Business concept: Parking lot

Business concept: Parking lot

Part 1—- (5 points) You own a 1 ACRE Vacant Lot right across the street from UALR on University Avenue in a HIGH TRAFFIC area.

You don’t have enough money to build anything on it and cant borrow enough money either. You only have about $15,000-

What could you do with that Vacant Lot to make money?

Part 2— (5 points) Now that you know what kind of business you are going to run, what all do you need to do as far as the legal and accounting aspects of your business so that you are in compliance with the government? (Local, State, and Federal)

Sample section of the Business concept: Parking lot

Based on the facts provided which include 1-acre lot opposite UALR located along a high traffic area and a limited initial business capital of $15,000, the most viable business concept is a public/ visitor parking lot. Anyone visiting the campus needs to know about the campus parking or alternative parking lots. In addition, being located in a high traffic area, a parking lot would be a profitable business with minimal requirements and significantly low initial capital investment. These aspects maximize the business potential.

Having settled for a parking lot business, various requirements ranging from licensing to taxes must be attained. These requirements include zoning regulations – that determine which kinds of businesses one can conduct in a certain location or property; insurance; sales tax rates; land rates; wages and government economic incentives.

In Arkansas, the state zoning regulations allow the parking lot business to be established on the available lot. The business will attract a property tax of 5% of the appraised property value per annum. The federal government also requires that the parking lot be further insured and fitted with security measures such as a meter system. These insurance also attracts a similar percentage for cover against damage and theft. Other state requirements include business registration, business permit, tax compliance certification.

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