Important Aspects of Parking Lot Ownership

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Last Updated, Aug 15, 2023, 12:00 PM

Owning a parking lot is more than just purchasing a lot. Here are the important aspects of parking lot ownership.

Planning Your Parking Lot Business

Establishing a business plan is the first step when beginning your parking lot business. Consider your business’s name, target audience, startup and ongoing costs, customer charges, and more. From there, business owners can move forward with the necessary taxes, permits, and licenses.

Registering Your Business for Taxes

Parking lot owners must register their businesses for federal and state taxes before opening to the public. Applying for an EIN is a free and helpful way to submit tax forms and applications. Furthermore, businesses must submit specific state taxes to follow state sales and franchise tax laws.

Obtaining Permits and Licenses

Failing to obtain parking lot licenses and permits can result in high fines or a business being closed. Getting your state and local business licenses, such as a Certificate of Occupancy, confirms that all building zoning laws, codes, and government regulations are met. Leasing or building a location requires reviewing all building zoning and code requirements.

Practicing Parking Lot Maintenance

Practicing parking lot maintenance is essential for bringing in more customers, keeping employees happy, and keeping businesses afloat. It’s critical for maintaining safety and improving curb appeal.

Increasing Safety

One important aspect of parking lot ownership is understanding safety. Parking lot maintenance goes beyond appearance, as it can greatly improve overall parking safety for customers, pedestrians, and employees.

Cracks and potholes can develop over time without proper maintenance, accumulating debris and gravel. Furthermore, pooling water and area puddles can create parking lot hazards, making it difficult for drivers to get through the lot. Having clear lines and crosswalks allows customers to safely navigate your parking lot and reduces accident risks.

Improving Curb Appeal

Parking lot owners should understand the value of curb appeal. Careful signage design and commercial landscaping can help capture the spirit and mood of their business. They should also know the importance of regular street sweeping. Keeping the lot clean allows customers to enjoy their meals at their favorite restaurant or comfortably peruse your retail business.

Utilizing Parking Management Software

Parking management software can help businesses that offer parking solutions for customers. Using the right technological solutions allows business owners to enable the software to run itself without interference, allowing them to focus on core business necessities.

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