Is a combination valet parking and repo man service a good idea?

Answer 1

I can't say for certain, but I would have my doubts. Here are some of the reasons that I think it might be a problem combining the two.

If you operate both businesses at the same location, it is to be expected that some clients for the valet parking will stop by the facility. If you are acting as a repo agent, you will likely have to store some of the vehicles at your facility for a brief time. Some of these vehicles may not be in the best of shape, since individuals who suspect that their vehicle could be taken from them have no incentive to keep them nice. This could send the wrong message to upscale patrons who are looking for a valet.

Also, repo men have to take cars from people, thus, they are unpopular. Some of the people who you deal with on this end may stop by and want their car back, making a scene. This would quite possibly scare off the potential customers of the valet business.

Now, if you are operating out of two different locations, these would not be problems. As long as there is a market for these services, you will be able to do just fine.

Answer 2

It could be a good idea depending on the area. Even though you would have one business you would still have to do your analysis on the two business segments individually. I don't know what the demand for those two services are in your area. If the valet service is at a prime shopping area then it can be very profitable and offer high margins, but if it isn't it might be more profitable to concentrate more on the repo business. It's impossible to answer this question without knowing where the potential revenue stream is going to come from in a specific area.

Answer 3

Are you kidding? Not hardly ! Who would leave their car with you! hahahahahaha!!!