Expanding Revenue from Your Parking Lot

Businesses are always looking for ways to increase profits. This is done either by reducing costs, or accomplished by increasing revenue. While many steps have been done to reduce costs, there are some new ideas on ways to increase the revenue you get from your parking lot. With parking lots, you get increases in revenue either through increasing prices, or by increasing the number of vehicles that utilize your lot.

Increasing Prices

It is important, from a business stand point, that your prices are reflective of the market rates. If it costs a great deal more to park at your lot, people are going to go to other lots in the area. It is possible to still get a great deal of business even when you cost a bit more, but you need to ensure that your customers get value for that price increase. Be careful, as these extras cost money, and have had a negative impact on the bottom line for other parking lots.

Increasing Vehicles Served

There are a several ways that changes to your business drives more vehicles into your lot. The simplest method is to increase your hours. This lets more people access your lot, and it does not have to come at increased costs. Interactive kiosk design accommodates ideas like 24/7 available paid parking. These devices are relatively inexpensive, can run your security system, and accept many different payment methods.

Another method to increase the number of customers that use your lot is to evaluate your layout. It is possible that the original design of the parking lot came with some inefficiencies. Measuring and mapping your lot is the first step in evaluating your setup. Changes in spacing allows more people to use your lot at the same time. This is most effective for lots that are continually at maximum capacity, and makes the best use of the asset that is your parking property.

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