How Parking Space Can Affect Your Business3 min readReading Time: 3 minutes
Successful businesses require blood, sweat, and backbreaking hard work. You need strong business acumen, quick-thinking employees, and quality services or products. But this may not prove to be enough.
And the reason for it may be simple – your parking facilities.
No customer wants to waste time driving around for parking when they are out to shop or eat. If they can’t quickly find a spot near your store, you may well lose business. In fact, they may choose your competitors over you, even if you offer better products, just because of a lack of adequate parking. There are actually several reasons why inadequate parking can affect your revenue.
Reaching Full Potential
Without a proper parking space, it is not possible for any business to reach its maximum potential. For example, you run a restaurant business and you provide seating for 20 people at a single time. One guest takes approximately 45 minutes to finish eating. So your business has a maximum potential of 20 customers every 45 minutes.
But if the parking space at your restaurant can park only 4 cars at a time, your customers are limited to only 4 every 45 minutes. Even if you assume 2 people per car, you only get a total of 8 customers, your business potential remaining dismally untapped. It is important to have enough parking to suit your business’s needs and avoid losing customers.
Permits and CO
If you happen to own the real estate where you run your business, you are required to obtain permits and a Certificate of Occupancy (CO) which is issued by the local municipal authority. Parking is one major factor authorities look at before the issuance of a Certificate of Occupancy. This is because the authorities want to make sure that the opening of the business will not cause congestion in the nearby area.
Thus, having proper parking space and capable management is essential for the smooth issuance of this certificate.
Reliability and Security
Even if there is a provision to park on the street in front of your store, many of your customers may not be comfortable with the idea of parking there. Parking on the street may not be so secure after all. Customers are usually comfortable with the idea of parking in a business’s own parking premises. This gives them a sense of security and they can shop and eat in peace knowing that their vehicle is safe.
So having your own parking premises not only increases the number of customers but also increases the time a customer spends at your establishment.
Determination of Parking Needs
You can ascertain your business’s parking requirements by the following steps-
- Calculate an estimate of the maximum potential of your business
- Determine the peak traffic hours of your area
- Analyze the parking spaces of the competitors and adjoining areas
- Determine if you are short on parking with the help of the previous three steps
Not having enough parking space for your customers can prove to be a fatal business move. But you can turn this into a competitive edge instead of making it a reason for losses. Offering enough parking space with good management and valet service can help your business stand out from competitors. Invest in good parking services today for the long-term success of your business.