For many small businesses, having a parking space is already considered a luxury, especially when most business owners want to maximize potential customers and clients’ convenience.
For many businesses, maximizing each aspect of the business for the best yield in results can be tricky. A part of maximizing your business for better results is balancing out and budgeting for critical factors. One crucial factor is the amount of space your actual business will take up and the land surrounding your business that you can develop.
Of course, prioritizing the actual business means that more space should be diverted to business establishments rather than having to be diverted for secondary functions. Still, most findings would point out that businesses that do have parking lots will do better than those that do not.
If maximizing commercial spaces for stores, equipment, and other essential facilities is a priority for most businesses, why do most commercial buildings emphasize parking lots? We will be taking an in-depth look at why parking spaces are lifesavers for most businesses.
Is It Worth It?
The short answer to this question is yes: having your own parking lot for your business is worth it. Although you might have to spend thousands on constructing a parking lot, it is going to pay off in the long-run, especially when it will make things more convenient.
As to what we have discussed in the previous section, having a parking lot can increase sales margins of retail stores and commercial establishments since it can have the following advantages:
- Heightened trust from customers — Customers will see if an establishment emphasizes its “infrastructure,” they will appreciate that the business has been investing in convenience.
- Higher preference — One of the main advantages of having a parking space is that potential customers will prefer the business that has a parking space.
- More engagements — Having more facilities geared towards convenience can lead to more traffic from customers and even potential investors. A parking lot is an excellent way of gaining traction and ensuring that people will have a safe place to leave their vehicles.
- Overall higher sales — About the previous point, having more foot traffic and engagement means that you will have a better conversion rate. More individuals tend to buy more from businesses that are keen on providing the best convenience.
- Better brand loyalty — When potential clients and customers are visiting your establishment often, you are essentially gaining more loyalty and building a more substantial “identity” for your business.
As most businesses know, having a positive image while promising better security, responsiveness, and convenience to customers can help build loyalty among customers and when they over.
Suppose you are having a problem with customers that are overstaying or taking advantage of parking spaces. In that case, you might want to invest in a license plate app, which can help you determine which vehicles have been making parking violations. Your parking lot should be for customers who are availing for your products and services, and having this software can help you determine who are actual customers from those that are just using your parking space.
Commercial and most corporate rental businesses will usually benefit from having accessible parking lots since there are continuous activities in these locations. Many employees will rely on these spots for security and parking. Still, the area is known for being one of the most important factors when renting workspaces. When corporations and companies are looking for potential workspaces, the lack of a parking lot that can accommodate employees can be a deal-breaker.
In urban areas, this is especially true since most parking spaces are quite limited. As time goes by, most US parking fees have taken a good chunk of a daily driver’s budget. Thus, most commercial space leasers and even owners of apartments are drawn towards buildings that have parking lots.
What is the bottom line? A business with its accessible parking lot will have the edge over other establishments that do not have its own space for vehicles. Of course, it is important to remember which is private property and what is public property when you are constructing your business’s parking lot. Doing so can give you an idea of how should they be used properly.
Most people might find whether your building or establishment should have a parking lot as something trivial, but it is not an exaggeration. Having a parking lot will play a major factor for a lot of businesses. It can also influence long-term tenants, both in the commercial and corporate sector.