4 Ways Parking Garage Owners Can Increase Profit

Does your business’s parking garage seem to have stagnated in its growth and profitability? Whether you’re having trouble attracting new drivers or need a better system for tracking rates and payments, there could be many reasons for the lack of growth. Fortunately, there are some efficient ways you can increase profitability and patronage. Discover four ways you can increase your parking garage’s profits as a business owner.

Upgrade Lighting Solutions

Swapping from your standard incandescent lighting to energy-efficient LED lighting is a smart way for any business to save money. Traditional parking garages must feature ample lighting solutions for customers to find their vehicles any time of day. By replacing old bulbs with brand new LED solutions, you can reduce your garage’s energy bills that would otherwise negate some of your profits. Plus, LED lighting is a smart step towards making your business more sustainable.

Utilize Electronic Parking Technology

Many parking garages are starting to embrace innovative technology, such as using apps, electric car charging, and garage car lift storage. Apps are especially useful for both customers and garage owners because they automatically keep track of parking times, rates, and all the information a customer needs. They can even help customers find open spaces when they first pull into your garage. Plus, customers can quickly and easily pay from their smartphone when they leave. Parking apps are a huge draw to encourage more traffic to your garage.

Partner With Other Businesses

If your garage experiences low patronage on certain days, consider partnering with a local business to increase traffic. For example, by partnering with a local business, venue, or restaurant, you can extend your services to new audiences. This can help boost your traffic and revenue.

Another way parking garage owners can partner with other businesses is by offering advertising space in their garage. Think of all the customers who pass through your average multi-level parking garage each day, especially in the lobbies and high-traffic areas. These spots are prime advertising opportunities for local businesses, restaurants, and upcoming events. Selling advertising space offers a passive income on top of your garage revenue.

Install Parking Lot Lifts

If your parking garage constantly reaches maximum capacity and you’re interested in accommodating more customers, consider installing lift technology. Parking garage car lift storage systems can help your business store up to three times more vehicles by utilizing unused vertical space in your building. Parking lifts not only increase the amount of vehicle storage spaces, but they also help minimize emissions, make locating vehicles easier, and offer many other benefits.

Evaluate your garage and its needs to decide which of these four ways to increase your parking garage’s profits would be most effective. If you’re interested in parking garage car lift storage systems for your own business, browse our selection of parking technology here at Harding Steel. We offer a variety of lift styles to suit your structure’s dimensions and parking goals.