Interested in small valet business ideas? If YES, here is how to open a valet parking service company with no money and no experience. How much does it cost to start up?
How to Start a Valet Company
If you have decided to start a valet company, you need to know that it is more than just running a park and pay spot. The business involves partnering with airports, stadiums, top restaurants, churches and other public or private facilities.
After striking a deal with the manager, the valet company teams up with the facility’s security and starts assigning tools and valets to the facility. When a car arrives, a valet meets the owner, takes over the steering and parks after recording the time of entry. When the guest is leaving, a valet brings the car, receives payment and gives receipt.
The profit from this business is very high. With a crew of only three persons, you are sure to make about $60 per hour and this is not including the usual tips customers drop from time to time.
The garage and parking lots industry is one that has a tough competition, but do not be discouraged. If you want to stand out and become a leader in the field, you just have to be determined and make sure you follow to the letter, the process I am going to give you here.
Steps to Starting a Valet Company
These are the steps you must take to start and run your valet business successfully, be sure to follow them one at a time and you’ll be on your way to launching a valet company good enough to compete with the best in the industry.
Do your Research
It is necessary to carry out extensive research before you start your business. You need to study your environment or the place you wish to launch your company and find out how well the valet business is doing there.
Also check if the area is a busy one that lacks parking space and ask around if the city frequently hosts events/parties, if the answers you get are in the affirmative, it means that city is a fertile ground for your valet business as so many people will frequently drive there for those events and would need a safe place to park their vehicles.
Don’t forget to find out the number of valet companies already existing in your choice city of doing business, you have to be sure that there is room for your own.
Organize your Finances
You need to have an ample amount of money before starting any business and the parking lots/garage industry is not different. Starting a Valet company usually does not require a huge amount of startup fund, but you should plan your finances with the aim of being better than the other valets in the industry. Set aside money for branding, securing a license, advertising, running cost, and the rest.
Pick your Business Structure
This is very important, it will greatly influence the naming of your business, how you file for taxes and your liabilities. Your company structure could be a corporation, a limited liability company, or a partnership. I always advise business owners to get the help of an attorney when making this decision. It is possible to make a choice of business structure and change it later if there is need for that.
Write your Business Plan
This plan will give your business direction and shows the reality of your company’s idea from startup to establishment and growth. If you intend to ask your bank for loan to set up your company, they will demand to see your valet business plan because it shows your seriousness, and only after studying it would they grant or deny your request.
Choose a Name for your Company and Register It
This is the face of your business and you are about to launch one of the best valet companies in the industry so make sure you pick a befitting name. Take your time and explore your options before picking one, then check if it currently in use. When you finally get a name for your business, get it registered.
You cannot operate without the proper documentation, it is illegal. Here are some of the basic documents you will need to legally run your valet service company in the USA;
- Your business license
- Trademark license
- Fire certificate
- Taxpayer’s identity
- Memorandum of understanding
- Insurance policy
- Company bylaws
Get your Crew Ready
You are the chief executive officer, get your team of valets/drivers, sales and marketing officers, customer service executives and accountant.
Get classy uniforms for your valets and teach them to always wear a smile.
Advertise and Launch your Business
Get an expert to help you create a mobile application for your business, one that also has the feature of online payment. Let this application have a heavy presence on your official website and promote it on social media platforms.
With this guide, your business will surely flourish, also have it in mind that success does not happen overnight.