VALET PARKING BUSINESS PLAN SAMPLE TEMPLATE
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.
- Legal Documentation
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.
Here is a sample business plan for starting a valet service.
VALET COMPANY BUSINESS PLAN OUTLINE
Starting a valet service is requires networking with businesses that witness huge customer patronage. This business eliminates the stress of clients having to look for a suitable parking space.
If you have what it takes to start a valet company, you will certainly find this valet company business plan sample very useful. The main purpose for this is to help struggling entrepreneurs and new entrants gain a better perspective of what a good plan should include.
Diligence is required when writing your plan. This is because a hurriedly written plan is a recipe for disaster. To get some background knowledge about your business, you will need to undertake a feasibility study. This enables you include the right information that will be vital for your business.
After the plan has been written, full implementation is necessary for real impact to be felt.
- Executive Summary
Bloomfield Valet Parking Service is a valet business to be headquartered in Jacksonville, Florida. We are a fully licensed and insured valet parking service that will partner with several clients in providing professional services.
Our services will be marketed to these clients who may be hosting a variety of events from parties, conventions, events, and weddings.
Others include trade show organizers, charity groups, and sporting venues like stadiums, musical festival and awards among many others. Our drivers are all licensed and possess a friendly disposition towards clients. These drivers are professionals and wear our beautiful uniforms which clearly have our business name; “Bloomfield Valet Parking Service” boldly written on them.
- Our Services
Our services are essentially self explanatory. Instead of customers having to find a parking service on their own, we save them the stress by helping them park their vehicle safely. Whenever they are through with their business, their vehicles are made available to them in no time. We serve with professionalism with the total satisfaction of clients as our major priority.
- Vision Statement
At Bloomfield Valet Parking Service, we are resolute in the provision of world class valet services. We do not only pride ourselves in the provision of quality service, but in the joy and dedication that goes with the job. Our vision is to enhance our business the best way we can and to also be among the top 5 best valet parking services in the state of Florida.
- Mission Statement
Our mission is to bring innovation to how valet services are provided. We believe in excellence and will not spare anything in making our clients happy. Our valets are well motivated to ensure that every client that uses our services never regrets. Although we are a new valet company, we have no excuses but will take advantage of every growth opportunity that comes our way.
Financing for our valet service has been raised through generated savings from the co-founders James Martins and Errol Peterson. The duo has jointly raised the sum of $500,000.00 through savings in equal share of $250,000.00 each. This will be used in applying for insurance, marketing, training of our drivers and obtaining licenses for each.
Uniforms will also be sewn for each of our valet.
20% of the realized amount will go into operational or running costs. This will be for a period of 4 months.
- SWOT Analysis
Our business is service oriented. To understand or gain a better perspective into how prepared we are, we sought to find out for ourselves by conducting a SWOT Analysis. As expected, the findings have been revealing and far reaching steps have been taken to enable us run an efficient business system. The findings show the following;
We have a passion for excellence. Unlike most vale company businesses, we are not satisfied with making the numbers. We are highly driven to make a mark in the industry. This will involve the creation of highly innovative services that will enhance our service delivery. In other words, we are open to any idea or strategy that will make us unique.
As a new entrant in into the valet parking services sector, we have tried our utmost best to understand the business.
However, there are learning curves to be expected. These are areas of weakness we believe we will eventually overcome. Our strong positive outlook will enable us handle unexpected negative circumstances that may arise.
Opportunities for new businesses like ours abound. We have identified these opportunities to include openness to working with highly professional valet service providers. Many businesses are willing to work with valet services that are dedicated to adopting a tradition of excellence. Also, there is an increasing need for valet services among businesses too.
Threats will arise when bigger valet companies adopt sharp practices. Some valet parking services tend to lure valets from promising valet services by offering them a pay rise. We consider this a likely threat. Also, in the event of an economic recession, our business like most will be under threat.
- Sales Projection
There is a rising demand for valet parking services. This is the best time to start our business. In view of this and other factors, we have sought to find out our sales projection over a three year period. The results have turned out positive and show the following;
- First Financial Year $250,000.00
- Second Financial Year $900,000.00
- Third Financial Year $1,700,000.00
- Competitive Advantage
There are several valet parking services in Florida. However what sets us apart from most of these is our drive for client satisfaction. In a drive to achieve this goal we have provided adequate training to our valets. These are trained to treat and handle clients professionally and politely. We also go the extra step genuinely asking how we can serve them better.
- Marketing Strategies
Marketing our business is paramount to us achieving our growth objectives. We have a marketing department that comprises of seasoned professionals. These will pay visits to our target businesses and through such visits find out ways we can partner. Before going on such marketing visits, we will find out what our competitors offer. This is to enable us offer a better deal to these partnering businesses or clients.
- Target Market
Wherever there is an influx of people, valet parking services are needed. Therefore we will work with restaurants, stores, trade show organizers, sports centers, wedding planners, charity groups, malls and several other organizations. Those with high volume of client turnover will be specifically targeted.
If you have read to this point, you are sure to have gotten a lot of ideas. These should be expanded upon by the findings from your feasibility study. As mentioned earlier, you shouldn’t rush this process. After successfully writing your plan, a full implementation is necessary. Nothing should be done out of this plan as doing so will increase your chances of failure.