the efficiency of the parking lot.

Parking applications of this type allow users not only to reserve parking spaces. They also collect data on when a parking space remains empty and send notifications it is vacant. In addition, the app can record who occupies space and at what time and make parking schedules based on this data.

Also, the functionality of such products may include chats for users who share a parking space, maps of charging stations and places for drivers with disabilities, statistical and analytical features, etc.

Broad Parking App

This type is opposite to the one mentioned above. A parking app may be created not for a particular parking lot brand but various parking lots around the country or even in other world regions. Such apps are more common, and they are widespread, so you will need to do your best to compete with them.

Parking Time App

Not all parking apps provide users with a feature to book a parking spot at a specific period. When users are planning a trip to another city or country, they may check available parking lots there in advance and book a spot.

Important! It doesn’t mean that you can create only one of the listed types. Your parking app may include a few types, and we insistently recommend you create a parking app with booking and payment features. Otherwise, it will be too simple and not competitive at all.

How To Build A Parking App: Steps To Consider

We reached the central part of the guide — how to create a parking app step by step. This section will include key steps on parking mobile app development, so pay attention to it. However, if you have any questions, our sales team is always at your disposal.

Start With A Business Plan

As for business models, you have already seen this information above. But apart from business models, you should create a business plan where you indicate the most critical factors to take into account. That is, you need to write down the budget expected for the project, target audience, location, revenue models, business name, possible threats, and risks.

Analyze Competitors

This step will help you create a business plan. You need to analyze existing apps, single out their strong and weak sides, and build your development strategy. It will help you stand out among competitors and deliver trustworthy solutions to future customers.

Create A Legal Entity

If you intend to create a parking lot and build an app for it, mind to create a legal business entity. We think that an LLC (Limited Liability Corporation) will be the best option since it protects your business and abdicates personal responsibilities in case of any sues.

Find A Location For Parking

Also, going on with a case when you create a parking lot, you need to find a functional space. Mind to contact a reliable real estate agency in your city, and they will find an area with a good location and potential commercial benefits. For example, spaces near the airport or railway station will always be in demand as there is an increased number of drivers.

Hire App Development Team

There are many software development companies around the world, so a wide range makes you feel embarrassed. However, you should focus on development companies from Eastern Europe since they may provide you with a high-quality service at affordable rates. Software development outsourcing is a widespread practice, so you shouldn’t disregard it.

Choose Necessary Parking App Features

Make a list of the essential parking app features for your parking app. Features may vary, and they depend on the parking app requirements, but there are always basic features for a minimum viable product. Mind that MVP plays a crucial role — you may read more about it in our article . As for features, the next section will cover all necessary functionality for a parking app.

Don’t Forget About UI/UX Design 

A parking app is an application that is often used in a rush. That is why its user interface, as well as user experience, must be built thoroughly. Mind that parking app users usually have no time to puzzle out how the app works. It should be simple, contain big fonts, large and visible buttons, night mode to improve surfing when it is dark outside. Cadabra Studio is proficient in the development of parking apps, so if you drop us a line and describe your project, we’ll consult you about all the required peculiarities.

This article may be interesting for you: How to Estimate Design Hours

Updates, Updates, Updates One More

And the last step is to make regular updates. Keep it updated to provide a driver with actual information. Besides that, if there are any bugs, even minor ones, developers should fix them immediately. Otherwise, it will lead to users’ dissatisfaction and app failure.

Parking App Features

Let’s discuss what features your parking app should include. It is worth noting that the parking app should be built in two versions — one for users and one for parking owners. We will consider both options and describe them.

Features For User Panel

• Registration. Users should input their credentials to register in the app and use it fully. Today social sign-in is more popular — users may enroll via their existing profiles on Facebook or Google.

This article may be also helpful for you: How to Create a Location Based App  like Waze.

• Search. Search bar with filters allows drivers to find a parking lot in a particular city or area, considering other requirements for parking (cashless payment, the number of vacant spots, etc.).
• Time range. Users should see how much time is left till the end of the parking deadline, so it makes it possible for them to extend the time if it is necessary. Also, this feature estimates an approximate driving time from the current driver’s position to the required parking lot.
• Booking. Users can book the spot they like and park there. A pre-booking feature is also beneficial since users may reserve the right spot in advance. However, a pre-booking feature may be removed in an MVP version.
• Payment. Payment options may vary, as we noted. It is better to include both cashless and cash options. Moreover, some parking lots provide QR codes to pay for parking right there. Apple Pay, Google Pay, PayPal — all these options must be available to ensure a wider audience.
• History. Drivers may monitor their parking history, see their favorite spots, costs paid for each spot, etc. It allows drivers to park on a favorite spot again.
• Rating/reviews. It is very convenient when users may see everything about a specific parking spot, whether it is comfortable, dirty or not, etc. Thus, new drivers make their decision having checked feedback and rating.

Features For Parking Owners

• Registration. The same as with users, parking lot owners may register via social media to manage their parking easily.
• Parking spot management. The owner may add or remove parking spots, manage their number.
• Price management. If one or the other spot is more popular, a parking owner can manage the price and increase it. Or, for example, extended parking may cost less than short parking periods. Also, parking spots for certain vehicles may be expensive (e.g., oversized vehicles).
• Booking checking/management. An owner may monitor the number of bookings made on their parking lot. Besides, owners may decline/accept requests, depending on priority. That is, if regular customers want to park their car, their request will be prioritized.
• Accept payments. Using an integrated payment gateway, a parking owner may manage payments, accept them, and look through the history of payments.
• Reviews/ratings. An owner should have this feature to see all comments and feedback to consider it and improve the service quality.
• User management. It allows an owner to edit the list of users, add/remove them, see their details, and provide them with an improved customer experience.

Examples Of Top Parking Apps

There are thousands of parking finder mobile apps available on the market, but we won’t review all of them. Let’s get acquainted with a few top examples to know what features they have and why they became popular.

Parkopedia got its name from the combination of parking and encyclopedia. Yes, it is a real encyclopedia of available parking lots. At the moment, the app contains info about 70 million parking spaces in 15,000 cities around the world, which is quite impressive.

Drivers may add all the information, so Parkopedia is some kind of social media where each driver may contribute to app growth. Using Parkopedia, you can build a route, find parking spaces, see opening hours, narrow down the search using filters, and many other features.

The app positions itself as the most accurate parking app. Apart from street parking spaces, you may find available garages using the map. The comparison feature allows you to compare prices on various parking lots, and an integrated timer will prevent you from overstaying and overpaying. ParkMe provides info about the parking spaces in more than 500 cities around the world.

BestParking

Another parking app on our list is BestParking. Its main feature is the capability to find and book parking at the best cost. When you find an optimal parking space for you, you save it to the favorites. BestParking is built for North America, and it is available in 105 cities around the region. Monthly the app numbers about 850,000 users.

Car Park Availability App by Cadabra Studio

We have extensive experience developing technological solutions for various industries and companies, and we apply all our knowledge to create products that bring real value to our client’s businesses. One of the most successful examples of such a project is the development of a car park availability app for a US company.

The client approached us with the need to create a solution that could speed up and optimize customer service and management processes. Our task was to develop a system that would help drivers easily and quickly pay bills, receive information about these payments, and reminders that the paid time is about to be over.

In addition, the company needed solutions to track statistics on parking lot usage, car plate number verification, and tools that would automate and simplify the work of parking staff.

The client planned to sell the app to city services, shopping centers, etc., so an important task was to create a versatile and adaptable solution, like the My Parking Space app, for various organizations and their specific needs.

Development process

Let’s go through the main development steps.

After in-depth market and competitor research, as well as communication with the client, we conducted an estimation and created a detailed development plan. Based on the formed business requirements and specifications, a team of project manager,  business analyst, UI/UX designer, developers, etc., was created.

UI/UX design

An essential part of developing any digital product is the UI/UX design that would ensure efficient and smooth use. So our designers created a low-fidelity prototype for preliminary testing and to understand how the app would work.

Our team also chose a color scheme based on the specifics of the client’s business and previous research. Designers work with each user interface component to ensure that all features, like parking tickets, payments, etc., are accessible and useful.

Database and functionality development

We launched an MVP with all key features, including car plate recognition. After testing the minimum viable product and its components, we improved each feature and added lower-priority functionality. The program is able to easily recognize car plates, even if their images are of poor quality.

We also developed a solid database that could provide convenient data management. The SaaS infrastructure made it possible to configure access to different users’ data and ensure safe usage.

As a result, our client received a fast and high-quality parking application with highly efficient license plate recognition, notifications, statistics, and a financial reporting system. It is an adaptable solution with an intuitive and comfortable interface and comprehensive functionality.

We also developed brand guidelines for the client, so he could create graphic materials, advertising, etc., to improve visibility and strengthen marketing efforts.

How Much Does It Cost To Create A Parking App?

Finally, we reached the conclusion part that plays a vital role for any entrepreneur since they need to estimate their budget and figure out whether the game is worth the candle. As for car parking app development costs, it is rather complicated to provide you with accurate prices.

First, everything depends on your requirements, as you know. On the number of features, selected business model, particularities of UI/UX design, mobile platforms (Android, iOS, or both).

Second, the cost will vary depending on the world region where a software development company is located. Hourly rates in North America start from $100, whereas in Western Europe, rates may be from $75 to $100. Eastern Europe provides $25 – $50, but anyway rates may be different considering various factors.

That is why your parking app may cost either $10,000 or $50,000, and its initial cost cannot be predicted in advance. If you need precise figures and you need developers to build a parking app, feel free to contact us at any time — we will provide you with detailed information after you share your visions and demands. We will be glad to help you and solve the problem!

Frequently Asked Questions

Car parking finder app development can take 4 to 5 months for the basic version of the application. Creating a product with wider functionality will take a little more time.

It is impossible to create a normally working application for finding car parking in 1 month. As a rule, projects developed in 1 month are of very low quality. Therefore, you will lose 1 month that could be spent on quality research.

It is worth looking for qualified developers of car parking apps in the countries of Eastern Europe, thus entrusting the app development process to outsourcing. Experience in creating such apps greatly affects the final quality. Our team has extensive experience in creating car parking apps, so if you need advice, please contact us.

The cost of medical app development depends on several factors like your needs, set of features, technology stack, and so on. Though our business analytics make sure to not spend an unnecessary penny.

To make a mobile app screen, you need to create a user flow diagram for each screen, draw wireframes, select design templates, and colors, create layouts, and create an animated prototype.

We usually take our clients through the following steps:

• Planning and Research; 
• Prototyping;
• Development;
• Maintenance.

You will participate in every stage of the development process and get regular updates.

Tell us about your project

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A Guide How to Build a Parking App for 2020

As the number of cars is continuously increasing in the cities and parking slots are limited, therefore drivers have to waste plenty of time looking for a parking lot.

Thankfully to the modern IT industry has rendered a resolution. Parking apps bring ease to citizens since they save time and audacities. 

The fundamental function of such applications is discovering and booking free spots nearby. They also allow cashless payments, GPS, and more.

That’s why we’ve created a thorough guide on how to build a parking app. 

We’re going to discuss parking app features and steps on how to develop such an app.

How Does Parking App Work?

If you want to develop a parking app, you would have thought from the user’s point of view.

The six main steps required in the parking app:

• Step 1: Searching. Users can locate the parking area by using GPS or enters the necessary address.
• Step 2: Comparing. The app provides several parking options. The user can apply the filter to compare price and distance to find the perfect match.
• Step 3: Booking. The driver will have access to book parking space earlier and get an access code.
• Step 4: Paying. Users can pay by using a credit card before or by cash later.
• Step 5: Driving/Navigation. The parking app will show navigation to the parking lot.
• Step 6: Parking. The driver can park his car in the parking lot.

Steps How to Build a Parking App

To build a parking app you need to follow these 7 steps:

• Design a business plan for a parking application.
• Study the opponent.
• Choose skilled developers to develop an app.
• Choose various necessary features.
• Take an intuitive design for the app.
• Take advance features to make the app more unique.
• Update it regularly.

Parking App Business Plan: Models

If you want to build a parking lot of software, you need to start with a business idea because there are plenty of functions that a parking app need, from online payments to navigation based on GPS.

The three most common ones: navigation, navigation & booking, complete solution. 

We’ll consider all the details below.

This option is the basic one because it provides users one primary function, find a parking spot near the car’s location. 

Such an application can’t book the free parking spot however, parking apps of this type are perfect for an MVP version to start the business.

Navigation & Booking

This type is more complicated than the first one. It allows users to find and reserve the chosen parking spot.

Additionally, the app can navigate the driver to the booked place. This parking service app tends to provide a flexible payment system.

So, the users usually can pay by credit card or in cash. There are also such features as adding extra parking time or navigation back to the parked car.

By the way, this business model is the most widespread among existing parking applications like BestParking.

Full of Functionality

Developing such a parking app tends to be more expensive compared to the previous ones.

Such applications solve the parking problem completely. They allow users to book the parking spot. 

Additionally, it’s possible to order door-to-door service. There are valets that can take and park the car.

How does a parking app work? The user needs to pre-book the parking space and choose the time and place to give the car keys to the valet. 

The valet takes the car, parks it, and returns the vehicle to the owner in the discussed time.

The service is secure since the users can look through the valet’s photo, reviews, and more.

Popular Parking Applications

To create a parking app, you should study your competitors first. Parking management solutions development requires preparations. 

So we’ve chosen four popular projects from the US and Europe to review.

BestParking

BestParking serves its service in many cities across North America for finding and booking spots at the ablest price

The application has a compelling feature as pre-booking. So that the users can book a parking place for a precise date and period of time. 

BestParking renders definitive rates on the map to let users decide. It is available on the Play Store and App Store.

ParkingPanda

ParkingPanda is another parking application platform that offers to find a perfect spot near your current location also providing high-quality services.

The app interacts with around 2,500 lots and garages.

This application gives to reserve a parking place in several big cities across the US and Canada, including NYC, Chicago, Toronto, Boston, and more.

It also guarantee secure payments with credit cards, Apple Pay, or Google Pay. It is available on the Play Store and App Store.

Parkodepia is the largest parking service app. It’s possible to book a parking spot in 89 countries and approximately 15,000 cities all over the world. 

The app allows the user to find a parking spot using the current location of the car or entering the address.

Additionally, Parkopedia works as a navigation system and provides users with the direction to the chosen lot. 

Users can filter parking spaces by free spots, credit card payments, and more. Available on Play Store and App Store.

This service offers parking spaces in more than 250 cities in Europe.

Parclick can find parking spots for cars, vans, motorbikes, and more. Additionally, it’s possible to pre-book a space to park for a long time.

The service can satisfy the needs of any client as it allows to find a parking spot by price, distance, car type, and more. Available on Play Store and App Store.

Parking App Features

Parking app development requires a defined set of features. Usually, they are divided into two types according to their complexity, basic and advanced. 

It’s common to create an MVP (Minimum Viable Product) with some basic functions and, after that, add some advanced and unique features.

MVP allows you to launch an app and get some feedback from users. Based on this data, you can decide what features to add.

Basic Features of a Parking App

Gps tracking.

To make the application more easy-to-use, it’s necessary to enable GPS tracking. 

This technology allows to find the location of the car and determine the distance to the nearest parking lot.

The searching process should be as easy as possible. For instance, the app can offer to find the nearest spot in one tap.

This feature allows reserving a parking spot. The user can find a place that fits the budget and pre-pay it on a daily, weekly, and monthly basis.

It allows for avoiding everyday reservations.

Price comparison

Parking applications tend to provide an opportunity to compare prices. So, it’s easy for users to find the cheapest place nearby.

Various payment options

Users should have several payment options to feel comfortable and secure. So, such services as PayPal should be integrated.

Advance Features for Parking App

Basic features are enough to launch the parking app. 

However, to allure more users and make your application unique, it’s necessary to add some complex functionality. 

There are some ideas below that you can use during parking app development.

Push notifications

One of the most prominent features for user engagement since it’s possible to send notifications about discounts, application updates, and more.

Additionally, it’s useful to notify the users 15 minutes before the parking spot expiring. Users can prolong the place or come back to the car in time.

Several cities

An opportunity to choose parking places in other cities is necessary while traveling or business trips.

Waiting list

Every driver has a favorite parking lot. However, it can be full. So the user can be notified when a parking spot becomes available.

The application can show the busiest routes in the real-time mode. Based on this data, users can make decisions about their booking.

Tag location

This feature allows saving the place where you’ve parked the car. Additionally, the user can share the parking location via social media or messengers.

There are various exciting features to implement during parking app development.

However, it’s always better to start with basic functions and add advanced features gradually.

Required Team of App Developers

If you want to create an app, you need skilled and experienced developers. There are two reliable variants hiring an in-house team or outsourcing company.

Outsourcing has become popular these days. Outsourcing companies offer affordable prices along with the high quality of the final product.

Having decided to cooperate with a software development company, you need to study reviews and previous projects.

People pay a lot of attention to the application design, so it should be user-friendly and convenient.

Users don’t want to spend time trying to understand how the app works. Design can assist in gaining users and their loyalty.

Creating a UI/UX design can take plenty of time, depending on your requirements and its complexity.

Tech Stack Used for Parking App Development

The tech stack of your app is more important than what you think about it.

It will responsible for the stability and scalability of your project. 

Applications can be native, hybrid, or cross-platform and each of them has certain distinctiveness those you need to consider previously.

For instance, native apps are the most stable and provide the best user experience. 

However, their development requires more time. Below we’ve listed the approximate tech stack to develop a parking app.

• Kotlin for Android
• Swift for iOS
• Google Cloud Messaging for Android
• Apple Push Notification Service for iOS
• MongoDB or SQL
• Google Maps
• Amazon CloudFront

Ready to Develop Parking App?

The Appsinvo team is glad to help! We provide free consultation and project estimation.

Since there are a lot of factors that required attention and features to implement, Parking app development requires pre-preparation.

The final outcome will depend upon your imagination and our development team.

Appsinvo is a mobile app development company from Delhi , India. We provide onshore and offshore mobile app development services and have expertise in various domains.

How Much Does it Cost to Develop Parking App

As we have already mentioned in our previous blogs that you can’t pre-determine the development cost of an app it only depends upon the complexity and features.

So, the estimated cost of Parking App development is 6,500-10,000 USD. For more details, you can contact our sales representative.

So if you have any crazy plan to make others’ life easy by aiding them to find the Parking lot feel free to contact us. We would love to hear.

For more Updates, Stay Connected with Us. Toddles!! ❤🙏

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Thanks, for sharing this article here. A very useful guide to building any parking app. We have also developed one parking management system – Parkeee. Can you please check it and let us know how we can make it better. You can check this app here https://parkeee.com/

Nice post. I learn something more challenging on different blogs everyday. It will always be stimulating to read content from other writers and practice a little something from their store. I’d prefer to use some with the content on my blog whether you don’t mind. Natually I’ll give you a link on your web blog. Thanks for sharing.

A very interesting post, I think you will also like my article https://www.cleveroad.com/blog/parking-app-development I would like to hear your opinion about it)

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Home / Blog / A Comprehensive Guide on Parking App Development

Mobile Apps

A Comprehensive Guide on Parking App Development

By : Sanjoli Jain

https://www.biztechcs.com/blog/guide-parking-app-development/

As Joni Mitchell put in her song Big Yellow Taxi , “They paved paradise and put up a parking lot.” Unfortunately, she was right.

Jokes apart, the time spent looking for a spot to put your car tracker in crowded, maze-like parking is a serious matter. Did you know that finding a parking spot in congested cities takes an average of 8 minutes per journey? Every year, in cities like New York, drivers waste around 107 hours. This equates to an average cost of $20 billion a year in the USA alone.

An economist Donald Shoup (the author of the book: The High Cost of Free Parking), conducted a study in the Los Angeles area of Westwood. They found out that people finding a parking spot in a single 15-block neighborhood traveled across 3,600 vehicle miles each day (or 36 trips around the Earth each year.) That sounds insane!

No one wants to struggle while finding a vacant spot to park. Finding a parking spot that is closest to the building is like winning a lottery. Not to mention that you’ll need to remember where you parked your cars, and you’ll have to hold on to this information till you drive back home.

We know that desperate times call for innovative measures. When public transit, carpools, bikes (and even a personal helicopter) fail to deliver, there are fantastic apps that help motorists find the perfect parking spot.

Parking apps are a huge sigh of relief for everyone, and I have all the right reasons to say so. The smart parking app development market is booming, with plenty of opportunities as we move forward.

The global parking market will grow by 3.8 billion US dollars, at a CAGR of 14% by 2023. – Statista

Smart parking apps have enabled drivers to quickly find a location to park their vehicles and save time. Today, there’s a car parking app for cities, schools, complexes, colleges, and more. For the next 15 minutes or so, we’ll discuss the know-hows of the parking app development. We’ll discuss everything about how to create a parking app. We’ll talk about:

• How Does the Car Parking App System Work

Step 1: Define Objective and Carry Out Market Research

Step 2: choose a parking app business model.

• Step 3: Step 3: Features and Budget

Step 4: Decide What Technology Stack You’ll Need

Step 5: pick a solid revenue model for your parking app, step 6: choose your technology partner wisely, how does the car parking app system work.

Five Functional Stages of Car Parking App

The flow consists of five phases:

It starts with users searching for a parking location. They’ll have the GPS locate them or type a location manually. After this, the app will show them the closest area available for parking.

Once the user enters the location, they can have multiple nearby options. They can look at multiple options, rates and then make the final call.

Once the user is done comparing various parking slots, they can book the final spot and make a payment.

Driving Assistance:

Users can reach the parking spot using built-in driving assistance and get directed to the correct spot.

Finally, the last step is parking. Users can park their vehicles in the allocated parking area and spot.

As they say, actions speak louder than words; there is a huge difference between reading about the functionalities and visually experiencing their work. Try taking our interactive prototype demo to find out how the parking app would work. We have a prototype ready for you.

When you start thinking about how to build a parking app, the first thing you need to take care of is the number of steps users have to follow to book their parking spot.

There are multiple things needed to start with parking mobile app development. Here’s everything you need to know about parking mobile app development in five steps:

The crux of your parking mobile app development depends on the clarity in the understanding of your objectives. Define the objectives of your application and conduct thorough market research on the subject.

Ask yourself questions like:

• What problems do you want to solve?
• What is the primary purpose of the application you want to provide?
• Which features do you want to provide to the users?
• In what ways can your application be helpful to users?

Answering these questions will help you give perfect direction to your app and a better experience for your users. You need to understand the market trends of the smart parking market. Check your competitors out. See what the loopholes are in their apps and solutions. Find out the common pain points of the customers to get clarity on your objectives. These things will help you get better insights into the market, know your competitors, and learn from them. Overall, providing a better experience to your customers.

The most basic thing to do while developing a parking app is to define the primary principle by which your parking app will operate. The model you decide on will make a huge difference in your features and cost. Hence, it would help if you made a well-informed choice. Let’s take a look at how you can classify parking apps.

Parking Time Based Model

This type of application is used to make the booking either on the spot or beforehand. It is divided into two categories:

I. Parking on the Fly

There are few applications dedicatedly customized for using a parking space available on the spot. Here, the customers can reach their destination, look for a space on the app, and book the spot.

Example: SpotAngels show current parking options to its users to find current parking spots for every city block.

II. Parking in Advance

In this type of application, users can check for space before they leave. They can pay for the parking spot and easily park their vehicles at the given spot. This saves them a lot of time waiting in the queue.

Example: ParkMe informs the users where they can park upto two weeks before their planned trip.

Geographical Coverage Based Model

You can define your application to be in either of the two categories:

I. Focus on Spreading Geographically:

Parking applications can spread their services across cities and states. Many companies provide international services too. This way, you can reach more customers and increase your sales. So, while thinking about how to build a parking app, you need to decide how many cities or states you want to provide your services and ways you will provide the solution.

II. Localization:

Some parking applications can be built dedicatedly for mega-cities and can cover multiple parking locations. Hence, you need to design an app based on the solution you plan to propose and how many locations you want to cover.

Payment-Based Model

Parking apps usually require in-app payment options to book parking spaces. These apps need a variety of payment methods (like credit cards , Apple Pay, Paypal, Google Pay, etc.) These things will simplify the booking process for your users.

Some apps let drivers pay for parking by phone, while others allow users to filter parking options by payment type.

Using GPS Based Navigation:

You can support GPS-based navigation in your application which shows the location of various parking spots. Users can check the location online and drive there. For example, if you’re making a parking app for an entire city, you’ll need to drive users to the available parking lot.

For this you’ll need a GPS based model. However if you’re building an app simply for your commercial hub, you won’t necessarily need a GPS based model.

Companies like Waze use this feature to find the right spot for parking. Waze’s “where to park” feature, therefore, integrates robust data into a seamless and easy-to-use interface. With a few taps, it will direct you to the nearest available parking spots. Pretty slick.

Parking by Place:

Here, you show users two types of parking spots. They are:

• On-Street Parking: Using this feature, you can show users places where they can temporarily leave their vehicles for parking. It includes places like footpaths and streets sideways.
• Off-Street Parking: This can be useful indoors and outdoors. It incorporates parking garages and private areas.

Hence, while starting with parking mobile app development, you need to decide which of these categories your app will belong to. If you’re looking for parking mobile app development and experts to work with, check out our prototype demo.

Step 3: Features and Budget

Feature and budget go hand in hand. Your budget will decide the kind of advanced features you’ll have. And the number of features you decide to have will help you decide your budget.

Cost For Parking App Development

Finding out the exact cost of development at this point will be tough for anyone as the cost may vary as per your exact requirements. The business model of your app, the features you choose, the integrations you need, the advanced features that you’ll add, the technology stack, everything contributes to the overall cost of your parking app development. Therefore I suggest you analyze your needs in terms of features and budget side-by-side.

Once you’re done conducting the market research, competitor analysis and have picked a business model, the next crucial step will be deciding a budget. A well-calculated budget will help you preplan the areas you need to invest more in. It provides clarity about the areas you need to focus on and where you need to cut your expenses. Thus, keeping you off debt, with proper financial planning, and investing in the right place. Let’s have a thorough look at the features:

Features of Parking App Development

You need to make sure that your app is adding value to a daily commuter’s convenience. This is why it is essential to implement user-friendly features. Your parking app shouldn’t only help your users navigate through crowded parking places and identify parking spaces. Your users should be able to do this in no time!

Usually, there are three major stakeholders involved in the development process:

User Interface

Parking Owner Interface

• Admin panel

The user app or your app’s user interface will help users search for the parking locations nearby and book the same with minimal clicking. Give your users a seamless experience by including the following features for your user interface:

• Registration: Users can register on the app using their mail id, number, or social media accounts.
• Location Tracking: The mobile parking app should have a built-in navigation feature that helps the users track their location. They can also get an estimated distance between their current location and the booked parking steps.
• Search Option: Users need to find available parking space in a particular area, location, or city and select the same as they need.
• Estimated Time: The users will be provided with the estimated arrival and departure time from the parking slot. App owners can charge users based on this as well.
• Booking Option: Obviously, your app will need this feature. You can provide various pre-booking options too.
• Payment methods: Let your users choose the payment method they’re comfortable with. Multiple payment options include cash, card, or other digital payment gateways.
• Parking History: This feature enables users to view their most frequently used parking spot and pay for the same. This may help the user to utilize the parking history and book the same spot again.
• Review and rate: This feature will help you have the maximum user engagement. This will also help other users to book a particular space based on the reviews and ratings.

This interface/app allows the parking space owners to receive booking requests. They can then have complete access to the data about the parking spot they need to allot. Here are some features that you can integrate into your parking owner interface:

• Registration: The parking owner also needs to register to the app using their email id, phone number, or social media accounts.
• Add Parking Slots: The owner can add/remove parking slots available in the area.
• Pricing and Management: The parking owner will need to manage the price charged for parking slots based on total time and demand for the spot.
• Check Bookings: The parking owner can check the number of bookings made in their parking area, using which the owner can accept or reject the parking requests made by the users.
• Accept Payment: The parking owner can receive the payment for the admin through multiple payment methods as per their revenue model.
• Review and Rating: This feature allows the parking owner to view the ratings they’ve received to enhance user experience and satisfaction with their services.

Admin Panel

The admin panel of a parking app is used to manage the operational side of the user and parking owner app. It gives an overview of the app features functioning and payment clearance and helps utilize users’ data for marketing activities. Some of the features of the admin panel include:

• Manage Users: The admin can manage user activities like several app users, history of their transactions, payment details, etc. This will enable a seamless and hassle-free parking experience.
• Manage Bookings: The admin can manage the user bookings for parking spaces based on demand.
• Parking Area Management: The admin manages the parking owner’s activities like registration, charges, etc.
• Manage Payments: The admin will need to manage the payment based on the type of vehicle parked, the received payments, deducted cost, and the final payment made to the parking owner.
• Offers Management: The admin can manage the offers and discounts on the bookings. This will help them add more users to the parking app.

Advanced Features

Apart from these features mentioned above for the parking app development, which helps you to stand out in the app market. This can gain a loyal user base. Here are some advanced features that will increase user engagement in the app:

• Favorite Location Tag: A location tag feature can let users tag their favorite parking spots in a particular location. They can then book the same the next time they use the app.
• Support Different Cities: Make your app accessible to everyone. You can provide your services in multiple cities and states, depending on the objective of your application.
• Heatmap: Through heatmaps, you can provide users with real-time information about the parking slots. This way, during busy days, users can search for parking spots before leaving home.
• Waiting List: Let users put themselves on a waiting list so that if their favorite spot is available, they can get notified and book it immediately.
• Multi-Language Support: Providing your application in multiple languages is essential, especially if you plan to provide services worldwide. Multi-language support will help you attract more customers and improve your sales.

When developing an application, you need to build for different operating systems and devices. To provide them with the seamless experience of your application across any device, you need to use a framework that supports cross-platform applications. Cross-platform frameworks will help you invest less in resources and use a single codebase to develop multiple platforms.

Some of the technologies that you can use for cross-platform application are:

If you plan to develop the application in native format and invest dedicatedly for each platform, you need to get the developers for each dedicated platform. So, here you need to define the method to develop your application and provide better services to users.

It is obvious to wonder how your parking app will earn money for the business. The quality and service of your app are significant in building a business model for monetization. Here are some commonly used models used in car parking app development:

I. Commission Per Booking

Commission based monetization model is one of the most commonly used models. It is the same as AirBnb or the home services booking app model. Every time a user books a parking lot, the parking place owner will charge a fee.

II. Subscription Model

A subscription model is pretty popular for parking services. App owners can offer a monthly or yearly plan (for a certain amount of subscription money) for customers who use the app a lot. This way, they do not have to pay every time they use an app to search a parking lot.

The subscription model also provides a better quality of customer experience. It is also focused on building long-lasting relationships with the customers and improves your overall customer retention rate. Not to mention that your customer satisfaction rate will be high.

III. Reward Points

Another revenue model that increases customer experience is the reward points model. It gamifies your app by giving the customers extra bonuses for using it for a long time or multiple times. It cultivates custom loyalty and makes a parking app a source of a beneficial relationship with them.

IV. Marketing and Branding For Parking Owners

Through this model, parking owners can pay for promoting their places while underlining the benefits or more information about their business. Developers can work to highlight this information visually. A unique UI and UX also work wonders for attracting more users to this parking lot.

The revenue model for parking app development usually depends on business goals and general strategy. It is possible to use only one model or compile multiple models. You need to focus on new revenue streams, such as cooperation with city administrations, corporates, and private business owners. It can open new opportunities for your car parking app.

Figuring out the tech partner is the most important step in planning your parking app development. A good technology partner will help you develop an application even if it has multiple complexities. You need to consider factors like researching, designing, development, testing, security, maintenance, and more.

Wrapping Up

I’ve covered every aspect of the question “how to create a parking app?”. While developing an application, consider the things we discussed to tap into this market. If you have an idea of a car parking application and are searching for a technical partner, we can help you with it. Our experts have helped many businesses develop applications from scratch and can help you as well. We will understand your requirements and then move forward and help you at each phase of development.

With 14+ years of technological expertise, and hundreds of clients worldwide, Biztech has come a long way. We can help you with your parking app development project and build something specifically catering to your need. If you want to integrate a calendar or a user verification process or streamline a subscription model, we’ve got it all sorted for you. Ready with your parking app business plan? Take a demo and find out!

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How to Create a Car Parking App in 8 Easy Steps

Finding a parking spot can be a real challenge, especially in large cities. Independent research shows that 30% percent of traffic happens due to drivers looking for a parking space. The modern market offers various applications for finding a place to leave a car, but they cannot fully satisfy users’ needs. That is why this niche is so popular, and the global smart parking market is expected to grow by almost $ 3.8 billion by 2023 . Hence, today we will talk about mobile app development for car parking, share essential tips, and explain where to focus your attention.

How Parking Mobile Apps Work

Market conditions show that parking apps will be popular for a long time to come. But before we talk about development, let's look at the basic principle of how such applications work.

Determine the location. First, the drivers determine their location. They can do it manually or let the program automatically find the vehicle using GPS technology.

Search. Next, the software searches for available parking slots closest to the driver.

Compare. Users can compare available parking slots based on their distance or cost.

Book the Spot. Then the driver books the selected place and gets a password for it.

Driveaway. Once the customer has chosen a location, they can use the navigation built into the application to get there.

Payment. Users can pay for a parking space using a card through the application or with cash.

Park the vehicle. Finally, a client drives up to the reserved slot and parks their car.

Safe parking.  Some apps help to park a car neatly without hitting nearby objects.

The principle of car parking app functionality is very simple and consists of 7 steps

Car Parking App Business Models

In order to create a successful application, it is necessary to understand market trends and analyze competitors. Car parking software can have various functions and even services. Below we will consider the main business models of such applications.

Dedicated (Navigation only). This option involves the inclusion of only basic functions, so it is well suited for startups. This refers to the creation of a minimum viable product . Such an application allows users to find the nearest available parking spot but does not offer booking functionality. MVP makes it possible to assess how effective the product concept is and determine which direction to develop further.

Aggregated (Navigation + Booking). Unlike the MVP, this is a more advanced version that allows drivers to book parking spaces and pay online. It also has built-in navigation and GPS. Some apps also help the driver to park safely. The bottom line is that special sensors are attached to the car body, which transmits information about nearby objects to the phone via Bluetooth. And based on this data, the application helps you to park the car.

Learn more about How to Build an App That Uses GPS .

Full Parking App. Such applications completely cover the functionality of the previous type but have advanced capabilities. They also offer door-to-door functions and valet parking. How does it work? The user pre-selects a parking space in order to book it, indicating the time and place to hand over the keys to the valet. The parking person takes the car, puts it in the parking lot, and returns it to the owner at the stated time.

Want your app to outperform the competition? Hire experienced KeyUA developers to build a powerful mobile app.

Monetization of  Parking Lot Apps

Before you start building a custom mobile parking app, determine how it will generate income. This is an important step, as your product development will depend on this as well. Below we have listed a few of the most popular ways parking apps can be profitable.

Commission Per Booking

This is the most common type of income for the company. The parking owner charges a commission every time a driver makes a reservation. Then part of this amount is returned to the owner of the application through which the slot was booked.

Subscriptions

The subscription assumes that a driver will use the booking services without limits for a certain period. Customers who use parking lots often prefer this because a monthly subscription is a more profitable option than one-time bookings.

Reward Points

This is an additional way to make a profit. The driver receives points for using the application, and then they can pay for parking with these bonuses. For example, a customer is rewarded for inviting friends to the app. In this way, the software improves user experience, retains existing customers, and attracts new ones, increasing income.

Marketing and Branding for Parking Owners

Companies can generate income by promoting certain parking lots. The parking owner pays you to prioritize their lots in users’ search to show their parking spaces first.

Build In Ads

You can place ads inside your app from third party vendors. For example, videos or banners, and get paid for putting their content.

If you want to know more about monetization ways, read about How Do Free Apps Make Money .

Types of Parking Mobile Apps

Applications are divided into types depending on their functions. However, this division is rather arbitrary, and software can combine several of the following options.

By Geography

Apps are categorized by region. Initially, all companies go to the local level. For example, they offer services only in one city. As a product grows, it expands into the global marketplace and may span multiple countries.

By Functionality 

Products also differ in their primary purpose. The first category is the parking management apps. They are aimed at enabling the customer to find and reserve a suitable parking space. The second category is parking assistance. They help the driver to park their car safely.

Products may offer a variety of tools, namely:

Search. Apps have the main function of finding available parking spaces, even when customers need to park immediately.

Reservation. Some applications allow you to book a parking slot a week or even a month in advance.

Payment. Some applications only offer online planning, while others allow cash payments or combine these two functions.

By Parking Place

Some software finds available parking spots on the street. There are also apps for looking for places to park your car off-street.

By Search Options

Some applications that search for available parking space can perform other functions as well. Even though this is the most demanded service, the software is also being developed for finding a car. This is especially relevant among large parking lots.

Most Popular Parking Applications

Studying examples of popular applications will allow you to thoroughly analyze the market and find out exactly what functionality you need to implement for your product.

1. BestParking

This service is represented in many cities in North America. The main merit of the app is that it helps you find available places at the best prices. It also makes it possible to reserve parking spots at major US airports, like LAX, ORD, and JFK. Another handy feature of the app is advanced booking.Thus, customers can reserve a place in advance by choosing a precise time. Using the application, you will see all prices directly on the map, simplifying selecting a parking space even more. BestParking is available on the web, Android, and iOS.

2. Parking Panda

Inside the app, you can find about 2500 different areas and garages. Parking Panda helps you find and reserve free parking spaces near your location. The app provides top-notch services and is available for the USA and Canadian residents, including those who live in NYC, Chicago, Toronto, Boston, and more. The application creators claim that they fully protect payments by processing them when Apple Pay or Google Pay. You can use Parking Panda through a desktop browser or download it from the AppStore or Google Play Market.

Official website: parkingpanda.com

3. ParkMobile

It is one of the most proven apps in the world and was created in Europe in 1999. In the 2000s, ParkMobile developed rapidly and conquered the US market. Nowadays, the app is top-rated in the USA, Canada, Europe, Australia, and New Zealand. The application allows you to book spots at various locations, including businesses, centers, and even airports. ParkMobile has additional features like booking concerts, airports, sporting events, campuses, and more. Moreover, it has various convenient payment methods. The app has an interesting history of ups and downs, which is a great example to help you better understand the market. Like its competitors, ParkMobile is also available on the web and mobile versions.

Official website: parkmobile.io

4. ParkMe  

This application advertises that it covers over 16,000 cities and is available on 7 continents. It has been very popular since 2009. It is one of the largest parking spot databases that allows users to keep track of their parking time to avoid time-exceeding fines. The app provides up-to-date information on pricing policies for various types of parking. ParkMe can set a timer, as a result of which you will avoid delays and take your car on time. In some regions, customers can see real-time parking information.

Official website: parkme.com

5. Parkopedia

It is a user-friendly product that covers 89 countries and about 15,000 cities. It gives the ability to search for an available parking space by address or using GPS technology. The app also has a navigation system that helps users get to the parking spot. In Parkopedia, you can find over 70 million different parking spaces. The product has been on the market for over 10 years and successfully continues to expand its boundaries. Parkopedia is available for desktop versions, as well as iOS and Android operating systems.

Official website: parkopedia.com

Here's another thing to consider: Best Car Sharing Apps .

Features to Consider for Mobile Parking App Development

Now let's take a closer look at what functions an effective application should have.

Driver’s Side

Registration. The driver must be able to register in the app and fill in their details. It is a good idea to implement the signup function via social networks, which will improve user experience.

Location tracking. The next must-have functionality is tracking the car’s location and calculating the distance to the parking space. You can also add the ability to mark any places on the map to make it easier to book them in the future.

Search. Another essential function is the search for an accessible parking space. It is helpful if the driver has both local and global search capabilities. They should also be able to find a parking space in the selected city or area.

Timing. The client must be able to indicate the time of arrival at the parking space and the time of departure. Based on this data, the application will calculate the cost of the service.

Booking. Allow drivers to reserve a parking space while they are at home. Also, the ability to compare parking places by price or convenience of location is another crucial aspect of improving user experience.

Payment. Set up integration with a trusted payment processor to ensure that payments for using your services are credited to your account. It is good if drivers will have different payment options, for example, using a card, PayPal, Apple Pay, or Google Pay.

Parking History. The user should be able to view their booking history, including parking location, date, time, and total cost.

Reviews. This is a useful feature for user engagement. Let customers share their experiences by giving feedback and ratings to the parking lots they've visited.

Parking Owner Side

Registration. Like drivers, parking lot owners should be able to register in the app and leave relevant information about themselves.

Add Parking Slots. Further, the owners must be provided with the functionality by which they add parking spaces in the application.

Pricing. Another important function is pricing. It may vary depending on the time spent in the parking lot and the type of vehicle.

Check Bookings. The owner must see how many places are booked to assess the occupancy of the parking lot.

Payments. There are two options here. First, the owner should receive a booking commission from the app. Second, if you plan to allow parking lot owners to post their advertising content, they should be able to pay in the app.

Rating. Customers need to see the reviews left by drivers in order to improve the quality of their parking.

Admin Panel

The creation of a parking app also includes building an admin panel, which will be accessible from the web version. Its purpose is to monitor and manage the driver's and parking owner’s sides and control the application.

User Management. The administrator should be able to manage users, view their accounts, registration date, important information, transaction date and amount, and so on, depending on what is needed for the business. This functionality aims to assist users in resolving their requests and providing uninterrupted service.

Parking Management. This helps the administrator manage individual users, for example, approving parking owners, viewing, or editing their parking fees.

Manage Bookings. The purpose of this tool is to help you manage or change booking details. The administrator, upon the driver's request, can edit the parking location or time. In addition, they can also check the booking conditions, including taken and available parking spots.

Manage Payments. A parking spot app should be able to track pending payments, control the number of parked vehicles, and view final payments.

Manage Offers. With the help of these tools, the administrator will be able to manage special offers, create discount programs, and schedule mailings. In general, this piece of software is built to create and implement marketing campaigns.

When developing a mobile app for parking, you don't have to limit yourself to the above features. They only form a basic list. You can add any tool depending on the needs of the parking lot business and your goals. For example, push notifications or a multilingual interface.

How to Build a Parking App in 8 Steps

Now you have a basic understanding of parking applications and can use this knowledge to create a plan. Let's move on to the steps you need to take to make your own car parking app.

#1 Market Research

The first thing is to carefully study the market to understand which applications exist, their advantages, and the disadvantages. See what features are already implemented and read reviews from real users. It will help you determine the most meaningful functionality for your application. Another important step is researching potential users. The more information you collect about them, the more convenient your application will be. A successful product is one that can satisfy users' needs.

#2 Prepare a Business Plan

Many startups skip this step, and this is a big mistake. A business plan is one of the most reliable ways to attract investors. Its primary purpose is to show them and your team the goals of the product and how you will achieve them.

#3 Choose a Platform

Since we are talking about creating a mobile application, you must decide whether you want it to be available at AppStore or Google Play. Focus on what mobile operating systems your potential customers use. If they use both android and ios, take a look at building a cross-platform app. This means creating a container so that you can relatively easily deploy an application under two operating systems.

#4 Find a Reliable Contractor

Next, you need to find someone who will implement your project. Building an in-office development team has long been too costly. The market offers many development companies or freelancers around the world. You can even collaborate with a team from another continent. In general, location is not a key factor when choosing a contractor. Reliable companies can always provide a transparent development process and fair prices, regardless of where they are. Pay attention to the reviews about the contractor and their portfolio. Also, be sure the company will sign an NDA.

#5 Build an App

After you sign the appropriate contract, it's time to start developing a parking app. You will need designs of the interface and navigation. It's good if the development company has a designer who, together with the programmers, can carefully consider the user experience. If they don't have a designer, you will need to look for an outside specialist.

The basis of development is page layouts and a description of the product functionality that you should receive after analyzing the market. The process of mobile parking app development is time-consuming and will take at least a few months.

#6 Test an App

The next step is testing the project. You need to approach it with the utmost responsibility. You check the actual functionality and design of the application with the expected result. Many startups fail because they introduce a low-quality product into the market and thereby alienate customers. After the QA team has finished validating the software, research it to ensure your parking spot app meets business needs and goals.

Here's what else can be useful: Fleet Management Application Development .

#7 Create a Marketing Campaign

Along with the testing, it's worth starting to prepare material to promote your product. Ask your service provider if they have a marketer on board. This will greatly simplify your task. The marketing campaign needs to be well thought out and based on the interests of your potential users.

Once you are convinced that the application’s functionality meets the requirements, it's time to push your software to the market. Launch a parking app by publishing it in the App Store and/or Google Play Market (usually, the developers do this). At this stage, it is worth starting your marketing campaign.

Take care of the high-performance code of your project and a successful marketing campaign.

Car Parking App Development Cost

This question is of interest to many entrepreneurs. But to be fair, it is very difficult to give an accurate estimate of the project's price without knowing its details. The cost to create a parking app depends on the product’s functionality and the time spent on development.

Software developers usually charge a price based on their hourly rate. Due to the nature of technology, iOS programmers are worth a little more money in comparison with android developers.

These are the mobile developer’s hourly rates, depending on the location:

At the same time, developers from Ukraine demonstrate a high quality of product implementation at a relatively low price. They are a reliable partner in mobile app development for car parking.

Final Thoughts

The market for smart parking continues to expand, and this is an opportunity for you to start your own parking mobile app. To do this, you need to carefully study your competitors and potential users, paying special attention to their satisfaction. In general, a good product can be realized in a few months. If you want to get a more accurate assessment of your project, please contact our specialists, and we will be happy to provide you with an extended consultation.

Build the first-class app with mobile development experts from KeyUA.

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Parking App Development: A-Z Guide for the Automobile Industry

Digital solutions do more for us than only improve our comfort levels. Even in situations where business procedures are extremely complicated and unclear, they aid in establishing company possibilities and processes. Virtually every aspect of human existence has been impacted by digitalization and each year, these changes will only get greater.

What are we discussing? We are referring to people’s daily activities and various technological tools that help them become more manageable. Take a parking app, for instance. Customers can pay with a credit card, locate their car amid hundreds of other vehicles, and find a parking space more quickly.

Learn more about car parking app development. This blog contains information about the several kinds of parking applications already available, as well as the steps involved in developing a parking app and its features. Let’s drive through you!

How Does a Parking Spot Application Work?

The operation of parking apps works on a very basic concept. An app’s search capabilities come first. Users can type in the address of the location they would want to park their car or locate a parking lot nearby.

Users can filter options in a certain district if there are several available and select the best fit for them. After they decide, they can go ahead and reserve a parking space. They can pay with cash (or a QR code) after parking their car or instantly using internet banking.

At last, they can navigate to parking from their current location. The spot is already reserved, so there’s no need to drive as quickly as you can.

Car Park App Business Models You Should Know

The development of a parking app always comes before choosing a business plan. It outlines the features that a product must have to satisfy all requirements and allow for future development. Every application, including tracking systems and apps for parking sharing, needs a car parking app development business plan.

Since there are many similar parking apps on the market right now, you should research the business strategies that your rivals typically employ. We’ll examine three fundamental models that are utilized by various parking applications.

Model based on navigation. This is the most basic feature that certain parking apps employ. Users can identify a parking lot close to where they are right now. Since reservations cannot be made in advance, the primary function of these apps is parking assistance. Moreover, this business model may be the foundation of your MVP.

Model-based on booking and navigation. An enhanced model with reservation procedures and navigation. To park a car in a designated location, users reserve a slot and head there. Users can see the way to a reserved location via navigation. These apps offer multiple ways to pay: cash on arrival or cashless with a card.

A complete service framework. The most costly business plan is this one, but it comes with all the fancy features a parking software can offer. In addition to pre-booking options, consumers can, for example, extend the booking period if they arrive late. Additionally, some parking applications include valet parking services.

How to Create a Parking App?

We have now arrived at the main section of the guide: a step-by-step tutorial on creating a parking app. Pay close attention to this part as it contains important procedures for developing mobile apps for parking. Nonetheless, our sales staff is available to you at all times if you have any questions.

Business Plan 

Regarding business models, the material above has previously been shown to you. However, in addition to business models, you need to draft a business strategy outlining the most important considerations. That is, you must record the anticipated project budget, target market, location, revenue streams, company name, potential dangers, and hazards.

Analyze Competitors

This phase will assist you in writing a business plan. You must evaluate current apps, identify their advantages and disadvantages, and formulate a development plan. It will make you stand out from rivals and provide potential clients with reliable solutions.

Coordinate With Local Services

Getting in contact with nearby companies who are eager to boost their revenue for your on-demand app development services will help you attract new clients. For instance, gas stations, rest areas, and locations for charging electric vehicles.

Recruit an App Development Team

A large variety makes you feel uncomfortable because there are a lot of software development companies in the world. But you should concentrate on Eastern European development firms, as they could offer you a premium service at a reasonable price. You shouldn’t refrain from software development outsourcing since it’s a common practice. Hire experienced developers who are also skilled in creating robust IoT app development services or say they can integrate modern solutions to your car application.

Select the Essential Parking App Features

List the features that are necessary for your parking app. While the elements of a minimally viable product can change depending on the needs of the parking app, there are usually some essential functionalities. Keep in mind that MVP is important; our article has additional information on it. Regarding features, every function required for a parking app will be covered in the following section.

Design of UI/UX

An application that’s frequently used in a hurry is a parking app. Because of this, both the user interface and the user experience need to be carefully developed. Keep in mind that most users of parking apps don’t have time to figure out how the app functions. It should be easy to use, have large, obvious buttons, huge fonts, and a night option to enhance browsing in low light.

Select a Software Provider with the Necessary Experience

Yes, you can use pre-made parking app development tools, but scaling your app, improving your service, and adding more capabilities as needed would be difficult. Working with a reputable parking app development business that specializes in creating custom applications seems like the best course of action for guaranteeing a seamless user experience.

When all tests are finished, no new defects are found. Hire mobile app developers to make a parking app who are well experienced and can manage any change or update post-launch.   They should move forward with releasing the finished product into well-known app stores.

An app’s story doesn’t end with its launch. You’ll know what features need to be added, changed, or eliminated in the initial months following the product’s release.

After that, you can sign a maintenance contract that takes into account new variables or begin a new chapter in the creation of parking software.

Once you think to make an app, you should consider the below features or functionalities of the application based on drives, parking owners, and from a management point of view.

Features of Parking to Consider

For drivers app, 1. two-factor authorization.

To ensure adequate data protection, drivers should consent via password sign-in via email or phone number. Users find SMS-based authentication to be the most appealing.

2. Location

Geolocation makes it easier for drivers to identify open spaces, locate their car, and determine how far it is to the parking lot. It is imperative to determine the user’s location in the event of an unreliable or absent GPS signal, particularly when traveling.

This feature is the first that comes to mind when entrepreneurs are considering how to develop a parking application. In a matter of seconds, the parking platform should be able to look for adjacent spaces in a specific region.

4. Time Duration

This feature assists customers in figuring out how much money is required to pay for a parking citation and when their parking time is expiring. Additionally, this option makes it possible to determine how long it will take to get from the current location to a parking lot.

5. Reservation

If an app allows users to reserve seats ahead of time, that feature alone makes it indispensable. This option comes in handy when people are traveling to places they have a fondness for. Still, prepayment is typically required.

6. Payment Options

Provide customers with a selection of alternatives, such as cash, Visa, MasterCard, Apple Pay, and Google Pay. To reach a larger audience, take into account a variety of payment options while developing your mobile parking software.

By including a parking history, users will be able to save favorites and easily revisit them rather than having to Google addresses and amounts spent. Time is saved, and customers are happier as a result.

Customers’ expectations and reality don’t always align. To enable drivers to share their opinions about a particular lot and assist others in making decisions, it would be fantastic if you allowed users to submit ratings and reviews while developing car parking apps.

9. Customer Support

Make sure clients can contact customer service right away in the event of an emergency or simply share a story with you. More than half of millennial users are prepared to share their data with third parties, yet over 65% of them demand real-time interactions and responses.

10. Notifications

Customers are informed about available discounts, service upgrades, and open spots thanks to this functionality. Push alerts have the potential to enhance user engagement by 88% and raise retention rates by three to ten times.

For Parking Owners

• Signing up. Parking lot owners can register on social media, just like users, to conveniently manage their parking.
• Administration of parking spots. Parking spaces may be added, removed, or managed in quantity by the owner.
• Control of prices . A parking lot owner may control the rate and raise it if one location is more in demand than the other. Alternatively, longer parking times could be less expensive than short ones. Additionally, parking spaces for some types of vehicles (such as large cars) may be pricey.
• Booking administration and checking. An owner can keep an eye on how many reservations are made for their parking lot.

For App Management

1. content management.

In-app content should be able to be created, saved, and edited by app managers.

2. Module for User Management

Admins can see payments received, add or remove users, keep track of transaction history, and add extra services that have been ordered with the aid of this module.

3. Parking Control

An administrator should have the ability to verify the parking owners’ status, number of spaces, monthly payment amount, and other details, as they may have multiple facilities with varying rates.

4. Payment Module 

Managers require capabilities to handle transactions, billing, and recommendations for both parking owners and drivers on both app versions.

5. Reservations Section

Incoming offers should be set, bookings should be monitored and managed, and bonuses for drivers and parking lot owners should be managed by service managers.

Examples of Car Parking Applications

1. parkmobile.

Millions of Americans can locate, pay for, and reserve a parking place in advance with this smartphone and web application. Additionally, parking can be extended directly through mobile devices thanks to the app. The app is available in 400 well-known cities and over 3,000 places. One excellent illustration of how to create a straightforward and practical parking software is ParkMobile.

Available on both iOS and Android

Check out Parker if you’re wondering how to create parking software that offers a smooth user experience. Drivers can get real-time guidance to available garages or lots with this mobile application. Important details about this parking lot are also displayed on the app, such as entrance costs, operating hours, parking limitations, and more.

Users may instantly locate their vehicle with the “Find my car” option, saving them the trouble of having to trek up and down the parking lot.

Free on the iOS and Android stores.

3. BestParking

BestParking is an easy-to-use interface that assists users in finding affordable parking. Originally a small airport parking finder, this app now has over 40 million users and includes more than 100 cities and 115 airports across North America. People can quickly compare parking charges at neighboring locations by simply tapping their fingers. Once the user selects the most practical alternative, the app offers an interactive map to help them locate this parking space more quickly.

Available for both iOS and Android

4. Parkopedia

The term Parkopedia is a play on the words “parking” and “encyclopedia.” Indeed, it truly is an encyclopedia of available parking lots. It’s astonishing that the app currently has information on 70 million parking spaces in 15,000 locations worldwide.

Parkopedia is a type of social media where drivers may add all the information, allowing each motorist to participate in the app’s expansion. You may plan a route, locate parking spots, view opening times, use filters to focus your search, and access a wealth of other features with Parkopedia.

Free to download from Google Play and the Apple Store , though there is a paid upgrade option.

As you can see, developing parking software has several advantages. When done right, a solution is reached where everyone is satisfied. Parking applications will only grow. You had better get going right away if you’re (still) debating whether digitizing urban parking is the appropriate decision.

CMARIX – a mobile app development company is excited to offer our knowledge of developing mobile apps for parking lots. To find out how our organization can assist you, get in touch with us to discuss your parking app development project idea or to schedule a free consultation with one of our technical specialists.

Frequently Asked Questions

• Create a business plan
• Analyze your competitors
• Hire developers
• Design UI/UX
• Decide the essential features
• Update regularly

Yes. Users can travel from point A to point B easily and hassle-free by using real-time guidance to available parking spaces.

The majority of this time can be saved by using a parking app. You can easily browse the available spots nearby and instantly book one using an online parking app, even if you’re searching for a place to park at the last minute. Maximum transparency regarding parking lot charges and regulations is provided by online parking apps.

For businesses, the price of building a parking app in the UK would differ from that of developing it in the USA. It varies according to the intricacy of the app, the features included, the platform (iOS, Android, or both), and the experience and geographical location of the smart parking app developer’s team. Building a car parking app costs about $25000 to – $55000.

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Written by Atman Rathod

Atman Rathod is the Founding Director at CMARIX InfoTech, a leading web and mobile app development company with 17+ years of experience. Having travelled to 38+ countries globally and provided more than $40m USD of software services, he is actively working with Startups, SMEs and Corporations utilizing technology to provide business transformation.

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• How to Build a Parking App: Cost Calculation and Steps to Take

Technology has made it easier for drivers to find parking spots through parking apps that can reserve or locate available parking spaces in real time. Car parking app development also presents opportunities for entrepreneurs to partner with parking app developers to drive traffic to their physical locations and discover new profitable ventures. 

Common issues that can be resolved with parking applications include finding available parking spaces, reducing traffic congestion, managing parking resources, reducing overcrowding, simplifying parking regulations, and finding cost-effective parking options. 

In the previous article, we talked about how such apps work and what must be taken into account if one decides to go for parking app development. Today we offer you to discuss the costs and how to create a parking app.

Parking App Development Cost

The budget are one of the primary matters when talking about how to make a parking app. The costs of any mobile app development services and web app development services are prone to fluctuate as the cost calculations rely on several factors.

For example, the size and complexity of the project can have a significant impact, as can the level of customization required. Additionally, the experience and skill of the development team can also affect the cost, as more experienced developers may command higher rates. 

Other factors to consider include the type of platform being developed, the integration of any third-party APIs or services, and the potential need for ongoing maintenance and support. The same holds true for the car parking app development cost. 

The primary parking app includes three user interfaces with their own features to make the app work. Below, we’re repeating the list of features with added hours required for the development. 

Driver’s Interface

Parking Space Owner’s Interface

Admin Panel Interface

Total development hours equal to 1,036. Apart from the development, the app cost calculation also includes UX/UI design (UX/UI design (120 hours), Project management (138 hours), and QA (138n hours).

Taking into account these factors, the time required for their development, the developer’s hourly rate, and the approximate parking app development cost range start from $35,000.

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Car parking app development in stages.

Developing a car parking app is a complex process that involves several stages. From setting your objectives to launching and updating your app, each stage is critical to the success of your app. Here are the key steps involved in developing a car parking app.

Determine Your Objectives and Create a Business Plan

Before starting the development process, it is essential to define the app's objectives and create a business plan. This plan should outline your app's goals, target audience, and marketing strategy. You should also identify the key features and functionality that your app will offer. This will help you to stay focused on your goals, get a clear understanding of how to build a parking app, and ensure that you allocate resources appropriately.

Conducting Research

Conducting research is essential to understanding the market and identifying opportunities for your app. This research should include an analysis of your target audience, your competitors, and the current market for car parking apps. You should also identify any emerging trends or technologies that could impact your app's development.

Moreover, you should also consider conducting a SWOT analysis to help you identify the strengths, weaknesses, opportunities, and threats of your app. This can provide you with insights on how to create a car parking app standing out from the competition.

Prepare Your Technical Requirements

Once you have identified the market opportunity, it is important to prepare your technical requirements. This includes selecting the appropriate platform and programming language for your app. You should also consider any third-party tools or APIs that you will need to integrate into your app. Furthermore, you may want to consider developing a Minimum Viable Product (MVP) to test your app’s features and functionalities before investing in full-scale app development.

Create UI/UX Design and Build an App

Designing an engaging and user-friendly UI/UX is critical to the success of your app. This process involves designing the user interface and user experience of your app. 

After finalizing the design, it’s time to move forward and develop the frontend and backend of the app using the selected technology stack. 

You should also ensure that your app is optimized for performance and security. In addition, you may want to consider developing a prototype to test the functionalities of your app.

Test the App and Fix Bugs

Testing is an important part of the development process and should be carried out at different stages of the app's development. Testing helps to identify and fix bugs and ensure that the app is working smoothly. You should also consider conducting user testing to get feedback from your target audience.

Think Through the Marketing Campaign

To ensure the success of your app, it is important to plan and execute a marketing campaign. This includes identifying key influencers and thought leaders in the industry, developing a social media strategy and building a website to promote your app. You should also consider investing in paid advertising to drive downloads and user engagement.

Additionally, you may want to consider developing a content marketing strategy to help you build your brand and increase your app’s visibility. Usually, content marketing deals with can developing blog posts, videos, infographics, and other types of content that are relevant to your target audience.

Launch and Update

Finally, it's time to launch your app and start updating it regularly. This will help you ensure that your app remains relevant and valuable to your target audience. You should also consider collecting feedback from your users and making updates to your app based on their feedback.

In addition, you may want to consider developing a customer support strategy to help you address any issues or questions that your users may have. This can help you build trust with your users and increase their engagement with your app.

By following these stages, you can be sure to build a car parking app that meets the needs of its users and stands out in a crowded market.

Parking App Development With a Trusted Development Partner

If you’re thinking to build a parking app that will keep drivers away from circling around for endless hours and searching for a free parking slot and thus find a new business venture, 

Our dedicated app development team is focused on creating innovative, user-friendly apps that provide an easier way to find parking spaces. Our cutting-edge technology enables users to locate the nearest available spots, check their availability, and even reserve a space in advance. But that's not all - our apps are designed to be intuitive and easy to use, so drivers can have a hassle-free parking experience every time.

The convenience reached with our development services will result in discovering new income opportunities for you as an entrepreneur. 

The start is easy and quick. All you have to do is to leave us an inquiry here , and will reach out to you to discuss the possible ways of collaboration.

Areas of responsibility - brand and growth marketing. Strongly believes that software development is an art and marketing is not just about sales but about sharing your passion. Her educational background in the field of business and marketing allows her to create expert content and help others to grow and expand knowledge.

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How to Develop a Business like Justpark App?

JustPark is a revolutionary mobile application that simplifies the way we find and secure parking spaces. In a world where urban congestion and parking woes are commonplace, JustPark app emerges as the ultimate solution, offering a seamless platform that connects drivers with available parking spaces. Whether you’re searching for a convenient spot near your destination or looking to monetize your unused parking space, JustPark has you covered. With its intuitive interface, real time availability, and secure payment processing, JustPark empowers drivers to locate and reserve parking with ease while enabling property owners to maximize the value of their spaces. 

And also JustPark is a popular parking app and website in the UK for finding and booking parking spaces. It offers a platform for private persons as well as commercial parking space owners to list their parking spaces for rent. It expanded its services to the United States, where it operates under the name “Parkmobile.” In the USA , Parkmobile is a popular parking app and payment solution used in various cities and parking facilities. Justpark has also expanded to Australia , Dubai and more.

We are familiar with developing an apps like Grocery Delivery App , Food Delivery App , Ride Sharing app , Milk Delivery App .

How to start a justpark app as a business?

Starting a parking marketplace app similar to JustPark as a business involves careful planning, execution, and a deep understanding of the parking industry. Here is a step-by-step instruction guide to get you moving: 

Market Research and Conceptualization:

Conduct thorough market research to understand the parking industry’s dynamics, demand, and competition. Identify gaps or pain points in the market that your app can address. Conceptualize your app, defining its unique features, value proposition, and target audience.

Business Plan and Legal Considerations:

Create a detailed business plan outlining your app’s goals, revenue model, budget, and timeline. Consult legal experts to ensure compliance with local regulations, data protection laws, and obtain any necessary permits or licenses.

Team Formation:

Assemble a team with diverse skills, including app development , design, marketing , and business development. Consider hiring domain experts using a recruitment software with knowledge of the parking industry.

Technology Stack:

Choose the right technology stack for your app’s development, including mobile app development ( iOS and Android ) and backend infrastructure.

Design and Prototyping:

User centricity is given priority in JustPark’s UX/UI design and prototyping. The processes for finding, reserving, and listing parking spaces have been streamlined by our straightforward interfaces and seamless navigation. Our prototypes and wireframes guarantee an aesthetically pleasing and user-friendly experience, increasing comfort and pleasure for both drivers and space owners.

Development:

Develop the app’s front-end and back-end components, including essential features like user registration, parking space listing, booking, payment processing, and location-based services .

Third-Party Integrations:

Integrate third-party services like payment gateways, mapping services, and geolocation tools. 

Implement robust security measures to protect user data, financial transactions, and the integrity of the platform.

After the app launch – These are steps you have to follow

Testing and Quality Assurance:

Conduct thorough testing, including functional, usability, performance, and security testing. Address and fix any identified issues or bugs.

Deploy your app to app stores, e.g., Apple App Store, Google Play Store and make it available to users. Plan a marketing campaign to promote your app’s launch.

User Acquisition and Growth

Implement marketing strategies to attract users, such as search engine optimization (SEO), s ocial media marketing , email campaigns, PPC and partnerships. Focus on user engagement and retention through incentives and loyalty programs.

Feedback and Continuous Improvement:

Gather user feedback and continuously make improvements to enhance the app’s functionality and user experience.

Monetization:

Implement your chosen revenue model, which can include charging parking space owners for listings or taking a commission on bookings.

Expand your app’s reach by entering new cities or regions, forming partnerships with parking facilities or property managers.

Customer Support:

Provide excellent customer support to address user inquiries and issues promptly.

Starting a parking marketplace app business is a complex and resource-intensive endeavor, but with careful planning and execution, it can be a lucrative venture. Stay updated with industry trends, adapt to user needs, and focus on providing a seamless parking experience for both drivers and parking space owners to achieve long-term success.

Benefits of  Justpark

JustPark is a parking marketplace app that offers a range of uses and benefits for both drivers and parking space owners. Here are some of the primary uses of the JustPark app.

For Drivers:

Finding Parking: The primary use of the JustPark app for drivers is to find available parking spaces in real-time. It helps them locate nearby parking options quickly and easily.

Booking Parking: Users can reserve parking spaces in advance, ensuring they have a guaranteed spot when they arrive at their destination.

Cost Savings: JustPark often offers competitive pricing, helping drivers find affordable parking options, potentially saving money compared to on-street or traditional parking lots.

Convenience: The app provides information on parking space availability, pricing, and location, making it convenient for users to plan their parking in advance.

Navigation: JustPark can integrate with navigation apps to guide users to their reserved parking spot, making the parking experience seamless.

Cashless Payments: Users can pay for parking through the app, eliminating the need for cash and offering a more secure and convenient payment method.

User Reviews: The app often includes user reviews and ratings for parking spaces, helping users choose the best and most reliable options.

For Parking Space Owners:

Listing Parking Spaces: Property owners, individuals, or businesses can list their parking spaces on the JustPark platform, allowing them to monetize underutilized or vacant parking areas.

Additional Revenue: JustPark provides an opportunity for parking space owners to generate additional income from their properties.

Easy Management: The app offers tools for managing reservations, setting pricing, and monitoring occupancy, simplifying the management of parking spaces.

Increased Visibility: Listing parking spaces on JustPark can increase their visibility to potential users, attracting more customers.

Flexibility: Owners can specify availability times, block out dates, and set pricing based on demand, offering flexibility in how they rent out their spaces.

Secure Transactions: JustPark handles payment processing securely, ensuring owners receive payments for bookings promptly.

Overall, the JustPark app serves as a convenient platform that connects drivers in need of parking with parking space owners looking to maximize the use of their properties. It enhances the parking experience for drivers and provides income opportunities for property owners.

Wrapping Up

In conclusion, creating a Business like Justpark App is a complex yet rewarding endeavor. By following the steps outlined in this guide, from thorough market research and idea validation to skilled team formation, robust development, and effective marketing, you can bring your vision of a parking app to life.

Remember that success in this competitive market requires ongoing adaptation, user-focused improvements. And a commitment to providing a seamless parking experience. As you launch your app and scale its presence, keep the user at the center of your efforts. And continually strive to meet their needs and exceed their expectations.

With dedication and innovation, your app can make a significant impact in the parking industry. And the providing value to both drivers and parking space owners.

A well-versed experience in the field of IT with more than 14+ years of expertise in DevOps Consulting, Quality Assurance, Project Management & Outsourcing and predominantly focusing on customer relationships, negotiations, estimations, contact partners, market research and helping small business owners and young entrepreneurs to reach their next level.

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All You Need To Know About Parking Mobile App Development

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Home » Blog » Mobile App Development

A mobile app idea is good enough to invest in if it solves a problem. But, is this the case with parking mobile apps? Should you invest in building a mobile app that solves parking-related problems? Well, it is very crucial to validate an idea before investing in it. So, let’s do that!

As per a report, to find a suitable parking space, drivers in the US spend an average of 17 hours a year. And this hunt for parking space costs $345 per driver in terms of the time involved, fuel exhausted and emissions released.  Here is the list of top 10 cities of the US, where drivers spend the highest number of hours in a year in search of a parking spot.

If you are a budding entrepreneur, you must be thinking how you can solve this big problem and generate good revenue out of it. The solution is by building a robust parking mobile app that provides good value proposition to the people who are juggling with the parking problems. 

Now that you know your “Why” It is time to find “How.” How you can build such a Parking Mobile App? To find an answer to this question, let’s dig in and develop a deeper insight into what these parking mobile applications are all about, how they work and what is the best way to build this kinda app.

How Parking Mobile Apps Work?

If you are also planning to build a profitable parking mobile app venture, you must first get a hold of how it would work for the user. Users of a parking mobile app follow these simple steps to book parking slots for their vehicle in no time:

• Search – Users of parking mobile apps enter the details of their vehicle location using GPS or by manually typing the same. This helps them find the nearest spot available for parking their vehicles.
• Compare – The parking app gives its users a range of parking options to choose from. Users can compare these options based on the price and the distance from the vehicle location.
• Book the Spot – Based on the above comparison, the vehicle owners can book their selected parking spot and then get a passcode for the same.
• Payment- Users are given the option to make booking payments through cards or pay by cash later. 
• Driveaway – The users can also make use of the app’s in-built navigational assistance to drive away to the parking spot.
• Park the Vehicle – Now the driver can park the car in the allotted slot.

Considering that now you have a general idea of how parking mobile apps work, let us discuss the business model of parking applications and find how the business of parking mobile apps operates.

Also Read: Parking Apps | The Next Big Mobile App Idea of 2020

What is the Business Model of Parking Mobile Apps?

To build a successful venture based on a parking mobile app, you need to first explore what are the operational business models of your competitors in the segment. There are three most common business models based on which parking mobile applications are developed. These are:

1. Navigation Based

Parking mobile apps based on this business model gives its users the basic utility of finding a parking space near their vehicle location. Users of such parking apps do not get the facility to pre-book a parking space before they arrive at the spot. 

However, even such apps can be of great help in finding a vacant spot in a crowded parking area. Also, this category of parking apps is found to be the most suitable for building a minimum viable product of any new app.

BestParking, Parker,  ParkingRhino are some examples of parking mobile apps that work under this business model.

2. Navigation and Booking Based

This is the most popular category of parking mobile applications available in the market. Users of such apps can find a parking space and book the same before arriving at the spot to park their vehicles. Also, the in-built navigation functionality in the app guides its users to the pre-booked parking spot.

In these type of apps, users are given a range of payment options which includes payment by cash, card or various other digital payment gateways. The users also get the convenience of extra parking time or navigational assistance in driving their vehicles out of the parking space. 

SpotHero, ParkMe, ParkWhiz are some of the parking mobile apps that use this type of business model for their operations.

3. Complete Parking Service

This category of parking applications give a complete parking solution. Although a high-cost business model, it can put an end to all parking woos of its users. This is the reason why users readily register for such service apps. 

A user of such apps can pre-book a parking space in a location of their choice and also for the time they require the parking. A valet comes to take the car keys from the users and parks it at the selected place. 

Again, after the time for parking lapses, the valet brings back the car to the owner and gives back the keys. To enhance the trust for the service, users are given the option to look into the valet credentials and review details.

Luxe, ParkAlto, NEX Valet are examples of apps that operate using this type of business model.

After discussing the popular business models of parking mobile apps, now let us move ahead and learn how a business based on a parking mobile app generates its revenue.

There are plenty of mobile applications in the market. But only a few stand the test of time. If you want to build a successful venture based on a mobile app, you must be aware of mobile app development trends that will rule the coming time. To check the same, read our comprehensive blog on Mobile App Development Trends That Will Rule in 2020 .

How Parking Mobile Applications Earn Money: Revenue Model

The success of a business model can be determined based on the enhanced user experience it provides to its customers. This, in turn, is responsible for growth in revenue generation. For a parking mobile app, there are four possible streams of revenue generations. These  include the following :

1. Commission Per Booking

This is a major source of revenue for a parking mobile app based venture. For every booking done for a parking space in a particular parking area, the parking owner charges a certain amount from the user. A part of this amount is returned to the parking app owner as a commission fee for using the app’s platform to take bookings.

2. Subscriptions

Another major revenue source is paid subscription. You can give your parking app users an option to pay for subscriptions to monthly plans for making advance bookings. This way users can avoid making payments every time they use the parking app. Thus in addition to giving a higher customer experience, you can also increase your revenue with subscriptions.

3. Reward Points

Another great way to make money through a parking mobile app is by giving your users reward points for the continuous use of parking services through your app. This may attract a loyal user base towards your application and in turn, you can ensure sustained revenue collection.

4. Marketing and Branding for Parking Owners

A parking app business can also make some extra money by carrying out a marketing campaign for the parking lot owners. You can charge a certain amount from a parking owner for giving them priority listing on your parking application.

Now that we know about the possible ways to make money through a parking application venture, let us now learn about the features of such parking mobile apps.

3 Must-Have Components of a Parking Mobile App and their Features

If you are planning to build a parking mobile app, you must ensure that you are adding value to a daily commuter’s convenience. This is possible by integrating user-friendly features in it that can help them navigate through the crowded parking places and find a parking space in no time.

To build a parking mobile app successfully, you need to develop three components for addressing everybody’s needs effectively. These include:

• Parking Owner Panel
• Admin Panel

8 Must-Have Features for the User Panel of a Parking App

The user panel of your parking mobile app will help users search for a parking location nearby and book the same with just a click on their mobile screen. In order to give your users a seamless parking experience, you must include the following features in the user panel of your app:

Registration – This is the most basic feature of a parking app. With this functionality, users can register into the application by filling in his/her details. To enhance user experience you should consider giving your app users the option to log in through social media or email accounts while registration.

Track Location- With the in-built GPS navigation functionality in your app, users can track their vehicle location at a given time and get an idea about the distance between the vehicle location and the available parking space.

Also, you can add location tag functionality in your parking app, so that users can tag their favorite parking spot in a given location and book the same the next time they use the app.

Search Option- This is another feature that will define your parking mobile app’s user engagement. The search feature in a parking app lets its users find available parking in a particular location, city or a particular parking area and select the same as per their convenience.

Estimated Time – To give your parking app users an idea of the estimated cost, your app should give users the option to feed the arrival and departure time from a parking spot. Based on the time difference, the charges for which the parking spot is occupied is intimated to the user.

Booking Option- This is the most important feature of the parking mobile app. This feature enables users to book a parking spot before they finally reach. You can add the price comparison functionality to this feature so that users can select the most suitable parking space under budget.

You can give your app users the option to book a parking spot well in advance if they plan to visit that very spot in the near future. This way you can enhance the user experience and thus ensure increasing engagement level.

Payment Options- To give your app user’s a complete parking service experience you should integrate maximum payment options to book a parking spot. This should include cash, card payments, and other digital payment gateways.

Parking History- This feature in the parking app lets users keep track of their most frequently used parking spots and the cost paid for the same. This way the users can utilize the parking history and book the same spot again

Ratings & Reviews- This feature can be the most useful one in maximizing user engagement. Rating and review feature lets users give their feedback about the app experience every time they book a parking spot through the app. It can also help users in deciding which choice they should make based on the review a particular parking space has received from fellow users.

6 Must-Have Features for the Parking Owner Panel 

The parking owner panel allows the parking lot owners to accept the booking requests and get access to the information regarding the parking spot they need to allot after a booking is accepted. Some of the features of the parking owner panel may be the same as those mentioned in the user panel features. Let’s have a look at all of them:  

Registration- A parking lot owners can register into the parking app and create an account by using their social or email account credentials. 

Add Parking Slots – Through this feature a parking owner registered on your app can manage the number of parking slots available in their parking area.

Manage Pricing- This functionality enables the parking owner to manage the price charged for the parking slot based on the total time for which the booking is made and the demand for the spot. They can also charge for parking according to the type of vehicle parked.

Check Bookings- The parking owner can check how many bookings have been made in their parking area. This way they can decide on accepting or declining a parking request based on the pendency of prior user requests.

Accept Payments – The parking owner registered on your parking app can get the payment dues from the admin via an integrated payment gateway, every time a user books a parking slot in his/her parking area.

Reviews And Ratings- The parking owner can make use of the rating and review feature to improve upon the user satisfaction from their service.

5 Must-Have Features For the Admin Panel of a Parking Mobile App

The admin panel of a parking mobile app is usually a web application, which is used to manage the operational side of the user and parking owner panel. It gives an overview of the application functioning, facilitates payment clearance, and helps in utilizing user’s data for marketing purposes. The features of an admin panel of a parking app include:

User Management- This lets the admin manage user activities that include the number of app users, their transaction history, payment details, etc to give users a seamless and hassle-free parking experience.

Parking Management- This functionality helps the admin manage parking owner related aspects like registering a particular parking owner into the application. The admin can also manage the cost being charged by the parking owners from the app users.

Manage Bookings- This functionality makes it possible for the admin to manage the user bookings for parking spots based on the demand, the price charged for the booking and the number of parking spots.

Manage Payments- The admin can also manage the payment part of the app through this feature. Thus, the admin can keep a tab on the number of vehicles parked, the user payment received, cost deducted and the final payment made to the parking owners. 

Manage Offers- This feature lets the admin manage special offers and discounted bookings, curated according to the user’s likings. An admin can plan to send offers and discounts to app users from the admin panel within a single tap to increase app engagement. This feature will also help admins add more and more people to the parking app’s user base.

Besides the above mentioned must-have features in a parking mobile app, you can consider adding some high-end features like Push Notifications, Heat Map, Multi-language Support, Waiting list in your parking app to make it look more engaging. 

Although high on cost, these features can help your parking app stand out in the crowd and this way you can gain a loyal user base. Now that we have understood what features a parking app gives its users, let us move ahead and try to figure out what technology stack is involved in building a parking mobile app. 

Tech Stack of the Parking Mobile Apps

When you start the process of building your parking mobile app, one of the most important considerations should be the technology stack that you will have to use. The tech stack of your future app will ensure the utility and scalability of your parking app.

So, let us have a look at what technology goes behind in building a parking mobile app like Spothero:

For a successful business strategy based on the development of a parking mobile app, we recommend you to first build a Minimum Viable Product of your mobile application.

On the basis of our experience in the development of such apps, we advise you that the most profitable approach is to first develop an MVP and then go on integrating additional features once your parking becomes popular. This is the best possible way through which you can bring your parking app in the market when you consider the cost and growth possibilities.

Now that you know what technology tools are employed in the development of a parking app, let us straightway find out how much does it cost to build a parking mobile app.

How Much Does It Cost to Build Parking Mobile Apps?

Frankly speaking, giving an exact amount for building a parking mobile app is difficult for anyone. We are saying this because the cost generally varies according to the requirements of a client, the business model of the app, features he/she is planning to add and the tech stack we will have to use.

Usually, the cost estimation is dependent upon the hours required for the app development process. Also, this hourly cost of development varies depending upon the country in which you are planning to carry out your app development. However,  to give you a rough estimation of the total cost involved in building a parking mobile app, we can say that it comes somewhere around $30,000-$40,000.

So, all set to bring your own parking app in front of the world. Let us together build the most robust parking app ever built in the market. If you still have some unresolved queries related to building parking mobile apps, you can always contact us. Share exactly what are your requirements with parking application development, experts in our team will do their best to bring your ideas into realization.

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Nikhil Bansal is the Founder and CEO of Apptunix, a leading Software Development Company helping startups as well as brands in streamlining their business processes with intuitive and powerful mobile apps. After working in the iOS app development industry for more than 10 years, he is now well-equipped with excellent problem-solving and decision-making techniques.

Tags: build a parking app , how does parkmobile work , parking app development , Parking App Idea , parking mobile application , Parking Mobile Apps

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How to Start a Parking Lot Business

Written by: Natalie Fell

Natalie is a business writer with experience in operations, HR, and training & development within the software, healthcare, and financial services sectors.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on June 3, 2022 Updated on March 13, 2024

Investment range

$9,550 - $18,550

Revenue potential

$164,000 - $328,000 p.a.

Time to build

1 - 3 months

Profit potential

$98,000 - $148,000 p.a.

Industry trend

Finding parking is one of the great hassles of driving. In cities across the US, frustrated drivers spend countless hours each year searching for a decent spot. More cars are on the road today than ever before, which means demand for parking has never been higher. In addition, as the pandemic recedes, more and more people are heading back out to enjoy the town. The global parking lot and garage industry is expecting strong growth through 2023.

There has never been a better time to start your own parking lot business  — you’d be providing an invaluable service while making good money. But before you start, it’s important to understand the fundamentals of running your business. This step-by-step guide will help you build the foundation to succeed as a parking lot entrepreneur. 

Looking to register your business? A limited liability company (LLC) is the best legal structure for new businesses because it is fast and simple.

Form your business immediately using ZenBusiness LLC formation service or hire one of the Best LLC Services .

Step 1: Decide if the Business Is Right for You

Pros and cons.

Before starting a parking lot business, it’s important to weigh the pros and cons.

• Low Maintenance – It’s easy to keep a parking lot well-maintained
• In-demand Product – More cars on the road means higher demand
• Good Money – Charge up to $60 per space per day in a urban location
• Expensive Leases – Renting a lot in a desirable location can be expensive
• High Competition – Compete with established parking lots in popular areas

Parking lot industry trends

Industry size and growth.

• Industry size and past growth – The US parking lots and garages industry is worth $9.9 billion in 2022. The pandemic led to a decline, but the market is bouncing back.(( https://www.ibisworld.com/industry-statistics/market-size/parking-lots-garages-united-states/ ))
• Growth forecast – The global parking lots and garages industry is expected to grow 4.8% annually through 2023.(( https://www.businesswire.com/news/home/20210107005376/en/ ))

Trends and challenges

Trends in the parking lot industry include:

• New technology allows for gateless entry and exit into parking lots. This cuts down on the need for parking lot attendants and makes parking more convenient for customers.
• Parking apps like SpotHero are on the rise. These apps make finding and reserving a parking space quick and easy for customers. 

Challenges in the parking lot industry include:

• Securing a viable parking lot for your business can be challenging in high-demand areas. In urban locations, real estate is expensive and you’ll be competing with existing lots and garages.

Local zoning and real estate regulations may prevent the establishment of parking lots in desirable locations. 

How much does it cost to start a parking lot business?

Startup costs for a parking lot business range from $9,000 to $18,000. The average cost is around $13,000. This figure includes the parking lot lease, wages for attendants, website setup, and lot maintenance costs.

You’ll need a handful of items to successfully launch your parking lot business, including:

• Parking lot
• Parking lot management software

How much can you earn from a parking lot business?

Daily parking rates cost an average of $30. After parking lot lease costs, wages for employees, insurance, and maintenance, your profit margin should be around 60%.

In your first year or two, you could lease a small lot with 15 spaces at a rate of $30 per day, resulting in $164,000 in annual revenue. This would mean $98,000 in profit, assuming that 60% margin. As your business grows, you could lease an additional lot, doubling your capacity to 60 spaces. At this stage, you’ll also be hiring more employees, reducing your profit margin to around 45%. With an annual revenue of $328,000, you’d still make a handsome profit of $147,000.

What barriers to entry are there?

There are a few barriers to entry for a parking lot business. Your biggest challenges will be:

• Finding available lot space for rent in a viable location
• Competition from other parking facilities

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Step 2: fine-tune your parking lot vision.

Now that you know what’s involved in starting a parking lot business, it’s a good idea to hone your concept in preparation to enter a competitive market. 

Market research will give you the upper hand, even if you’re already positive that you have a perfect product or service. Conducting market research is important, because it can help you understand your customers better, who your competitors are, and your business landscape.

Why? Identify an opportunity

Research parking lots in your area to examine their services, price points, and customer reviews. You’re looking for a market gap to fill. For instance, maybe the local market is missing a parking lot with valet services or an on-site car wash. 

You might consider targeting a niche market by specializing in a certain aspect of your industry, such as parking specifically for mobile homes or local concerts and sporting events.

This could jumpstart your word-of-mouth marketing and attract clients right away. 

What? Determine your services

You’ll be providing parking solutions for customers. You could also offer additional services, such as on-site car wash or valet parking. Here’s a list of potential services:

• Basic Parking Solutions : Provide secure, well-maintained spaces with efficient layout for easy vehicle access and parking.
• Valet Parking : Offer premium valet services for convenience and enhanced customer experience, especially in upscale areas.
• On-site Car Wash and Detailing Services : Introduce car wash and detailing while customers park, adding value and convenience.
• Electric Vehicle Charging Stations : Attract eco-conscious drivers by installing EV charging stations.
• Parking Reservations : Implement an online reservation system for guaranteed parking spots, streamlining the process.
• Security Services : Enhance safety with 24/7 surveillance and patrolled monitoring.
• Shuttle Services : Provide shuttle transport to nearby destinations for large or remotely located lots.
• Loyalty Programs : Develop loyalty programs for regular customers to encourage repeat visits.
• Mobile App Integration : Create a mobile app for real-time parking availability, mobile payments, and car location services.
• Bicycle Parking and Rentals : Cater to cyclists with secure bicycle parking and rental options.
• Temporary Storage Lockers : Offer storage lockers for convenient luggage or shopping bag storage.

How much should you charge for parking?

The cost of a parking space varies greatly depending on location. Many parking lot businesses charge per hour or per day, with some places offering monthly rates. Average daily rates typically range from $20 to $60. 

Once you know your costs, you can use our profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.

Where? Choose your parking lot location

To generate the most business, you’ll want to choose a parking lot in a desirable location close to businesses, schools, or local attractions. Here’s what to consider:

• High Traffic Areas : Choose a location near areas with high foot or vehicle traffic. This could be near shopping centers, business districts, hospitals, airports, or tourist attractions.
• Accessibility and Visibility : Ensure the location is easily accessible from main roads and is visible to passersby. Good signage can also help increase visibility.
• Demand for Parking : Research the demand for parking in the area. Locations with limited street parking or expensive parking facilities are ideal.
• Competitor Analysis : Analyze the competition. If there are many existing parking lots, ensure your business can offer something unique or more convenient.
• Zoning and Legal Regulations : Check the local zoning laws and obtain necessary permits. Some areas may have restrictions on the type of commercial activity allowed.
• Future Development Plans : Be aware of future development plans in the area. Changes in infrastructure or new construction can affect the demand for parking.
• Safety and Security : Choose a location where you can provide safe and secure parking. This might include good lighting, surveillance cameras, and regular patrols.
• Size and Layout Potential : The location should allow for efficient layout of parking spaces and smooth traffic flow.
• Cost Analysis : Consider the cost of the land and the return on investment. Prime locations can be more expensive but may offer higher revenue potential.
• Community Impact : Understand the impact on the local community and environment. Engaging with community leaders and residents can provide valuable insights and support.

Step 3: Brainstorm a Parking Lot Business Name

Your business name is your business identity, so choose one that encapsulates your objectives, services, and mission in just a few words. You probably want a name that’s short and easy to remember, since much of your business, and your initial business in particular, will come from word-of-mouth referrals.

Here are some ideas for brainstorming your business name:

• Short, unique, and catchy names tend to stand out
• Names that are easy to say and spell tend to do better 
• Name should be relevant to your product or service offerings
• Ask around — family, friends, colleagues, social media — for suggestions
• Including keywords, such as “parking” or “parking lot”, boosts SEO
• Name should allow for expansion, for ex: “ParkSmart” over “ConcertPark”
• Avoid location-based names that might hinder future expansion
• Use online tools like the Step by Step Business Name Generator . Just type in a few keywords and hit “generate” and you’ll have dozens of suggestions at your fingertips.

Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these. 

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Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that sets your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.

Step 4: Create a Parking Lot Business Plan

Every business needs a plan. This will function as a guidebook to take your startup through the launch process and maintain focus on your key goals. A business plan also enables potential partners and investors to better understand your company and its vision:

• Executive Summary: A brief summary of the parking lot business plan, highlighting its key points and objectives.
• Business Overview: An introduction to the parking lot business, including its purpose and location.
• Product and Services: Explanation of the parking services offered, such as hourly parking, valet, and monthly parking passes.
• Market Analysis: An assessment of the parking industry, including demand, customer demographics, and trends.
• Competitive Analysis: Examination of competitors in the parking industry, identifying strengths and weaknesses.
• Sales and Marketing: Strategies for promoting the parking lot business and acquiring customers.
• Management Team: Information about the individuals responsible for running and managing the parking lot business.
• Operations Plan: Details on how the parking lot will be operated, including hours of operation and staffing requirements.
• Financial Plan: Projections of the parking lot’s financial performance, including revenue, expenses, and profitability.
• Appendix: Additional supporting documents and data, such as market research, legal documents, and resumes of key team members.

If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.

Step 5: Register Your Business

Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.

Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business! 

Choose where to register your company

Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you are planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to parking lot businesses. 

If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state. 

Choose your business structure

Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your parking lot business will shape your taxes, personal liability, and business registration requirements, so choose wisely. 

Here are the main options:

• Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
• General Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
• Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
• C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends, which is sometimes referred to as double taxation.
• S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC , which just need to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.

We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have. 

Form Your LLC

Choose Your State

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Step 6: Register for Taxes

The final step before you’re able to pay taxes is getting an Employer Identification Number , or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN. 

Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.

The IRS website also offers a tax-payers checklist , and taxes can be filed online.

It is important to consult an accountant or other professional to help you with your taxes to ensure you are completing them correctly.

Step 7: Fund your Business

Securing financing is your next step and there are plenty of ways to raise capital:

• Bank loans: This is the most common method but getting approved requires a rock-solid business plan and strong credit history.
• SBA-guaranteed loans: The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
• Government grants: A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
• Friends and Family: Reach out to friends and family to provide a business loan or investment in your concept. It’s a good idea to have legal advice when doing so because SEC regulations apply.
• Crowdfunding: Websites like Kickstarter and Indiegogo offer an increasingly popular low-risk option, in which donors fund your vision. Entrepreneurial crowdfunding sites like Fundable and WeFunder enable multiple investors to fund your business.
• Personal: Self-fund your business via your savings or the sale of property or other assets.

Bank and SBA loans are probably the best option, other than friends and family, for funding a parking lot business. You might also try crowdfunding if you have an innovative concept.  

Step 8: Apply for Parking Lot Business Licenses and Permits

Starting a parking lot business requires obtaining a number of licenses and permits from local, state, and federal governments.

Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits. 

You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more. 

You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.

This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.

If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.

Step 9: Open a Business Bank Account

Before you start making money, you’ll need a place to keep it, and that requires opening a bank account .

Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your parking lot business as a sole proprietorship. Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.

Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account. 

Step 10: Get Business Insurance

Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.

Here are some types of insurance to consider:

• General liability: The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
• Business Property: Provides coverage for your equipment and supplies.
• Equipment Breakdown Insurance: Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
• Worker’s compensation: Provides compensation to employees injured on the job.
• Property: Covers your physical space, whether it is a cart, storefront, or office.
• Commercial auto: Protection for your company-owned vehicle.
• Professional liability: Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
• Business owner’s policy (BOP): This is an insurance plan that acts as an all-in-one insurance policy, a combination of the above insurance types.

Step 11: Prepare to Launch

As opening day nears, prepare for launch by reviewing and improving some key elements of your business. 

Essential software and tools

Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks.  

You may want to use industry-specific software, such as  Parkable , Wayleadr , or Premium Parking to manage lot capacity, collect payments, and run financial reports.

• Popular web-based accounting programs for smaller businesses include Quickbooks , Freshbooks , and Xero . 
• If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial.

Develop your website

Website development is crucial because your site is your online presence and needs to convince prospective clients of your expertise and professionalism.

You can create your own website using services like WordPress, Wix, or Squarespace . This route is very affordable, but figuring out how to build a website can be time-consuming. If you lack tech-savvy, you can hire a web designer or developer to create a custom website for your business.

They are unlikely to find your website, however, unless you follow Search Engine Optimization ( SEO ) practices. These are steps that help pages rank higher in the results of top search engines like Google. 

Starting a parking lot business can be a lucrative venture, and to ensure success, it’s essential to implement effective marketing strategies beyond just creating a website and networking. Here are practical tips to boost your parking lot business.

• Strategic Partnerships: Cultivate partnerships with local businesses, event venues, and offices to secure exclusive parking agreements, creating a steady revenue stream and increasing your visibility in the community.
• Customer Loyalty Programs: Implement a loyalty program offering discounts, free parking hours, or priority spaces to frequent customers, encouraging repeat business and fostering customer loyalty.
• Digital Advertising: Leverage targeted digital advertising on social media platforms to reach local audiences, using geo-targeting features to promote your parking services to users in your vicinity.
• Mobile App Integration: Develop a user-friendly mobile app that allows customers to easily locate and pay for parking spaces, offering convenience and a seamless experience.
• Seasonal Promotions: Create seasonal promotions or discounts during peak periods, events, or holidays to attract more customers and maximize revenue during high-demand times.
• Customer Reviews and Testimonials: Encourage satisfied customers to leave positive reviews on popular review platforms, enhancing your online reputation and influencing potential customers to choose your parking services.
• Community Involvement: Sponsor local events, sports teams, or community activities to increase brand visibility and build a positive reputation as a supportive and engaged business in the community.
• Green Initiatives: Implement eco-friendly practices, such as offering electric vehicle charging stations or reserving spaces for carpooling, to appeal to environmentally conscious customers and differentiate your business.
• 24/7 Security Assurance: Emphasize and promote your parking lot’s security measures, such as surveillance cameras and well-lit facilities, to assure customers of their vehicle’s safety, building trust and confidence.
• Referral Programs: Introduce a referral program that rewards existing customers who refer new clients, creating a cost-effective way to acquire new business while rewarding your loyal customer base.

Focus on USPs

Unique selling propositions, or USPs, are the characteristics of a product or service that sets it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your parking lot meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire. 

Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your parking lot business could be:

• Convenient parking in the heart of the city
• Fast, easy parking for busy professionals
• Going to the concert or big game? We’ll keep your car safe 

You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running a parking lot business, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in parking for years and can offer invaluable insight and industry connections. 

The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in parking lots. You’ll probably generate new customers or find companies with which you could establish a partnership. 

Step 12: Build Your Team

If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for a parking lot business include:

• Parking Attendants – Assist customers with parking, collect payments
• Office Manager – Bookkeeping, payroll, customer service
• Facilities Manager – Maintain parking lot cleanliness, fix broken equipment

At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need. 

Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent. 

Step 13: Run a Parking Lot Business – Start Making Money!

Driving around and looking for parking before a big meeting or event is one of life’s major headaches. Becoming a parking lot business owner allows you to help frustrated drivers and make great money doing so. Over time, as you scale your business and enhance your reputation, you could start building yourself a local parking empire! 

Now that you’ve reviewed this guide and studied the parking lot business basics, it’s time to begin your entrepreneurial journey.

• Parking Lot Business FAQs

Parking lot businesses can be extremely profitable. Securing a lot in a viable, high-demand location is the key to a lucrative venture.

Rates will depend on your geographic location and the lot’s proximity to desired places. Daily rates for parking can range from $10 to $30.

Determine the number of parking spaces needed based on the expected capacity, plan the layout for efficient vehicle circulation, designate entry and exit points, and incorporate features like lighting, signage, and markings to enhance safety and organization.

The minimum size of a parking space can vary depending on local regulations and specific requirements. In the United States, a typical standard size for a parking space is 9 feet wide by 18 feet long. However, accessible or ADA-compliant parking spaces are generally wider to accommodate wheelchair accessibility.

To differentiate your parking lot business from competitors, focus on providing exceptional customer service, maintaining a clean and well-maintained facility, and implementing technology solutions like parking apps or automated payment systems.

The material commonly used for parking lot striping is paint or thermoplastic. Paint striping is typically done with durable and reflective traffic paint, while thermoplastic striping involves using heated thermoplastic material that adheres to the pavement and offers enhanced longevity and visibility.

This is a very well-written and informative article on setting up a parking lot business business. I have gleaned valuable info on how to proceed with setting up this venture. Thank you.

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• Decide if the Business Is Right for You
• Fine-Tune Your Parking Lot Vision
• Brainstorm a Parking Lot Business Name
• Create a Parking Lot Business Plan
• Register Your Business
• Register for Taxes
• Fund your Business
• Apply for Parking Lot Business Licenses and Permits
• Open a Business Bank Account
• Get Business Insurance
• Prepare to Launch
• Build Your Team
• Run a Parking Lot Business - Start Making Money!

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Parking lot business – The planning guide

With a significant increase in the number of malls and shopping complexes in urban as well as semi-urban areas, there is a grave need for a fine arrangement in parking. According to Statista , in Europe alone, the smart parking market is likely to report more than USD 19 billion.

For this lucrative business, tech entrepreneurs have a tickling fancy to learn the parking app development procedure. If that is the case with you, you need a foolproof parking lot business plan, and then you find and opt for the best mobile app development company that suits your requirement.

Table of Contents

Why is parking lot business profitable?

Is parking lot business profitable? This is an unavoidable question for any business person. Well, digital solutions can leverage optimum business benefits for entrepreneurs. A parking lot application can assure a steady income source because of low maintenance and high demand in the market. An average of USD 60 can be charged per space per day in the downtown area, according to industry experts.

Demand in market : parking space business is on the rage these days. Hence, there is a fair chance that your parking services shall gain you a steady revenue and assured profit.

Social cause : if you believe more in contributing to a noble cause, a parking lot startup is a great initiative. You can save fuel by allotting parking spaces in a jiffy and offering visitors the pleasure of hassle-free organization at the event.

Less physical engagement : Since the parking lot business plan includes operating the venture through a parking space mobile app, you don’t need to be physically present at the spot. There is no groundwork required once you have settled everything in the first stage.

According to Business Wire , the US parking lots and garage industries have reported their worth of nearly USD 10 billion despite the historic hit of the pandemic. The growth forecast is even stunning with a whopping annual growth of 4.8% through 2023. That said, there will be a grave need for parking lot applications for iOS and Android platforms.

A step-by-step guide to start a parking lot business

Finding parking space has become one of the biggest hassles for urban dwellers, and the problem is not just restricted to one particular event or concert, it is a regular issue in metro cities. To start a parking lot business comes with two major options: you already have a parking space or you don’t own one. In both cases, the strategies for building a parking space business diff.

You own a convertible space

This is the best part. If you own space or ground it is convenient to convert it into a parking lot. Here are a few steps you need to mind while doing it –

Parking lot size

You need to decide on the parking lot size because if you are doing it for a university, the space required is much larger than compared to a restaurant. Some industries define code requirements for parking based on the square feet of the space. Even further, you should also mind the space per vehicle which is generally 9X19 feet to accommodate any domestic vehicle of guests.

Pavement thickness

The asphalt holds the entire weight all day and, therefore, durability is a key concern for any parking lot business. The quality of soil and other pavement materials matters depending on the thickness you want.

Parking space angles

Angles with 45-60 degrees are considered an ideal measure for parking slots; thus, maintaining it while building newer spaces shouldn’t be missed. It is evident that a parking space angle of 90 degrees creates a big hassle.

Layout design

Following layout design guidelines shall help you manage your parking space business smoothly. A number of factors are kept in mind while creating a perfect flow that helps drivers direct traffic clearly.

For safety, it is important that you don’t miss the ramps, drainage lines, and lights in your space. Marking the cables and pipes beneath the ground will help your contractors locate the danger and work on repairs (if needed) accordingly.

License – a special requirement

Apart from the above-mentioned preparations, arranging for a needed license is a special requirement for any parking lot business. The rules and regulations vary from region to region; hence, you need to check with the local government authority to prepare for the required license. For instance, In New York, PLL (Parking Lot Licence) is mandatory for parking space businesses. The New York City Department of Consumer and Worker Protection (DCWP) issues this license. It has specific renewal fees and renewal cycles that shouldn’t be missed by business owners.

You don’t own a parking space

This is a common case – you don’t own any space but still want to be interested to create a parking lot app and flourish your business. The good news is that it is possible; nevertheless, as mentioned earlier, the strategies and steps to build a parking space business will change.

Study competitors

One of the prerequisites to getting into any business venture is the thorough study of peers and competitors. Market research and feasibility studies based on demographics and psychographics will help you build a foolproof parking slot business strategy.

Stay clear, legally

You may select a general partnership, limited liability, or be a sole proprietor for your parking space business. In the US and most countries around the world, operating a parking business application without licenses, insurance, and permissions is not possible. It is imperative that you contact an agent or attorney for all such legal issues.

Trademarks, copyrights for intellectual properties

Especially when you own the space, intellectual property trademarks and copyrights are important. In the other case, where you only own and operate a parking lot business application the trademark and copyright issues must be handled carefully. Such legally approved logos and trademarks are important across the online presence and print media for your business.

Parking lot business documents

Other than permissions and licenses, there are many documents you need to operate a parking lot business application. Again, an agent or attorney can help you overcome this hassle. The legal advisor can also help you stay clear in terms of paperwork and receipts you may need while operating the parking slot business. Even with a mobile app for car parking, you may have to generate a receipt for the payment. In the US, other documents required include …

• DBA & EIN
• Certificate of Incorporation
• Company Bylaws
• Online Terms of Use
• Operating Agreement for LLCs
• Business license and plan
• Memorandum of Understanding (MoU)
• Online Private Policy Document
• Federal Tax Payer’s ID

What should you have ready for parking lot business?

When you want to hire developers for parking lot business, you need to have several things ready as a business plan so that there is no last-minute hassle.

Market analysis : conduct market trend research such as consumer demands and parking lot business prospect growth as well as SWOT analysis.

Competitive analysis : check for peers and competitors in the market, especially the locals. Study their strength and weakness in their parking lot business mobile apps. What they lack, you may include in your parking space app development.

Sales and marketing : develop your sales and marketing plans as per your competitors’ USP and business approach.

Management team : you may create a management team with relevant professional background. If needed, you may design the corporate hierarchy when the parking lot business grows.

Operations and financial plans : operation plans such as procurement, assets and equipment, and logistic details should be carried out along with three-year financial planning and funds arrangement to be on the safer side.

Appendix : additional finance or business documents come under the appendix and it should be kept handy for any quick reference or show.

Hire developers for the parking lot app

It is crucial to understand the core of business before you take up your project. A guide on turning an app idea into a pro solution will help you understand how thoughts are put on paper and then executed as a final product. Once you are thorough with the process, it is time to find the best talent in the industry.

Here, as an entrepreneur, you ought to know the knack of how to hire developers for your app development project. Once the mobile app developers are finalized for hiring here are the steps to follow

Approach and discuss

After selecting your tech partner to develop the parking lot app, you need to contact them with your business approach and plan. It is also highly recommended that you ask important questions to learn their credibility. Discussing with their business and technology consultant shall help you understand the blueprint of your idea better. This is important because not all ideas are feasible to make into a product.

Once the tuning with the mobile app development company is set for understanding the project, you may discuss the cost to develop a parking space business app.

A lot is spent on mobile app design, and the parking space business app is no exception. In fact, street parking requires neat and clean graphics to make vehicle owners understand the available space in the parking lot. Hire the best UI/UX designers experienced at designing apps similar to your parking app from the chosen company and they help you by providing an engaging app with high-resolution graphics.

Development

All UI/UX designing components on the parking app shall be turned into a fully-functioning entity and, therefore, parking service app development is the core of the entire software development lifecycle. Assuring the proper tech stack selection for the parking apps with the developing teams, you may ask them to proceed.

Execute and deployment

The parking lot business app development goes through a rigorous process of the software development lifecycle (SDLC) that assures a fully-functional application is built as per your business objectives and a predefined scope.

In the final stage, the software product is tested through stringent measures for quality assurance. The beta version probably with MVC shall help you save money and have a clear plan for the future about adding extra features and facilities as per the market requirements and customers’ demands.

Are you ready to launch your parking lot business?

This guide on how to start a parking lot business has included all the necessary steps and procedures you need to follow to turn your thoughts into a tangible business. You may now work on executing this plan to become a part of the multibillion-dollar industry of the parking business.

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Frequently Asked Questions about parking lot business

What is a parking lot business.

As the term suggests, the parking lot business is the business that allows drivers or vehicle owners to search for an empty space available to park their vehicles at different destinations or places such as restaurants, concerts, schools & universities, government or private offices, and so on.

How to set up a parking lot?

By large, it setting up a parking lot requires two major processes – making the ground/land a parking lot with necessary markings and signages and making these spaces available on the parking space mobile application for quick and convenient use. Both procedures involve several steps.

What’s the need for an app for your parking business?

Mobile applications are handy and most users today use software for their daily needs. Parking slot mobile application helps visitors locate empty or available places on the go and pay securely. In short, it is secure, faster, easy to manage, and reliable.

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Detailed Business Plan for a Parking Lot Business

Parking lot businesses, especially in big cities, are very profitable. Here you will find a comprehensive guide on how to develop a parking lot and operate it on a profit basis.

Before planning for the business you should exactly know how to start a parking lot business and it requires contacting a lawyer to find out about the laws and zonal regulations required to operate a parking lot business.

There are three different ways in which parking lots operate, these are as follows:

• Management Contract.
• Lease Agreement.
• Property Ownership.

It is quite a lucrative business and the data produced by Statista shows that by 2024, the parking lot business market would be around $ 11.27 billion.

If you are new to this, then we suggest that you should make a start in a small town to gain experience and improve your brand recognition and then expand nationally.

A step-by-step plan to develop a parking lot business

To start your parking lot business plan, you must follow these steps.

Do some research about your potential customers

Conduct a demographic and psychographic composition study to know more about your target audience who are likely to avail of your parking service. This customer base includes both males and females who are 18 years and above and have the financial resources to own their automobiles.

Level of competition

You must find out about your main competitors and try to ensure that your services are better than theirs to attract more people to avail of your parking services. Some of the top parking lot companies in America include the following.

• ABM Industries
• USA Parking System Inc
• Park Go Fly USA
• Luxe Valet and more

What is the initial cost?

When you are planning to start your parking lot business, then you have the option to either invest in the franchise of a well-known parking lot company or you can build your own from scratch. Both have their pros and cons. You must make a careful calculation of which one of the above two modes is best for you. The initial cost you have to pay to start your own parking lot business will depend upon a lot of things like the purchase or rental of the lot, outright by or lease of equipment such as lift gates, security cameras, and transaction machines.

If you are looking for a covered Garage, then it would cost more. However, if you are trying to develop a small outdoor parking lot in a smaller city in the US, then you would need $10,000 as start-up capital. However, in the cities, big undercover garages with multiple levels can cost upward of millions of dollars based on their size and location.

How much would it cost to operate a parking lot business?

Parking lots and garages are comparatively low-maintenance businesses. If you want to make your business a success, then you have to carefully analyze the operational cost of running a parking lot. You must do your cost analysis properly so that your venture is economically viable. The average monthly expenditure for a small open parking lot in a small city would be somewhere around $5000 per month. It includes the following.

• The average mortgage or rent payment is an average of $ 2000 per month (it is a $0.5 per square foot rate).
• Parking lot attendants’ wages are $2240 per month ($10 per hour and 56 hours per week). If you want to keep your parking lot open at night also, then you should double this amount.
• Employer’s portion of taxes to be paid for employees is on an average $336 per month.
• Utilities that include lighting are around $200 per month.
• Insurance is approximately $100 per month.
• Supplies approximately $100 per month.

Plan for the best suitable legal entity (C Corp, LLC, or S Corp)

If you are planning to run a small parking lot business, then sole proprietorship is ideal for you. You will need minimum start-up capital which is great for a small neighborhood. However, if you plan to expand after a few years, then sole proprietorship is not an option for you. Then you have to register your company either as an LLC or a general partnership.

Find an attractive business name

The name of a company plays an important role in its recognition. You should get a catchy business name that would help you to create a positive perception of your business in the mind of your target audience. Make sure that the name you choose is easy to pronounce and remember.

Get the best insurance policies

To operate a parking lot business, you would need insurance to safeguard your financial interests in case of an accident or other eventualities. You must create a budget for your insurance premium after you consult an insurance broker to get the best insurance policies specific to your business. Some of the insurance policies related to the parking lot business in the USA include the following:

• General insurance.
• Liability insurance.
• Workers’ compensation.
• Overhead expenses and disability insurance.
• Payment protection insurance.
• Health insurance.
• Risk insurance.
• Building/property insurance.
• Business owner’s policy group insurance.

Know about the legal documents you would need to operate

To run a parking business, you have to get some legal documents. You should get your lawyer to get these legal documents for you. Some of these legal documents include the following.

• Federal Taxpayer’s ID
• Business and Liability Insurance
• Certificate of Incorporation
• Business License
• State Permit
• Business Plan
• Operating Agreement for LLCs
• Insurance Policy
• Employment Agreement (offer letters)
• Company Bylaws
• Online Privacy Policy Document (if you have an online payment portal)
• Memorandum of Understanding (MOU)

Choosing Suitable Location

Choosing the right location for your business is also important for its success. Therefore, when you are looking for a site keep in mind these factors:

• How much traffic is in that area?
• Is the area close to the downtown shopping center?
• Does the zoning law allow you to create a parking lot there?
• Does your target audience find the place convenient to use for parking?
• The land price.
• How much area do you need to build your parking lot? And more.

Raise start-up capital

You would need start-up capital for buying customized software apps, business licenses, tags, wages for your workers, and so on. If you have a workable business plan document, then you will find it quite easy to convince your bank or investors to lend you money to start your business.

In addition to all of the above, you also have to hire employees, create an effective marketing strategy, work out reasonable pricing for the services you are providing, and so on.

A detailed business plan would help you to figure out how much start-up capital you will need, what legal documents you have to apply for, the challenges you will face from your competitors as well as the business environment. Therefore, you should hire an expert in this field to create a workable business plan that would allow you to go to your investors and convince them to invest their capital in your venture and earn profit.

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Valet Parking Business Plan Template & Guidebook

Starting your own valet parking business can be a lucrative endeavor if done right. However, it can be difficult to know where to begin. A comprehensive valet parking business plan template and guidebook can help you create a successful plan to start your business on the right track. With the #1 Valet Parking Business Plan Template & Guidebook, you will have all the resources and tools you need to create a winning business plan and achieve lasting success.

Get worry-free services and support to launch your business starting at $0 plus state fees.

• How to Start a Profitable Valet Parking Business [11 Steps]

How to Write a Valet Parking Business Plan in 7 Steps:

1. describe the purpose of your valet parking business..

The first step to writing your business plan is to describe the purpose of your valet parking business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.

It also helps to include a vision statement so that readers can understand what type of company you want to build.

Here is an example of a purpose mission statement for a valet parking business:

Our mission at Valet Parking is to provide consistent and reliable service to our customers in order to help them navigate and enjoy the parking experience. We will do this by offering courteous, friendly, and efficient valet service, ensuring that each customer’s vehicle is safely secured and promptly returned. Furthermore, we will strive to create a memorable parking experience for our clients each and every time.

2. Products & Services Offered by Your Valet Parking Business.

The next step is to outline your products and services for your valet parking business. 

When you think about the products and services that you offer, it's helpful to ask yourself the following questions:

• What is my business?
• What are the products and/or services that I offer?
• Why am I offering these particular products and/or services?
• How do I differentiate myself from competitors with similar offerings?
• How will I market my products and services?

You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.

3. Build a Creative Marketing Stratgey.

If you don't have a marketing plan for your valet parking business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals. 

A good marketing plan for your valet parking business includes the following elements:

Target market

• Who is your target market?
• What do these customers have in common?
• How many of them are there?
• How can you best reach them with your message or product?

Customer base 

• Who are your current customers? 
• Where did they come from (i.e., referrals)?
• How can their experience with your valet parking business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?

Product or service description

• How does it work, what features does it have, and what are its benefits?
• Can anyone use this product or service regardless of age or gender?
• Can anyone visually see themselves using this product or service?
• How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?

Competitive analysis

• Which companies are competing with yours today (and why)? 
• Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
• What specific advantages does each competitor offer over yours currently?

Marketing channels

• Which marketing channel do you intend to leverage to attract new customers?
• What is your estimated marketing budget needed?
• What is the projected cost to acquire a new customer?
• How many of your customers do you instead will return?

Form an LLC in your state!

4. Write Your Operational Plan.

Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations. 

In it, you should list:

• The equipment and facilities needed
• Who will be involved in the business (employees, contractors)
• Financial requirements for each step
• Milestones & KPIs
• Location of your business
• Zoning & permits required for the business

What equipment, supplies, or permits are needed to run a valet parking business?

• Valet Parking Stand and Signage
• Tickets and Forms
• Parking Equipment (i.e. numbered stands, cones, etc)
• Change Making Equipment (i.e. cash register, etc)
• Storage for Customer Property (i.e. lockable trunks)
• City or County Permit

5. Management & Organization of Your Valet Parking Business.

The second part of your valet parking business plan is to develop a management and organization section.

This section will cover all of the following:

• How many employees you need in order to run your valet parking business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
• The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
• How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!

6. Valet Parking Business Startup Expenses & Captial Needed.

This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.

Typically, expenses for your business can be broken into a few basic categories:

Startup Costs

Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a valet parking business varies based on many different variables, but below are a few different types of startup costs for a valet parking business.

Running & Operating Costs

Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.

Marketing & Sales Expenses

You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your valet parking business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.

7. Financial Plan & Projections

A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your valet parking business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses. 

Here are some steps you can follow to devise a financial plan for your valet parking business plan:

• Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
• Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
• Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
• Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
• Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
• Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.

Frequently Asked Questions About Valet Parking Business Plans:

Why do you need a business plan for a valet parking business.

A business plan for a valet parking business is important in order to ensure that all aspects of the venture are thought through before launching the business. The plan should include a detailed description of the services offered, market research, financial projections and strategies for marketing and growth. It should also include a plan for any potential legal or regulatory obstacles that may arise during operation. This will help to ensure that the valet parking business runs smoothly and is profitable.

Who should you ask for help with your valet parking business plan?

An experienced business consultant or a small business advisor would be the best resource for help with a valet parking business plan. They can provide guidance on the topics you need to consider and the steps needed to create a successful plan. They might even have templates or examples to help give you ideas.

Can you write a valet parking business plan yourself?

While it is possible to write a valet parking business plan yourself, it is generally recommended that you enlist the help of a business plan consultant or writing service. A professional can provide valuable insight and guidance as to how you should structure your plan, generate financial projections, and create an effective strategy for success. Additionally, a qualified consultant can give you advice on any issues or challenges that may arise throughout the process of launching your business.

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I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.

Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.

From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.

Parking Lot Business Plan [Sample Template]

By: Author Joy Nwokoro

Home » Business ideas » Real Estate Industry » Parking Lot

A car parking lot business , also known as a parking facility or parking garage business, is a venture that provides parking spaces for vehicles on a commercial basis.

It involves the operation and management of a designated area or structure where people can park their cars for a specified period of time, typically for a fee. Car parking lots are essential in urban areas where parking spaces are limited, or where parking on the street is restricted or inconvenient.

These businesses cater to various types of customers, including commuters, shoppers, tourists, and employees of nearby businesses.

Running a successful car parking lot business involves managing parking operations, ensuring adequate security measures, maintaining the premises, and providing excellent customer service. This includes tasks such as regulating traffic flow, enforcing parking rules and regulations, collecting fees, and addressing customer inquiries and concerns.

Steps on How to Write a Parking Lot Business Plan

Executive summary.

Green Field® Car Parking Lot, Inc. is a cutting-edge parking facility business located in the bustling city of Las Vegas, Nevada. Our company aims to provide a sustainable and customer-centric parking solution to cater to the growing demand for secure and convenient parking options in the region.

With our commitment to environmental stewardship and technological innovation, Green Field® Car Parking Lot, Inc. is poised to become the premier parking destination in Las Vegas.

Green Field® Car Parking Lot, Inc. utilizes advanced parking management systems that streamline the customer experience. Our automated payment systems, license plate recognition technology, and real-time parking availability ensures efficient operations and enhanced convenience for our customers.

We prioritize the safety and security of our customers’ vehicles. Our parking lot is equipped with state-of-the-art surveillance cameras, access control systems, and well-trained security personnel. We provide a secure environment for vehicles, giving our customers peace of mind.

Daniel Hamilton is the founder and CEO of Green Field® Car Parking Lot, Inc.

Company Profile

A. our products and services.

Green Field® Car Parking Lot, Inc. operates a state-of-the-art, eco-friendly parking facility in a prime location in Las Vegas.

Our parking lot features a spacious layout that can accommodate a large number of vehicles, including cars, motorcycles, and bicycles. We offer both covered and open-air parking spaces to cater to the diverse needs of our customers.

b. Nature of the Business

Our car parking lot business will operate the business-to-consumer and business-to-business model. Please note that the nature of a car parking lot business revolves around providing parking spaces for vehicles on a commercial basis.

c. The Industry

Green Field® Car Parking Lot, Inc. will operate in the Parking Lots and garage industry.

d. Mission Statement

At Green Field® Car Parking Lot, Inc., our mission is to provide a sustainable and customer-centric parking solution that enhances convenience, safety, and environmental responsibility. We are committed to delivering exceptional service, utilizing innovative technologies, and fostering a positive impact on our community and the environment.

e. Vision Statement

Our vision at Green Field® Car Parking Lot, Inc. is to become the leading provider of technologically advanced parking facilities in the industry. We aspire to revolutionize the parking experience by setting new standards for sustainability, efficiency, and customer satisfaction.

Through continuous innovation and a focus on environmental stewardship, we aim to shape the future of parking and inspire positive change in the communities we serve.

f. Our Tagline (Slogan)

“Green Field® Car Parking Lot, Inc. – Your Sustainable Parking Solution”

g. Legal Structure of the Business (LLC, C Corp, S Corp, LLP)

Green Field® Car Parking Lot, Inc. will be formed as a Limited Liability Company (LLC).

h. Our Organizational Structure

• Chief Executive Officer (Owner)
• Park Manager
• Accountants/Cashiers
• Administrative Staff

i. Ownership/Shareholder Structure and Board Members

• Daniel Hamilton (Owner and Chairman/Chief Executive Officer) 54 Percent Shares
• Julius Holmes (Board Member) 16 Percent Shares
• Emmanuel Richards (Board Member) 10 Percent Shares
• Tims Wolf (Board Member) 10 Percent Shares
• Susan Peter (Board Member and Secretary) 10 Percent Shares.

SWOT Analysis

A. strength.

• Green Field® Car Parking Lot, Inc. distinguishes itself through its strong commitment to sustainability, incorporating eco-friendly practices such as solar energy generation, and electric vehicle charging stations.
• Our parking facility integrates advanced technology, including automated payment systems, license plate recognition, and real-time parking availability updates through a mobile app.
• Our parking lot is situated in a prime location in Las Vegas, maximizing exposure to high foot traffic from tourists, residents, and businesses.

b. Weakness

• Establishing and operating a state-of-the-art, sustainable parking facility requires a significant initial investment. The costs associated with implementing advanced technologies, eco-friendly infrastructure, and security systems can pose a financial challenge.
• Las Vegas may have existing parking facilities that offer similar services. Competing with established players in the market may pose a challenge in attracting customers and building brand recognition initially.

c. Opportunities

• The increasing population and tourism in Las Vegas create a growing demand for parking facilities.
• Forming partnerships with hotels, event venues, and other businesses in Las Vegas can create mutually beneficial opportunities. Collaborative efforts can result in cross-promotion, shared customer bases, and increased revenue streams.

i. How Big is the Industry?

The car parking lot industry is a big industry as a matter of fact, the parking industry, including car parking lots, generates significant revenue worldwide.

According to market research reports, the global parking management market was valued at over $4.5 billion in 2020 and is projected to reach nearly $7 billion by 2026. These figures demonstrate the financial scale and growth potential of the industry.

ii. Is the Industry Growing or Declining?

The car parking lots industry has been steadily growing over the years because the demand for parking spaces continues to rise due to factors such as urbanization, population growth, and increasing vehicle ownership. As cities become more densely populated, the need for parking facilities becomes more pronounced, creating opportunities for the parking lot industry to expand.

iii. What are the Future Trends in the Industry?

The car parking lot industry is continuously evolving to meet the changing needs and demands of customers, advancements in technology, and emerging trends in urban mobility. With increasing environmental awareness, the industry will likely witness a greater emphasis on sustainability.

Parking lots will adopt eco-friendly practices such as solar energy generation,  and electric vehicle charging infrastructure.

Technology will play a crucial role in shaping the future of parking lots. Advanced parking management systems, mobile apps for reservations and payments, license plate recognition, and real-time parking availability updates will become more prevalent.

Additionally, the integration of smart parking sensors, Internet of Things (IoT) devices, and artificial intelligence (AI) will optimize operations and improve the overall parking experience.

Parking lot operators will increasingly leverage data analytics to optimize parking operations, improve resource allocation, and enhance customer experiences. Data on parking patterns, occupancy rates, customer preferences, and traffic flow will be used to make informed decisions and drive operational efficiencies.

iv. Are There Existing Niches in the Industry? If YES, List them

No, there are no existing niches when it comes to the car parking lot business because the car parking lot is a niche idea in the Parking Lots and Garage industry.

v. Can You Sell a Franchise of Your Business in the Future?

Green Field® Car Parking Lot, Inc. intends to sell franchises in the near future, with a focus on major cities in the United States of America and Canada that places greater emphasis on fostering community engagement through organized social events, clubs, and activities.

• Adherence to local regulations, permits, and compliance standards related to parking operations is essential. Changes in regulations or increased requirements can pose challenges and potentially impact the business’s operations and profitability.
• Economic fluctuations, recessions, or shifts in consumer spending patterns can affect the demand for parking services. Changes in travel patterns, tourism trends, or overall economic conditions in Las Vegas can impact the business’s revenue.
• While Green Field® Car Parking Lot, Inc. leverages technology as a competitive advantage, rapid advancements in the parking industry may pose a threat.

i. Who are the Major Competitors?

• SP+ Corporation
• Ace Parking Management, Inc.
• LAZ Parking
• ABM Industries Inc.
• Parking Management Company
• Standard Parking Corporation
• Republic Parking System
• Diamond Parking Services
• Central Parking System
• ParkAmerica
• Premier Parking
• USA Parking System
• Interstate Parking Company
• Park ‘N Fly
• Colonial Parking

ii. Is There a Franchise for Car Parking Lot Business?

No, there are no franchise opportunities for car parking lot businesses.

iii. Are There Policies, Regulations, or Zoning Laws Affecting Car Parking Lot Business in the United States of America?

Yes, there are policies, regulations, and zoning laws that affect the car parking lot business in the United States. These regulations can vary at the federal, state, and local levels.

Local governments regulate land use and zoning, which can impact the establishment and operation of parking lots. Zoning codes may specify the allowable locations, size, setbacks, and other requirements for parking lots within specific zones.

Parking structures and facilities are subject to building codes and safety regulations to ensure structural integrity, fire safety, accessibility, and compliance with safety standards.

The Americans with Disabilities Act (ADA) mandates that parking facilities provide accessible parking spaces, signage, and access routes for individuals with disabilities. ADA compliance requirements must be met to ensure accessibility for all customers.

Local regulations often govern the placement, size, and visibility of parking lot signs to ensure proper wayfinding and traffic management. Parking lot businesses need to comply with traffic regulations, including traffic flow management, entrance and exit design, pedestrian safety measures, and compliance with traffic control devices.

Marketing Plan

A. who is your target audience.

i. Age Range

Across a wide age range. Green Field® Car Parking Lot, Inc. caters to a diverse age range, targeting customers from young adults to seniors. Our parking facility aims to accommodate the parking needs of individuals across different life stages and age groups.

ii. Level of Education

The level of education of the target audience may vary. As a parking lot business, the educational background of customers is not a primary determining factor for targeting.

iii. Ethnicity

Green Field® Car Parking Lot, Inc. welcomes customers of all ethnicities. Our parking facility aims to be inclusive and accessible to individuals from diverse ethnic backgrounds.

iv. Language

Our parking lot business operates in Las Vegas, Nevada, which is a multicultural city. Green Field® Car Parking Lot, Inc. aims to serve customers who speak various languages. Clear signage, instructions, and customer support may be provided in multiple languages to cater to a diverse customer base.

v. Lifestyle

Green Field® Car Parking Lot, Inc. targets customers with various lifestyles and preferences. Our parking facility accommodates the needs of individuals with different lifestyles, including commuters, shoppers, tourists, employees, and residents in the area.

b. Advertising and Promotion Strategies

• Content marketing
• Deliberately Brand Our Facility
• Email marketing
• Events and sponsorships
• Pay-per-click (PPC) advertising
• Referral marketing
• Search engine optimization (SEO).

i. Traditional Marketing Strategies

• Broadcast Marketing -Television & Radio Channels.
• Marketing through Direct Mail.
• Print Media Marketing – Newspapers & Magazines.
• Out-of-home (OOH) advertising – Public Transit like Buses and Trains, Billboards, Street shows, and Cabs.
• Leverage direct sales, direct mail (postcards, brochures, letters, fliers), tradeshows, print advertising (magazines, newspapers, coupon books, billboards), referral (also known as word-of-mouth marketing), radio, and television.

ii. Digital Marketing Strategies

• Affiliate Marketing
• Content Marketing.
• Email Marketing.
• Influencer Marketing.
• Mobile Marketing.
• Social Media Marketing Platforms.
• Search Engine Optimization (SEO) Marketing.

iii. Social Media Marketing Plan

• Create a personalized experience for our customers and their families.
• Create an efficient content marketing strategy.
• Create a community for our target market and potential target market.
• Create profiles on relevant social media channels.
• Gear up our profiles with a diverse content strategy.
• Start using chatbots.
• Run cross-channel campaigns.
• Use brand advocates.

c. Pricing Strategy

When working out our pricing strategy, Green Field® Car Parking Lot, Inc. will make sure it covers profits, insurance, premium, license, and economy or value and full package. In all our pricing strategy will reflect:

• Penetration Pricing
• Cost-Based Pricing
• Value-Based Pricing
• Competition-Based Pricing.

Sales and Distribution Plan

A. sales channels.

Green Field® Car Parking Lot, Inc. can utilize various sales channels to reach customers. Our sales channels will include both direct and indirect channels.

We will employ a direct sales approach where our representatives proactively engage with potential customers through in-person meetings, presentations, and events. This approach allows for direct communication and relationship-building with individuals and businesses interested in car parking lot services.

Green Field® Car Parking Lot, Inc. will evaluate and prioritize the most effective sales channels based on their target audience, market dynamics, and available resources. A multi-channel approach that combines both online and offline strategies that can help the organization reach a wider customer base and drive growth for the business.

b. Inventory Strategy

As a car parking lot business, Green Field® Car Parking Lot, Inc. does not have a traditional inventory in the same way as a retail or manufacturing business. However, there are certain aspects related to managing parking spaces and resources that we will consider as part of our inventory strategy.

Our parking lot business will strategically allocate and manage parking spaces to ensure efficient utilization. This involves determining the number of spaces available for various types of vehicles, such as cars, motorcycles, or bicycles, and optimizing the distribution based on demand and customer preferences.

We will implement a reservation and pre-booking system that allows customers to reserve parking spaces in advance. This helps in managing inventory by allocating specific spaces for pre-booked customers and ensuring efficient space utilization.

Green Field® Car Parking Lot, Inc. will provide real-time information on parking space availability to customers. This helps in managing the inventory by dynamically updating availability and guiding customers to available spaces, minimizing congestion, and maximizing space utilization.

c. Payment Options for Customers

• Apple Pay and Google Wallet
• Gift cards and store credit
• Credit and debit cards
• Installment payments
• Cash on service delivery.

d. Return Policy, Incentives, and Guarantees

As a car parking lot business, Green Field® Car Parking Lot, Inc. operates under a service-based model, and traditional return policies, incentives, and guarantees may not directly apply. Green Field® Car Parking Lot, Inc. aims to provide exceptional customer service by ensuring friendly and helpful staff, addressing customer inquiries and concerns promptly, and offering assistance with parking-related needs.

Green Field® Car Parking Lot, Inc. will offer a variety of payment options to enhance convenience for customers. This may include cash, credit/debit cards, mobile payments, or digital wallets.

Green Field® Car Parking Lot, Inc. will offer the option for customers to reserve parking spaces in advance. This guarantees a designated spot for the customer, providing convenience and peace of mind, particularly during busy times or special events.

While return policies in the traditional sense may not apply to parking services, Green Field® Car Parking Lot, Inc. can focus on providing an excellent customer experience, convenience, and value-added incentives. By prioritizing customer satisfaction, and convenience, and offering unique benefits, the parking lot business can foster customer loyalty and attract new customers.

e. Customer Support Strategy

Green Field® Car Parking Lot, Inc. will provide multiple communication channels for residents to reach out with inquiries, concerns, or requests. This will include phone, email, online portals, or in-person office hours. Ensure prompt responses to resident inquiries and requests, aiming to address their concerns in a timely manner.

We will train and empower staff to provide friendly, helpful, and efficient customer service, addressing customer inquiries, and concerns, and providing assistance as needed.

We will install clear and visible signage throughout the parking lot to guide customers, providing easy-to-follow directions and ensuring a smooth parking experience. We will establish channels for customers to contact for support or assistance, such as a dedicated customer service hotline or email, to promptly address any issues or concerns.

Operational Plan

Our operational plan at Green Field® Car Parking Lot, Inc. outlines the key activities and strategies required to effectively manage and operate the car parking lot.

We will implement strategies and systems to manage traffic flow within the parking lot, ensuring smooth entry and exit for vehicles. Optimize parking space allocation to accommodate different types of vehicles, such as cars, motorcycles, and bicycles, based on demand and customer preferences.

We will utilize technology to provide customers with real-time information on parking space availability, guiding them to available spaces and minimizing congestion. Implement comprehensive security measures, including surveillance cameras, access control systems, and trained security personnel, to ensure the safety of vehicles and customers.

a. What Happens During a Typical Day at a Car Parking Lot Business?

• The staff arrives at the parking lot, ensuring the premises are ready for operation.
• Equipment, such as payment systems, signage, and security systems, are checked and prepared for use.
• Parking attendants manage the flow of vehicles, directing them to available parking spaces and ensuring efficient use of space.
• Throughout the day, staff perform routine maintenance tasks such as cleaning, garbage removal, and equipment checks to ensure a well-maintained facility.
• The administrative staff handles back-office tasks such as reconciling payments, updating records, managing reservations, and responding to customer inquiries via phone or email.
• At the end of the day, staff prepare for the closure of the parking lot, ensuring all equipment is properly shut down.
• Security measures, such as locking gates or barriers, are implemented to secure the premises.

b. Production Process

There is no production process when it comes to the car parking lot business.

c. Service Procedure

• As customers arrive, they are greeted by parking attendants who guide them through the entry process.
• Staff may direct customers to available parking spaces or assist with valet parking services if offered.
• Entry tickets or digital records are issued to customers as proof of entry.
• Staff monitor traffic congestion, if any, and take necessary measures to alleviate any issues
• Customers either self-pay at automated payment stations or interact with parking attendants for payment processing.
• Staff validate parking tickets, process payments, and provide receipts or digital confirmations.
• Once payment is completed, customers are guided to exit points, and barriers or gates are opened to allow their departure.

d. The Supply Chain

A supply chain is not applicable to a car parking lot business.

e. Sources of Income

Green Field® Car Parking Lot, Inc. generates income by renting and leasing out car parking lots and offering related services (valet).

Financial Plan

A. amount needed to start your car parking lot business.

Green Field® Car Parking Lot, Inc. would need an estimate of $3 million to successfully set up our car parking lot business in the United States of America.

b. What are the Costs Involved?

• Business Registration Fees – $750.
• Legal expenses for obtaining licenses and permits – $11,300.
• Marketing, Branding, and Promotions – $3,000.
• Business Consultant Fee – $2,500.
• Insurance – $3,400.
• Rent/Lease – $450,000.
• Operational Cost (salaries of employees, payments of bills et al) – $80,000
• Start-up Inventory – $25,000
• Store Equipment (cash register, security, ventilation, signage) – $4,750
• Construction and equipping the car parking lot facility – $1.5 million
• Website: $600
• Opening party: $4,000
• Miscellaneous: $5,000

c. Do You Need to Build a Facility? If YES, How Much will it cost?

Green Field® Car Parking Lot, Inc. will build a new facility for our car parking lot, and it will cost us approximately $1.5 million.

d. What are the Ongoing Expenses for Running a Car Parking Lot Business?

• Property Maintenance and Repairs
• Taxes and Licenses
• Administrative and Operational Costs
• Marketing and Advertising
• Community Services and Amenities
• Regulatory Compliance
• Financial and Administrative.

e. What is the Average Salary of your Staff?

• Chief Executive Officer (Owner) – $72,000 Per Annum
• Park Manager – $62,000 Per Annum
• Maintenance Officer – $48,000 Per Annum
• Accountants/Cashiers – $38,000 Per Annum
• Administrative Staff – $35,000 Per Annum
• Valets – $32,000 Per Annum

f. How Do You Get Funding to Start a Car Parking Lot Business?

• Raising money from personal savings and sale of personal stocks and properties
• Raising money from investors and business partners
• Sell shares to interested investors
• Applying for a loan from your bank/banks
• Pitching your business idea and applying for business grants and seed funding from the government, donor organizations, and angel investors
• Source for soft loans from your family members and friends.

Financial Projection

A. how much should you charge for your product/service.

Green Field® Car Parking Lot, Inc. will charge between $5 and $100 for daily and monthly rates.

b. Sales Forecast?

• First Fiscal Year (FY1): $300,000
• Second Fiscal Year (FY2): $470,000
• Third Fiscal Year (FY3): $600,000

c. Estimated Profit You Will Make a Year?

• First Fiscal Year (FY1) (Profit After Tax): 25%
• Second Fiscal Year (FY2) (Profit After Tax): 30%
• Third Fiscal Year (FY3) (Profit After Tax): 45%

d. Profit Margin of a Car parking lot Business

The ideal profit margin we hope to make at Green Field® Car Parking Lot, Inc. will be between 25 and 45 percent.

Growth Plan

A. how do you intend to grow and expand by opening more retail outlets/offices or selling a franchise.

Green Field® Car Parking Lot, Inc. will grow our car parking lot business by first opening our locations in key cities in the United States of America within the first five years of establishing the business and then start a franchise in the nearest future.

b. Where do you intend to expand to and why?

Green Field® Car Parking Lot, Inc. plans to expand to:

• Los Angeles, California
• New York City, New York
• Houston, Texas
• Chicago, Illinois
• Dallas, Texas
• Atlanta, Georgia
• Miami, Florida
• San Francisco, California
• Phoenix, Arizona
• Seattle, Washington.

These cities have large populations and extensive transportation networks, contributing to high car ownership and usage and significant demand for car parking services.

The founder of Green Field® Car Parking Lot, Inc. aims to exit the company through a merger and acquisition. We wish to merge with a global car parking lot company so that when the founder retires, the company’s management can be placed in the hands of a trusted hand.

The purpose of globalizing two or more international car parking lot companies is to achieve synergy, in which the total (the new company) is greater than the sum of its parts (the former two distinct entities).

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How to Start a Parking Lot Business

Parking lots are located in places where street parking is limited and there is plenty of automobile traffic. Parking may be offered in exterior open lots or in interior secured garages.

Parking lots are found in commercial areas, next to airports, near hospitals, adjacent to schools, and near event spaces that attract a large crowd.

There are two facets in the parking lot business. One is the owning and operating the parking lots and the other opportunity is managing the parking lots on behalf of other owners.

Learn how to start your own Parking Lot Business and whether it is the right fit for you.

Ready to form your LLC? Check out the Top LLC Formation Services .

Start a parking lot business by following these 10 steps:

• Plan your Parking Lot Business
• Form your Parking Lot Business into a Legal Entity
• Register your Parking Lot Business for Taxes
• Open a Business Bank Account & Credit Card
• Set up Accounting for your Parking Lot Business
• Get the Necessary Permits & Licenses for your Parking Lot Business
• Get Parking Lot Business Insurance
• Define your Parking Lot Business Brand
• Create your Parking Lot Business Website
• Set up your Business Phone System

We have put together this simple guide to starting your parking lot business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas .

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

What will you name your business?

• What are the startup and ongoing costs?
• Who is your target market?

How much can you charge customers?

Luckily we have done a lot of this research for you.

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Parking Lot Business Name Generator

If you operate a sole proprietorship , you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering a business name , we recommend researching your business name by checking:

• Your state's business records
• Federal and state trademark records
• Social media platforms
• Web domain availability .

It's very important to secure your domain name before someone else does.

Want some help naming your parking lot business?

Business name generator, what are the costs involved in opening a parking lot business.

Initial startup costs include the rental or purchase of the lot/garage, purchase or lease of equipment, such as transaction machines, lift gates, and security cameras. Garages are more expensive, and costs are much higher for multilevel garages equipped with elevators.

In smaller cities, it is possible to start with a single small outdoor lot for less than $10,000 in startup capital if you lease the land. An indoor garage can cost many hundreds of thousands of dollars and upwards to millions depending on its size and location.

What are the ongoing expenses for a parking lot business?

Parking lots are relatively low-maintenance businesses. The majority of work that goes into maintaining a parking lot involves repainting lines, replacing signage, and paying for lighting (and possibly heat) if it is a garage.

Typical monthly expenditures for a small outside lot will be around $5,000 per month consisting of:

• Rent or Mortgage payment $2,000 per month ($0.50 per square foot per month).
• Wages for parking lot attendants - $2,240 per month ($10 per hour = 56 hours per week) Double this amount if open at night as well as in the day.
• Employer’s portion of employee taxes $336 per month
• Utilities - $200 per month (lighting)
• Insurance - $100 per month
• Supplies - $100 per month (parking lot receipt tickets)

Who is the target market?

Parking lots are used by customers because of the convenience of parking near something else. The customers are those that drive by the parking lot.

How does a parking lot business make money?

Most parking lots make money by filling up the empty spaces with cars that pay an hourly rate or flat rate for the parking. Parking lots are especially profitable during peak traffic in larger cities. For example, many lots take advantage of the number of drivers in town during sports games and those attending other big events.

For a parking lot company that offers parking lot management services, they are paid a monthly fee that is based on the revenues produced by the parking lots they manage for other owners.

The price you can charge depends on the demand for parking and the nearby competitive prices. In rural areas, $1 per hour is very common. In major metropolitan areas that are very congested, with extraordinarily high real estate prices, such as New York City, it is possible to charge up to $15 for fifteen minutes ($60 per hour).

How much profit can a parking lot business make?

One small lot with 20 spaces that earns, on average, $10 per space per day will have $200 per day in gross revenues and earn $73,000 in gross revenues per year. If the lot is outdoors and 4,000 square feet at $0.50 per square foot per month rent, the annual rent will be $24,000. Wages paid at minimum wage level for parking lot attendants will be about $20,800 per year, leaving $28,200 in gross profits before taxes from a single, small parking lot.

Large parking lots can have many hundreds of parking spaces, which is a multiplication of these basic profit estimates.

How can you make your business more profitable?

The parking lot business becomes more profitable through economies of scale. Owning more parking lots that use the same back office and support services is the key to growth and increasing profits. In addition to management of parking services, the business can expand to offer other support services to commercial building owners such as energy monitoring, facilities engineering, HVAC, janitorial, maintenance, and landscaping.

Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!

STEP 2: Form a legal entity

The most common business structure types are the sole proprietorship , partnership , limited liability company (LLC) , and corporation .

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your parking lot business is sued.

Form Your LLC

Read our Guide to Form Your Own LLC

Have a Professional Service Form your LLC for You

Two such reliable services:

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services . You can choose to hire a registered agent or act as your own.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

You can acquire your EIN through the IRS website . If you would like to learn more about EINs, read our article, What is an EIN?

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.

Get a business credit card

Getting a business credit card helps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history , which can be useful to raise money later on.

Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate a parking lot. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits.

Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses .

Certificate of Occupancy

A parking lot is either located in an empty lot of land or a large parking structure. Businesses operating out of a physical location typically require a Certificate of Occupancy (CO). A CO confirms that all building codes, zoning laws and government regulations have been met.

If you plan to lease a location:

• It is generally the landlord’s responsibility to obtain a CO.
• Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a bar.
• After a major renovation, a new CO often needs to be issued. If your place of business will be renovated before opening, it is recommended to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued.

If you plan to purchase or build a location:

• You will be responsible for obtaining a valid CO from a local government authority.
• Review all building codes and zoning requirements for your business’ location to ensure your parking lot business will be in compliance and able to obtain a CO.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

FInd out what types of insurance your Parking Lot Business needs and how much it will cost you by reading our guide Business Insurance for Parking Lot Business.

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.

Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .

If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

How to promote & market a parking lot business

These businesses are especially dependent upon location. Parking lots and garages located near other lots have stiff competition. One thing that helps attract customers is to have the parking lot attendant wave to the passing cars to encourage them to enter the parking lot.

How to keep customers coming back

Giving out discount coupons helps attract new customers. Having a loyalty reward program that offers discounts for regular users is a good way to retain customers.

STEP 9: Create your business website

After defining your brand and creating your logo the next step is to create a website for your business .

While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

Here are the main reasons why you shouldn’t delay building your website:

• All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
• Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
• Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.

Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .

Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .

STEP 10: Set up your business phone system

Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.

Recommended Business Phone Service: Phone.com

Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.

Is this Business Right For You?

This business is an attractive investment opportunity for those investors with capital to invest in the leasing and/or acquisition of parking lots, who are looking for a long-term, fairly stable rate of return on the investment. The alternative is setting up a service company to manage the operation of the parking lot/services for other owners.

Want to know if you are cut out to be an entrepreneur?

Take our Entrepreneurship Quiz to find out!

Entrepreneurship Quiz

What happens during a typical day at a parking lot business?

Once setup, this business runs almost automatically. The business owner’s concerns are hiring staff and making sure the parking lot attendants show up on time to do their job. Another duty of the owner is to manage the cash deposits, get change from the bank, and create the accounting records for the daily proceeds.

What are some skills and experiences that will help you build a successful parking lot business?

Success in this business comes from identifying the opportunities that are profitable. The ability to analyze each situation to determine potential parking demand and calculate the revenues versus the expenses is the key factor in becoming a success.

What is the growth potential for a parking lot business?

Many investor/owners start with a single parking lot and then invest in other lots to grow the business. Parking lot opportunities include commercial office buildings, retail operations, shopping malls, mixed-use facilities, hotels, valet services, arenas, stadiums, events, medical centers, and hospitals.

One large parking lot management company called Ace Parking started in 1950 with a single parking lot. The company has steadily grown since then. Ace Parking now manages 450 parking lots across America and employs more than 4,500 people.

In the Unites States, Statistic reports that there are over US $10 billion in revenues earned each year from parking lot operations. IBISWorld reports that there are over 10,000 parking lot businesses in the USA that employ close to 160,000 people. The top three companies in this industry control a large share of the total market, earning 37.6% of the total industry revenues each year. Small operators make up the remaining 62.4% of the industry and mostly cater to the local market demand for parking.

Besides Ace Parking, the other largest operators include ABM Industries Inc. and Central Parking Corp., which merged with Standard Parking Corp. during 2012.

TRUiC's YouTube Channel

For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.

Take the Next Step

Find a business mentor.

One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

Having a support network in place to turn to during tough times is a major factor of success for new business owners.

Learn from other business owners

Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

Resources to Help Women in Business

There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

What are some insider tips for jump starting a parking lot business?

It is a good idea to work as a parking lot attendant for at least a short period to understand how this business works. This business is not complicated and virtually anyone can do it, as long as they have, or can raise, the capital necessary to get started.

How and when to build a team

This business operates with very few employees per lot. When the business grows, by acquiring more parking lots, it is time to add more parking lot attendants for each new lot added to the business. It is very easy to find minimum wage workers to be parking lot attendants because the job skills necessary are minimal.

Useful Links

Industry opportunities.

• International Parking Institute

Real World Examples

• California - Ace Parking Management
• Detroit, Michigan - Prime Parking

Have a Question? Leave a Comment!

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SWOT Analysis for a Car Parking Business (Example)

• February 26, 2024
• Business Plan , SWOT

A SWOT analysis is crucial for developing a business plan for a car parking business.  This analysis, which stands for Strengths, Weaknesses, Opportunities, and Threats, helps understand internal and external factors that can impact your business. Strengths and weaknesses are internal to the business, while opportunities and threats are external.

In this article, we will explore various examples of strengths, weaknesses, opportunities, and threats, aiding parking facility owners in strategizing for success and adaptability in the competitive parking industry. Let’s dive in!

Car Parking Business Plan

Download an expert-built 30+ slides Powerpoint business plan template

Highlight the strengths that set your car parking business apart, ensuring customer satisfaction and repeat business.

• Example: Highlight the proximity of your parking facility to major venues or landmarks in marketing campaigns to entice potential clients.
• Example: Showcase the convenience of your parking system through online platforms and mobile apps, emphasizing the ease of booking and payment processes.
• Example: Advertise the safety measures in place to assure customers of the security and protection provided for their vehicles.
• Example: Encourage customer feedback and display positive testimonials to highlight the quality of service offered.

Address weaknesses to strengthen your car parking business for enduring success.

• Example: Implement efficient space utilization techniques like stacking or valet services to optimize available parking areas.
• Example: Develop marketing strategies offering discounts or special rates during slower periods to attract more customers.
• Example: Explore energy-efficient solutions or partnerships to reduce operational costs without compromising quality.
• Example: Introduce loyalty programs, exclusive partnerships with nearby businesses, or eco-friendly initiatives to distinguish your parking facility.

Opportunities

Seize opportunities to enhance and expand your car parking business.

• Example: Engage with city planners and integrate your parking services with smart city infrastructure for better visibility and accessibility.
• Example : Install EV charging stations and promote them as an eco-friendly parking solution for electric car owners.
• Example: Market discounted subscription packages targeting regular commuters or businesses needing consistent parking solutions.
• Example: Forge partnerships with event organizers and promote pre-booking options for event-specific parking spaces.

Prepare for potential threats to ensure the resilience of your car parking business.

• Example: Stay updated with municipal regulations and adapt business operations to comply with any changes in parking-related laws.
• Example: Differentiate your services by emphasizing security, convenience, and additional perks compared to competitors.
• Example: Invest in continuous technological upgrades to keep pace with evolving customer expectations and industry standards.
• Example : Diversify services to accommodate alternative transportation solutions like bike parking or electric scooter rentals to align with changing environmental norms.

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Lucio Lamberti

TAYE ADESINA

It is an undisputable fact that business train will sputter along without a solid marketing approach. Marketing helps Business owners to gain and sustain customers’ attention and commitment. But like the saying goes; “Nothing good comes easy”. When one take into cognisance the fund that most successful companies pump into marketing (through Advertising, Public relations, Sales promotion, etc), it’s easy for the small business owner to find excuses for neglecting marketing. Most small businesses operate on a no-frills budget and many owners consider marketing something they can’t afford or a soft expense. Many business owners have said "I have to pay the bills. Marketing I can cut." True marketing is an expense that can be reduced or cut. The question that then arises is how without marketing do you propose to gain those much needed customers that mean sales. It’s cliché to say you have to spend money to make money, but it is absolutely true. If you do not effectively market your company, brand, image and products or services, you won’t be in business for long. This paper is therefore a journey into the Concept of Marketing, the various Marketing communication tools that can be used to enhance sales and elevate an organization’s position among its peers, and TEN suggested ways to take ones’ business to such elevated status.

Peter Ganev

The powerful reach of social media is indicated by the fact that in 2015, each month the Facebook app had more than 126 million average unique users and YouTube had over 97 million average unique users. This fact like many other similar examples justifies the demand on business to apply in practice the marketing of products or services using digital technologies, mainly on the Internet, but also including mobile phones, display advertising, and any other digital social medium. As a result there is a demand on the market for Digital Marketing Experts - specialists having thorough knowledge in the field of digital marketing. The paper stresses on the need of a digital marketing course in business education. The profile of the digital marketing expert needed in the industry is described. The topics and technologies that have to be covered by this course are outlined on the basis of the described digital marketing expert profile. Special emphasis is given to the mobile intelligence platforms, the gender, age, race recognition and movement recognition. A comparison of Digital marketing tools and benchmarks for their evaluation is also included in the course.

Silvester Simbolon

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ana quintino

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alberto kleinas

O caso Herzog teve forte impacto na historia politica recente do Brasil. Um jornalista morto nas dependencias do 2o. Exercito, em Sao Paulo, que teve o suicidio imposto pelo establishment. O suicidio forjado foi contestado pelos seus pares jornalistas, pelo Sindicato dos Jornalistas, pela Arquidiocese de Sao Paulo e, em vista das pressoes, pela comunidade judaica de Sao Paulo. Seu sepultamento foi em local apropriado para aqueles que nao atentaram contra a propria vida, e este enterro e depois o Ato Ecumenico na Catedral da Se, sao objetos desta dissertacao que busca esclarecer as razoes para este fato. Como uma Coletividade Judaica conseguiu romper com o colaboracionismo e submissao ao Regime Militar, comum em comunidades imigrantes, e, atestar o assassinato atraves do local de sepultamento de Vladimir Herzog. As contradicoes e pressoes institucionais da coletividade judaica paulistana demonstram o quanto a influencia externa, da sociedade brasileira foi importante neste episodio, ...

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Through litter decomposition enormous amounts of carbon is emitted to the atmosphere. Numerous large-scale decomposition experiments have been conducted focusing on this fundamental soil process in order to understand the controls on the terrestrial carbon transfer to the atmosphere. However, previous studies were mostly based on site-specific litter and methodologies, adding major uncertainty to syntheses, comparisons and meta-analyses across different experiments and sites. In the TeaComposition initiative, the potential litter decomposition is investigated by using standardized substrates (Rooibos and Green tea) for comparison of litter mass loss at 336 sites (ranging from -9 to +26 °C MAT and from 60 to 3113 mm MAP) across different ecosystems. In this study we tested the effect of climate (temperature and moisture), litter type and land-use on early stage decomposition (3 months) across nine biomes. We show that litter quality was the predominant controlling factor in early sta...

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How to Draft a Truck Parking Lot Business Plan

Running a truck parking lot – it’s a bigger opportunity than you may realize. Truck drivers constantly need places to rest up along their routes across the country. Yet suitable parking spaces remain limited. By transforming available land into a trucker oasis, you tap into this high-demand market. Platforms like Truck Parking Club even provide the technology to simply connect drivers to Property Members .

But where do you start to turn this idea into reality? A solid business plan that’s where. Too often, eager entrepreneurs jump into a new venture without thorough planning. By outlining every aspect of your future lot in a business plan, you set yourself up for success.

In this beginner’s guide, we’ll walk through drafting a comprehensive business plan to launch and run a truck parking business. You’ll discover how to bring your vision to life the right way.

The scale or size of your plot doesn’t matter – if you have five acres or fifty available, by the end, you’ll have a proven blueprint for an achievable, profitable truck parking lot business.

Why a Business Plan Matters

Validating your concept.

A business plan forces you to analyze and research your assumptions about target customers and demand trends. Rather than risk moving forward on speculation, the data will reveal whether your truck parking idea has legs or needs rethinking.

Attracting Investors and Lenders

External funding often proves essential for getting a new truck parking venture off the ground. A well-researched plan demonstrates your commitment and ability to potential backers, increasing your odds of securing startup financing. The document makes or breaks accessing the capital essential to get off the ground.

Mapping Your Path to Profitability

Detailing out your operational plan, marketing strategy, and financial projections acts like a roadmap for managing cash flow and reaching profit milestones. With so many variables at play, a plan helps identify potential pitfalls early.

Securing County Approvals

Zoning laws and land regulations vary from area to area. Local municipalities will want to review your business plan as part of the permitting process for getting approval.

Why a Truck Parking Lot Business?

You’ve probably done some initial research and grasped why a truck parking lot carries potential, but let’s recap on its promise. As we mentioned right at the beginning, the trucking industry itself shows no signs of shrinking, so you rely on a constantly available customer base that shows no let-up in demand. This constant flow is what makes investing in truck parking lots a smart business move.

Think about it: every truck on the road is a potential customer. The more trucks there are, the greater the need for parking spaces. And with the trucking industry expanding due to the growth in sectors like e-commerce and cross-country shipping, the demand for truck parking is only going to increase.

There are also minimal overhead expenses involved compared to many other businesses, with the potential for a strong cash flow. Of course, parking is just part of the business equation; amenities and add-on services can open additional revenue streams. Let’s not forget truckers talk; a good parking spot gets known quickly in their community.

Components of a Strong Truck Parking Business Plan

A rock-solid business plan forms the blueprint for executing your truck parking vision and transforming it into a revenue-generating reality. Here’s what it should include:

Executive Summary

The Executive Summary sums up the fundamentals of your business for potential investors. It should succinctly convey your parking lot’s unique value proposition, target customer base, competitive advantages, operations overview, and projection of financial returns. Don’t get lost in the details here – simply spotlight the core concept and financial viability of your trucking parking lot business to capture interest.

Company Description

This section is an opportunity to showcase your business’s strengths. Maybe you have extensive experience in the trucking industry, or you live in a location that offers easy access to major highways or trucking routes.

This section of the plan should specify the target audience, typically independent truck drivers and trucking companies looking for reliable parking solutions. The competitive advantages of the business should be clearly outlined, boasted even.

Market Analysis

The Market Analysis section of your truck parking lot business plan should provide a comprehensive overview of the current state of the trucking industry, particularly focusing on the parking needs of long-haul truckers. This analysis should include data confirming the major shortage of parking capacity nationwide. Call out the rate this crisis expands year-over-year with more freight traversing roadways, yet infrastructure failing to keep pace.

Your data-backed market analysis findings should convincingly argue that there is a clear and growing need for the services your business plans to provide. Use specific figures around parking shortages, trucking industry growth projections, and other metrics to reinforce that your venture fills a defined market gap.

Management and Organization

Detail your business structure – sole proprietorship, partnership, LLC, or corporation. An organizational chart should be included to illustrate the hierarchy and management structure. It should clearly show the roles and responsibilities of each team member, from top management to operational staff. Underscore transportation-specific backgrounds for added credibility.

Operational Plan

This outlines the day-to-day management of your truck parking lot. Explain the roles and responsibilities of staff members and how they’ll contribute to its smooth running operation.

Include plans for routine checks and upkeep of the parking area, including any amenities. Outline your security measures – surveillance systems, on-site security personnel, and any tech used, like automated gates or security apps. Describe how you’ll handle customer inquiries and bookings and any policies in place for dealing with issues or complaints.

In short, demonstrate that you have a well-thought-out plan for managing and maintaining a high-quality parking lot.

Products and Services

At its most basic, a truck parking lot business is a place for truckers to safely rest overnight between destinations. But you have the potential to offer features and services far beyond simply a place to park.

Security infrastructure features – gated perimeter access or surveillance camera networks to protect precious cargo and ensure a safe and secure environment.

Amenities that provide a little comfort after a hard day’s driving – hot showers to freshen up or vending machines for quick eats. Don’t forget the ability to pre-book spaces through websites like Truck Parking Club that prioritize planning ahead versus first-come-first-serve.

There’s a breadth of value-adding services that you could potentially add to your parking lot business.

Marketing and Sales Strategy

Promoting your parking lot requires messaging resonating with your core audience – truckers crisscrossing state lines daily. This part of the business plan will demonstrate how you plan to reach and engage this specific demographic effectively.

Identify publications, apps, social media groups, and other media specifically catering to long-haul transport workers.

The marketing plan should show a distinct understanding of where truckers consume information and plan routes so that you can convince investors you can reach and fill capacity cost-effectively.

Funding Request and Financial Projections

This is where you will discuss the amount of funding you are seeking and specify how it will be used to establish and grow your truck parking business.

Total Capital Required – Specify the total dollar amount you are requesting from investors and lenders. Break this total number down into clear categories such as land acquisition, construction/development, technology systems, operating reserves, marketing, and contingencies.

Usage of Funds – Describe what the funding will specifically finance, including major startup costs like property purchase, parking lot development, initial marketing campaign, etc. Provide a detailed breakdown that ties directly to established growth milestones and operating plans.

Financial Projections – Include pro forma statements projecting revenue, expenses, ROI, and cash flows over a 5+ year period. Convey potential for steady, growing profitability that gives investors confidence in realizing returns.

The Appendix serves as a supplementary repository for additional documents and data that support the main content of your plan. This isn’t a core part of the narrative but can provide more background information and details that potential investors may find useful.

Examples could be:

• Detailed maps and layouts
• Building permits
• Local business licenses
• Legal documents
• Full reports of market research conducted
• Samples of marketing materials/ advertising mockups

Truck Parking Lot Business Plan Example

Now that we’ve covered the key components that go into a strong truck parking lot business plan let’s put it into practice with an example plan for a hypothetical new parking venture. This one is produced off the cuff. The company background, market statistics, financial forecasts, and other metrics are fabricated. But it will give you a broad idea of what one should look like.

Of course, you’ll want to make yours as polished and comprehensive as possible. And there are great templates out there – both free and paid – to reference that provide detailed frameworks, sample text, forms, and guidance to produce an investor-grade document.

Executive Summary Example

Rest N’ Go Trucker’s Retreat® plans to capitalize on the severe shortage of parking for long-haul truckers by transforming 10 acres off I-75 just outside Cincinnati, OHIO , into a gated, monitored 70-space truck parking spot.

The location provides convenient access to major shipping routes and industrial hubs. Over 15,000 semis drive along the target stretch of I-75 near Cincinnati daily with few accommodation alternatives for required rest periods.

This convenient truck parking lot will fill a major infrastructure void in the southwest region.

Company Description Example

Rest N’ Go Trucker’s Retreat® will be organized as a Limited Liability Company and co-owned by Jane Thomas and Mark Wilson, who boast over 20 years of collective experience across transportation operations and logistics planning.

Located 12 miles southwest of Cincinnati off I-75, the gated parking facility will encompass 70 spaces for standard rigs with room for future expansion.

Our mission is to be the best-in-class truck parking lot in Ohio, offering a facility that combines state-of-the-art security with exceptional amenities.

Market Analysis Example

Our market analysis underscores a pressing shortfall in truck parking availability, a challenge particularly acute along heavily trafficked routes such as Interstate 75. This shortage is occurring in the context of a burgeoning freight transportation sector, which is set to intensify the demand for additional parking solutions. 

The trucking industry’s growth only serves to heighten this urgency. Rest N’ Go Trucker’s Retreat® is strategically positioned to address this need by providing essential parking services in a market that is not only in need but also expanding.

The gravity of the truck parking space shortage in the USA is significant, and various studies highlight the extent of this problem. One notable statistic from the Federal Highway Administration (FHWA) indicates a nationwide deficit exceeding 40,000 truck parking spaces.

Management and Organization Example

The organizational structure will consist of Jane Thomas as the CEO, overseeing day-to-day operations, business development, and strategy for the parking facility. Mark Wilson will serve as COO, managing key logistics like security, maintenance, and transportation partnerships.

Additional staff in the first year includes parking security attendants on rotating shifts to cover the 24/7 facility and an assistant manager supporting administrative tasks. We will outsource cleaning and repairs to specialized local vendors. As capacity expands beyond 70 spaces in future years, further operations personnel will be brought on board to match growth.

Operational Plan Example

Daily operations will involve managing parking reservations, overseeing the security of the premises, and maintaining the facilities. Parking attendees will check in arrivals and monitor the gated, camera-equipped parking area.

Facility maintenance, like cleaning and grounds management, will be outsourced to specialized local vendors and supervised by the COO. Preventative protocols will be in place for lighting, amenities, and restrooms to guarantee continuous upkeep.

Products and Services Example

In addition to parking, Rest N’ Go Trucker’s Retreat® will offer amenities like 24/7 security surveillance, clean restrooms, hot showers, and vending machines. We will also integrate with a digital booking platform like Truck Parking Club so drivers can reserve spots in advance, reducing uncertainty and wait times.

Marketing and Sales Strategy Example

Rest N’ Go Trucker’s Retreat® will employ a multifaceted marketing approach to attract truck drivers and trucking companies. Our digital marketing efforts will be geared towards increasing our online visibility, particularly in the Cincinnati area, using local SEO strategies to rank higher in search results related to truck parking. Additionally, we plan to advertise in trucking magazines and on billboards along major highways leading to Cincinnati, ensuring high visibility among our target market.

While the amenities will speak for themselves, we will maintain consistent social media engagement, focusing attention on truck driver testimonials and facility images to attract newcomers.

Funding Request and Financial Projections Example

Rest N’ Go Trucker’s Retreat® is seeking $1.5 million in funding to establish and grow the truck parking business. The breakdown of the funding request is as follows:

• Land acquisition and development: $800,000
• Construction and facility setup: $400,000
• Marketing and operational reserves: $300,000.

Sales Forecast

Based on average regional occupancy rates at existing parking facilities and the high volume of underserved traffic along 1-75, Rest N’ Go Trucker’s Retreat® projects the following annual sales:

• Year 1 – $850,000
• Year 2 – $1.1 million
• Year 3 – $1.5 million

These forecasts assume progressively ramping occupancy beginning at 75% in Year 1 and exceeding 90% by Year 3. Multiple revenue streams from parking fees, as well as ancillary purchases, factor into aggregate sales expectations. The projections are based on a careful analysis of market trends and the strategic location of our facility.

Appendix Example

The Appendix for the Rest N’ Go Trucker’s Retreat® business plan contains supplementary documents supporting the details and claims made in the main sections of the plan.

• Surveyed drawings of the 10-acre lot showing exact site boundaries
• Proposed parking layout diagram highlighting spaces, traffic flow, and amenities
• Local business license certificate
• Building permits for planned structures
• Water connection approval
• Articles of Organization establishing Rest N’ Go Trucker’s Retreat® LLC
• Resumes and bios of owners
• Regional trucking traffic growth statistics 2020-2023

Wrapping Up

We hope this beginner’s guide to drafting a business plan has helped map your path to opening and operating a truck parking lot.

Ready to turn prospects into reality? Truck Parking Club provides the technology infrastructure to connect truckers to vacant spaces, making it simple to manage bookings and maintain steady occupancy rates. Reach out to us today with any questions. We’re looking forward to partnering with you!

The information published herein is for general informational purposes only. Truck Parking Club does not make any representations or warranties about the completeness, reliability, legality, and accuracy of this information. Any reliance placed on such material is strictly at the user’s own risk. Truck Parking Club shall not be responsible for any losses or damages incurred in connection with the information published herein.

Truck Parking Lot Layout & Dimensions: How to Design a Truck Parking Lot

Truck Parking Trends: Predicting the Future of the Trucking Industry

Traders have invested $55 million using an app that helps them copy congressional stock portfolios

• Despite wide public support against the practice, members of Congress invest in the stock market.
• People have invested at least $55 million in two years mimicking members of Congress' portfolios.
• Pelosi's reported trades increased 45% in value in 2023. Crenshaw's increased in value by 41%.

An app allowing its users to trade like members of Congress and leading investors just broke $100 million in total investments. Despite its success, the app's cofounders adamantly say they hope it leads Congress to ban themselves from trading.

Released in January 2023, Autopilot pulls trading data filed by members of Congress and allows users to copy their trades. Since the passage of the Stop Trading on Congressional Knowledge (STOCK) Act in 2012, members of Congress are required to report each of their and their immediate family's investments within 45 days or face financial penalties.

The app also allows its users to mimic investments made by prominent hedge fund managers like Michael Burry, the subject of the 2015 movie "The Big Short," via their federally required 13F filings.

Chris Josephs, a cofounder of the platform who runs the popular " Nancy Pelosi Stock Tracker " on X, told Business Insider the app breezed past the $100 million trading milestone on Monday, with more than $55 million copied from trades that copied congressionally filed ones.

The app doesn't allow its users to mimic every member of Congress. Instead, it provides four legislators to copy — Rep. Nancy Pelosi, Rep. Dan Crenshaw, Rep. Debbie Wasserman Schultz, and Rep. Dan Goldman, plus an amalgam of stocks from "the top 10 politician traders based on their 2022 performance."

Josephs said the portfolios of Crenshaw and Pelosi, which the congresswoman has said are made by her husband, Paul Pelosi , are the two most popular to mirror.

Statistics within the app show that Pelosi's reported trades increased 45% in value in 2023. Crenshaw's increased in value by 41%.

Related stories

Asked for comment on the matter, Corry Schiermeyer, spokesperson for Crenshaw's office, told Business Insider their boss is "not a millionaire and barely has anything invested in the market."

Representatives from Pelosi's office declined Business Insider's request for comment.

The fight against congressional stock trading

At the end of 2021, Pelosi — then-speaker of the House — said that she was against banning members of Congress and their families from trading stocks, leading to massive public outcry and her to flip her position on the matter.

Several members of Congress — both Republicans and Democrats — tried to ban the practice in 2022 to no avail . Next congressional session, in 2023, a group of Democratic senators introduced a similar bill , though it remains stuck in committee.

"That's why we're doing this," Josephs, the Autopilot spokesperson, said. "Honestly, it's partly to continue holding their feet to the fire. We're not going away."

Donald Sherman, deputy director for the Citizens for Responsibility and Ethics in Washington, said he thinks the app is a "clever idea." He's not surprised to hear that many legislators have trading portfolios that are more successful than the average investor's.

"If I take the most generous perspective, their entire job lends itself to the kind of careful study of market trends, economic factors, and experience with what moves the market that I think most traders need and would envy," he said.

As Autopilot's Josephs has put it : If you can't beat 'em, join 'em.

Watch: What happens when Elon Musk moves markets with a tweet

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New York Takes Crucial Step Toward Making Congestion Pricing a Reality

The board of the Metropolitan Transportation Authority voted to approve a new $15 toll to drive into Manhattan. The plan still faces challenges from six lawsuits before it can begin in June.

By Winnie Hu and Ana Ley

New York City completed a crucial final step on Wednesday in a decades-long effort to become the first American city to roll out a comprehensive congestion pricing program, one that aims to push motorists out of their cars and onto mass transit by charging new tolls to drive into Midtown and Lower Manhattan.

The program could start as early as mid-June after the board of the Metropolitan Transportation Authority, the state agency that will install and manage the program, voted 11-to-1 to approve the final tolling rates, which will charge most passenger cars $15 a day to enter at 60th Street and below in Manhattan. The program is expected to reduce traffic and raise $1 billion annually for public transit improvements.

It was a historic moment for New York’s leaders and transportation advocates after decades of failed attempts to advance congestion pricing even as other gridlocked cities around the world, including London, Stockholm and Singapore, proved that similar programs could reduce traffic and pollution.

While other American cities have introduced related concepts by establishing toll roads or closing streets to traffic, the plan in New York is unmatched in ambition and scale.

Congestion pricing is expected to reduce the number of vehicles that enter Lower Manhattan by about 17 percent, according to a November study by an advisory committee reporting to the M.T.A. The report also said that the total number of miles driven in 28 counties across the region would be reduced.

“This was the right thing to do,” Janno Lieber, the authority’s chairman and chief executive, said after the vote. “New York has more traffic than any place in the United States, and now we’re doing something about it.”

Congestion pricing has long been a hard sell in New York, where many people commute by car from the boroughs outside of Manhattan and the suburbs, in part because some of them do not have access to public transit.

New York State legislators finally approved congestion pricing in 2019 after Gov. Andrew M. Cuomo helped push it through. A series of recent breakdowns in the city’s subway system had underscored the need for billions of dollars to update its aging infrastructure.

It has taken another five years to reach the starting line. Before the tolling program can begin, it must be reviewed by the Federal Highway Administration, which is expected to approve it.

Congestion pricing also faces legal challenges from six lawsuits that have been brought by elected officials and residents from across the New York region. Opponents have increasingly mobilized against the program in recent months, citing the cost of the tolls and the potential environmental effects from shifting traffic and pollution to other areas as drivers avoid the tolls.

A court hearing is scheduled for April 3 and 4 on a lawsuit brought by the State of New Jersey, which is seen as the most serious legal challenge. The mayor of Fort Lee, N.J., Mark J. Sokolich, has filed a related lawsuit.

Four more lawsuits have been brought in New York: by Ed Day, the Rockland County executive; by Vito Fossella, the Staten Island borough president, and the United Federation of Teachers; and by two separate groups of city residents.

Amid the litigation, M.T.A. officials have suspended some capital construction projects that were to be paid for by the program, and they said at a committee meeting on Monday that crucial work to modernize subway signals on the A and C lines had been delayed.

Nearly all the toll readers have been installed, and will automatically charge drivers for entering the designated congestion zone at 60th Street or below. There is no toll for leaving the zone or driving around in it. Through traffic on Franklin D. Roosevelt Drive and the West Side Highway will not be tolled.

Under the final tolling structure, which was based on recommendations by the advisory panel, most passenger vehicles will be charged $15 a day from 5 a.m. to 9 p.m. on weekdays, and from 9 a.m. to 9 p.m. on weekends. The toll will be $24 for small trucks and charter buses, and will rise to $36 for large trucks and tour buses. It will be $7.50 for motorcycles.

Those tolls will be discounted by 75 percent at night, dropping the cost for a passenger vehicle to $3.75.

Fares will go up by $1.25 for taxis and black car services, and by $2.50 for Uber and Lyft. Passengers will be responsible for paying the new fees, and they will be added to every ride that begins, ends or occurs within the congestion zone. There will be no nighttime discounts. (The new fees come on top of an existing congestion surcharge that was imposed on for-hire vehicles in 2019.)

The tolls will mostly be collected using the E-ZPass system. Electronic detection points have been placed at entrances and exits to the tolling zone. Drivers who do not use an E-ZPass will pay significantly higher fees — for instance, $22.50 instead of $15 during peak hours for passenger vehicles.

Emergency vehicles like fire trucks, ambulances and police cars, as well as vehicles carrying people with disabilities, were exempted from the new tolls under the state’s congestion pricing legislation .

As for discounts, low-income drivers who make less than $50,000 annually can apply to receive half off the daytime toll after their first 10 trips in a calendar month. In addition, low-income residents of the congestion zone who make less than $60,000 a year can apply for a state tax credit.

All drivers entering the zone directly from four tolled tunnels — the Lincoln, Holland, Hugh L. Carey and Queens-Midtown — will receive a “crossing credit” that will be applied against the daytime toll. The credit will be $5 round-trip for passenger vehicles, $12 for small trucks and intercity and charter buses, $20 for large trucks and tour buses, and $2.50 for motorcycles. No credits will be offered at night.

Grace Ashford contributed reporting.

Winnie Hu is a Times reporter covering the people and neighborhoods of New York City. More about Winnie Hu

Ana Ley is a Times reporter covering New York City’s mass transit system and the millions of passengers who use it. More about Ana Ley