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The Impact Of Parking Spaces On Businesses

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People drive to retail stores or shopping complexes when they have something planned or want to do monthly grocery shopping.

But most often, the excitement of spending time with family members and buying monthly groceries gets abandoned by one task – finding a good parking spot near the retail outlet.

With a lack of proper parking management, even employees might waste a significant amount of time searching for the right parking spot.

A parking space is necessary because if customers cannot park their cars, you will likely lose business as the customer might shift to an eatery or store with available space.

They might choose your competitor over you, even if you offer better products and services.

Also, prowling on the road and spending time searching for an appropriate parking lot gives the impression that you care less about your customer’s needs as a business.

If you’re running a business and want to provide a holistic customer experience, understanding the impact of parking can help you make excellent business decisions.

The Impact of Parking Spaces on Businesses

Here are a few ways in which parking spaces can impact your business:

1. Ensure positive branding

Image is essential for a business, and how your customers perceive your brand can significantly affect revenue and profit. When you’re a relatively new business, hitting the right chord can help you build a brand reputation.

Addressing parking issues can help you connect with your customers and drive up your establishment.

To solve parking issues, you can focus on using a commercial parking space for rent. After analyzing your parking needs and how far your customers and employees are willing to travel, you can choose a space that suits your business requirement.

Determine whether you require parking technology or CCTV installed in that area. You can rent a space that uses parking technology. It can help you appropriately use your parking space.

Interestingly, it’s not only your customers who gain confidence in your business, but it also uplifts the morale of your employees.

Your business probably gains positive feedback and earns a respectable image when your customers and employees feel satisfied.

2. Enhance your relationship with customers

People spend 17 hours a year driving around looking for a parking space. With these statistics on the table, renting a commercial space is imperative. This ensures your customers don’t drift away to your competitors.

A safe parking space promises safety to customers’ vehicles, and they can shop conveniently without worrying about their car or vehicle. Usually, a parking space in close proximity ensures customers don’t carry too many bags of groceries or large furniture from the store to their car.

Also, customers who come to restaurants find it easy when they can park their car just a few steps away.

Parking can help enhance your customer experience because, according to a survey, parking is the highest cost of driving, and drivers in the U.S. faced a driving cost of $10,288 in 2017.

Rather than driving aimlessly to search for a parking space, customers prefer relationships with establishments that offer a suitable parking area.

3. Lessen traffic congestion

When a business provides smart parking spaces, it can ease congestion in the city.

When you offer a well-planned space, it can easily house your customers and employees’ vehicles.

This means that the lesser the number of cars on the road searching for a parking space, the lesser the traffic congestion on roads.

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An accessible parking space can help people reach the parking space facing no qualms or disrupting the traffic.

Apart from providing business benefits, renting, leasing, or sharing a parking space can help you reach your target audience and contribute positively to your society.

4. Increase your revenue

In many countries, a business requires a certificate of occupancy or CO to open a new business, especially a restaurant or food chain.

The inspectors who visit your site often prefer businesses offering smart parking spaces because they understand that it’s essential to monitor the traffic and car parking to avoid congestion and accidents.

Whether you operate a restaurant, a clothing shop, or a retail store, if customers have to get out of their car to complete a transaction, it’s imperative to provide smart parking space.

Otherwise, your customers will probably switch to brands with a parking facility.

The opening of your business might decrease if you ignore the importance of a suitable parking space.

5. Decrease operational costs and increase efficiency

Parking lot management is a high cost to any business, making it the primary reason most businesses ignore providing parking spaces.

That’s why most businesses are turning toward using smart parking management solutions that significantly cut down their operating cost.

An intelligent parking solution uses Bluetooth technology and infrared sensors to monitor the parking area, help customers or employees find open spaces, and guide drivers to that space.

This reduces the parking space’s wear and tear and saves energy-related costs. Intelligent parking management is a must-have because these systems require no personnel, reducing the additional staffing and overhead cost.

6. Reduce carbon dioxide emission

Besides making life easier for customers and employees, hiring a parking space on rent can significantly reduce your carbon footprints. This allows you to contribute positively to your environment.

Smart parking solutions reduce the overall consumption of energy because drivers no longer have to roam in search of a free parking space. It helps in decimating your carbon dioxide emission.

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Companies with a smart parking solution can brand themselves as businesses that like to give back to society.

How can businesses search for parking space on rent or lease?

If you want to flourish your business, but the parking menace stops you from providing a good customer experience, you can rent or lease parking space. Follow these steps to find a parking space on rent or lease:

1. Determine the type of parking lot

Before renting a space, determine the type of parking lot you want to rent. You can rent a parking garage or a traditional parking lot. While a parking garage offers more space and provides higher profit margins, it can be a costly investment.

Typically, parking garages require more management. Traditional parking lots are much easier to maintain and operate.

2. Identify your business requirement

When choosing a space for parking, there are certain important questions that you might need to address. For instance,

  • How many cars do you want to accommodate?
  • How far would your customers and employees have to walk from the parking space?
  • Whether you need a parking management system can help shape your decision.

3. Search for a parking management solution

According to research, an employee’s or customer’s car parking is usually only 60-75% full. This means that a lot of space goes unused because of improper management. After identifying the size, look for a parking management solution.

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Smart parking solutions like Wayleadr can help in monitoring and forecasting parking occupancy. Their intuitive technology can show what spaces are due and guide the driver to those empty spaces.

4. Negotiate the price

While renting a parking space might seem a viable option, it can be a costly investment.

Your customers might not like you shifting the parking location now and then. So, search for the prices to know if you have a fair deal. Also, ensure to negotiate a long-term contract with the parking space provided.

Often, a real estate agent might rent an empty residential or commercial spot for parking until they receive government approval. Once they receive their approval, they might ask you to vacate, making it challenging for you to search for another space in a short time.

Focus on negotiating a long-term contract for the betterment of your employees, customers, and branding.

Key takeaways

Without a doubt, car parking has become an integral aspect of our lives. When businesses offer accessible and convenient parking spaces, it gets reflected in their bottom line.

Instead of running miles to search for a safe parking area, customers can focus on your products and services, whereas your employees can focus on being productive.

Apart from providing accessible parking space, ensure you use a parking management system.

Technology has come a long way in making life less messy. With the number of cars growing each day, a smart parking management system and a suitable parking space can be the answer to all your parking-related misery.

Not having enough parking space can be fatal to your business, but you can easily turn this into a competitive edge.

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