An area set aside where commercial truck drivers can park and rest is referred to as a truck parking lot, truck stop, or rest area.
These parking lots are frequently found next to major roads and interstates, and they have facilities including gas stations, bathrooms, showers, and vending machines. There might be eateries and convenience stores located in these parking lots too.
Available data shows that there are more than 300,000 truck parking spaces in the United States, with more than 272,000 of those at private truck stops. In terms of revenue, the Parking Lots & Garages market will be worth $8.2 billion in 2023.
Steps to Write a Truck Parking Lots Business Plan
Table of Content
Camp Davies® Truck Parking Lots, Inc. is a standard and registered truck parking lot that will be located in El Reno, Oklahoma. We have been able to secure all the necessary permits for our facility. Camp Davies® Truck Parking Lots, Inc. will ensure that all our amenities and facilities meet international standards.
We want to build a business with a wide range of clientele that cuts across different types of trucks and businesses. We have CRM software that will enable us to manage a one-on-one relationship with our customers no matter how large their number grows to. Jacob Fischer is the founder and CEO of Camp Davies® Truck Parking Lots, Inc.
a. Our Products and Services
- Offer safe, secure, and convenient parking for commercial trucks and other vehicles.
- Offer additional services such as maintenance, fueling, and repairs for trucks.
- Operate food and drinks court.
b. Nature of the Business
In principle, our truck parking lot will function as a business where customers may sign up for membership and pay their dues on a monthly, quarterly, or annual basis. We will also welcome other one-off truck drivers into our facility.
c. The Industry
Camp Davies® Truck Parking Lots, Inc. will operate in the parking lots industry.
d. Mission Statement
Our mission is to establish a world–class truck parking lot business that will provide safe, secure, and standard facilities for truck drivers any time of the day or night and in any season of the year.
e. Vision Statement
Our vision is to become the ‘go to’ truck parking lot facility in El Reno, Oklahoma, and its environs when it comes to world–class truck parking facilities.
f. Our Tagline (Slogan)
Camp Davies® Truck Parking Lots, Inc. – Safe Heaven for Truck Drivers!
g. Legal Structure of the Business
Camp Davies® Truck Parking Lots, Inc. will be formed as a Limited Liability Company (LLC). The reason why we are forming an LLC is to protect our personal assets by limiting the liability to the resources of the business itself. The LLC will protect our CEO’s personal assets from claims against the business, including lawsuits.
h. Our Organizational Structure
- Chief Executive Officer (Owner)
- Facility Manager
- Marketing and Sales Officer
- Attendants (5)
- Customer Care Executive/Front Desk Officer
- Security Officers
i. Ownership/Shareholder Structure and Board Members
- Jacob Fischer (Owner and Chairman/Chief Executive Officer) 56 Percent Shares
- Owen Angus (Board Member) 14 Percent Shares
- Larry Christian (Board Member) 10 Percent Shares
- Jason Emerson (Board Member) 10 Percent Shares
- Olivia Mack (Board Member and Sectary) 10 Percent Shares.
- The location is ideal for a truck parking facility
- Staff members and managers with extensive expertise
- Availability of additional services
- Highly secured and clean facility.
- Budget limitations
- Inability to properly manage off-peak seasons such as bad winter
- A new business that will be competing with well-established and government-owned park facilities
- Inability to retain our highly experienced and qualified employees longer than we want.
- El Reno, Oklahoma is a thriving market for truck parking lot facilities.
- Rise of private-public partnerships
- Good support structure for truck parking lot facilities from the government and nonprofit organizations.
i. How Big is the Industry?
As of 2021, the truck parking lots industry in the US is valued at around $8.7 billion, and it is expected to grow at a CAGR of 5.8% during the forecast period (2021-2026) according to a recent market research report.
The growth of the industry is driven by factors such as an increase in e-commerce and the transportation of goods, a shortage of parking spaces for trucks, and a growing number of long-haul truck drivers. However, the industry also faces challenges such as a lack of infrastructure and a shortage of funding for new parking facilities.
ii. Is the Industry Growing or Declining?
Yes, the truck parking lots industry is experiencing growth. This is so because, as of 2021, the market size of the truck parking industry in the US is expected to grow at a CAGR of 5.8% during the forecast period (2021-2026) to reach $8.7 billion by 2026.
iii. What are the Future Trends in the Industry
Several trends are expected to shape the future of the truck parking lots industry in the US:
- Increased use of technology: Advancements in technology, such as the use of IoT and cloud-based systems, are expected to improve the efficiency and safety of truck parking lots.
- Rise of private-public partnerships: To address the shortage of truck parking spaces, private-public partnerships are expected to become more common. This can involve the development of new parking facilities with the support of government funding.
- Greater emphasis on safety and security: With an increase in cargo thefts and other security concerns, truck parking lot operators are likely to invest in security measures such as surveillance cameras and security personnel.
- Increasing demand for electric vehicle charging stations: As electric trucks become more prevalent, the demand for electric vehicle charging stations at truck parking lots will likely increase.
iv. Are There Existing Niches in the Industry?
No, there are niche ideas in the truck parking lot line of business.
v. Can You Sell a Franchise of your Business in the Future?
Camp Davies® Truck Parking Lots, Inc. has plans to sell franchises in the nearest future and we will target the United Kingdom, Canada, and Australia.
- Competition from other truck parking facilities.
- Community resistance
- Liability problems
- Government regulations regarding truck parking are likely to become more stringent in the future, which may result in the closure of some non-compliant facilities.
i. Who are the Major Competitors?
The major competitors of a truck parking lot business can vary depending on the location and size of the facility, but some common competitors in the industry include:
- Travel plazas and truck stops: These facilities often include parking for trucks, as well as other amenities such as fuel, food, and rest areas. They are often located along major highways and are operated by companies such as Pilot Flying J and Love’s Travel Stops & Country Stores.
- Rest areas: Rest areas are typically operated by state governments and provide parking for trucks, as well as other amenities such as restrooms and picnic areas.
- Independent truck parking lots: These are smaller, privately-owned facilities that may only offer parking for trucks, but they may also provide other services such as fuel and maintenance.
- Public rest areas: some municipalities have public parking lots that can be used by truckers.
- Online Platforms: Some companies such as Trucker Path, ParkMyTruck, and Park My Rig have developed online platforms that allow truckers to find and book parking spots in advance.
- Other Transportation companies: companies like UPS, FedEx, and Amazon also own truck parking lots for their own fleets.
ii. Is There a Franchise for Truck Parking Lot Facility Business?
- TravelCenters of America
- 7 – ELEVEN
- Dash In
- The Street Corner Urban Market
- Circle K.
iii. Are There Policies, Regulations, or Zoning Laws Affecting Truck Parking Lot Facility Business?
Yes, there are zoning restrictions and local, state, and federal requirements for American truck parking lot businesses. These rules can include zoning, land use, permission requirements, safety, and environmental standards, and more, depending on the locality. Any business owner who wants to build a truck parking lot must abide by all local laws and regulations.
a. Who Is Your Target Audience?
i. Age Range
Our target market age range covers people that are 18 years and above.
ii. Level of Education
The people we are aiming for don’t require any prerequisite education. Everyone is free to use our truck parking lot facilities.
iii. Income Level
Anyone who can afford our access fee or membership fee will be welcome to use our truck parking lots.
There are no restrictions on people’s ethnicity in our truck parking facility.
There are no restrictions on the languages that people who visit our facility can speak.
vi. Geographical Location
Anybody from any geographical location will be welcome in our truck parking lot facility.
Camp Davies® Truck Parking Lots, Inc. will not restrict any customer based on their lifestyle, culture, or race.
b. Advertising and Promotion Strategies
- Organize themed events that draw crowds.
- Use text marketing.
- Run Photo Promotions Using FOMO.
- Post About Your Events on Local Pages and Groups.
- Make Use of Your Social Media Platforms as a Resource
- Create your company’s directory profiles.
- Establish Connections with Other Local Businesses.
i. Traditional Marketing Strategies
- Advertising using direct mail.
- Newspapers & Magazines
- Television and Radio Channels
- OOH, marketing on buses, trains, and other forms of public transportation, billboards, street decor, and taxis.
- Word-of-mouth marketing, radio, television, trade fairs, print advertising (magazines, newspapers, coupon books, billboards), and direct sales. Direct mail includes postcards, brochures, letters, and leaflets.
ii. Digital Marketing Strategies
- Social Media Marketing Platforms.
- Influencer Marketing.
- Email Marketing.
- Content Marketing.
- Search Engine Optimization (SEO) Marketing.
- Pay-per-click (PPC).
- Affiliate Marketing
- Mobile Marketing.
iii. Social Media Marketing Plan
- Use chatbots
- Make an effective content marketing plan.
- For our audience, establish a community.
- Our profiles might use a broader content strategy.
- Use brand evangelists.
- Create accounts on the appropriate social networking platforms.
- Execute campaigns across channels.
c. Pricing Strategy
Here are some pricing strategies that Camp Davies® Truck Parking Lots, Inc. will use:
- Market-based pricing: This strategy involves setting prices based on the rates of competitors in the same area. This can help ensure that the business remains competitive and can attract customers.
- Cost-plus pricing: This strategy involves setting prices based on the cost of providing the service, plus a markup for profit. This can help ensure that the business is able to cover its costs and make a profit.
- Value-based pricing: This strategy involves setting prices based on the perceived value of the service to customers. This can help attract customers who are willing to pay more for higher-quality service and amenities.
- Seasonal pricing: This strategy involves adjusting prices based on the time of year, with higher prices during peak seasons and lower prices during slow seasons.
- Volume discount: Offer discounts to trucking companies or individual truckers that frequently use the parking lot.
- Discounts for longer-term parking: Offer lower rates for truckers who park for longer periods of time, such as overnight or weekly.
- Bundle pricing: Offer a package deal of services such as parking, fuel, and maintenance at a discounted price.
Sales and Distribution Plan
a. Sales Channels
In order to advertise our truck parking lot facility, we will use partners and third parties like referral partners, affiliate partners, managed service providers, marketplaces, or value-added resellers.
The 4 Ps of marketing—place, pricing, product, and promotion—will also be used by Camp Davies® Truck Parking Lots, Inc. By thoughtfully incorporating each of these marketing tactics into a marketing mix, we may create a product or service that is noticeable, in demand, reasonably priced, and actively promoted to clients.
b. Inventory Strategy
In order to order, maintain, and process things in our warehouse on a daily basis, Camp Davies® Truck Parking Lots, Inc. will employ an inventory strategy. We will approach the development of our strategy with the same level of care and diligence as we would if we were formulating an overarching corporate strategy.
“Just-in-time (JIT) inventory” will be used wherever possible, according to Camp Davies® Truck Parking Lots, Inc. (JIT involves holding as little stock as possible, negating the costs and risks involved with keeping a large amount of stock on hand.).
c. Payment Options for Customers
Cash, checks, credit cards, Point of Sale (POS) machines, online bank transfers, bank drafts, and cash are all acceptable forms of payment.
d. Return Policy, Incentives, and Guarantees
Camp Davies® Truck Parking Lots, Inc. will operate a no refund policy hence we will not provide compensation for purchased products or services (membership fees inclusive) that customers paid for in our truck parking facility.
e. Customer Support Strategy
We will solicit input from customers as part of our customer service approach. This will help us first understand their requirements, experiences, and pain spots, which will then enable us to better our facility and offer all our visitors outstanding customer service. In order to accomplish this, we will employ a powerful CRM program.
As part of our plan for providing customer support, we will continually seek to improve our customer service team and leverage multi-channel servicing.
Capacity planning, location planning, layout planning, quality planning, and method planning are all included in our operating plan. The plan will have a marketing, sales, and operations component, and overall, we want to increase our revenue by 50% in the second year.
The operations part of the proposal would organize regular camper competitions at the municipal and state levels, offer lodging and amenities for charging electric vehicles and draw campers and owners of recreational vehicles. By implementing these tactics, the company can expand its service portfolio and support revenue development.
a. What Happens During a Typical Day at a Truck Parking lot Facility Business?
- Opening the parking lot
- Checking in customers
- Monitoring the parking lot
- Providing customer service
- Performing maintenance and repairs
- Administrative tasks
- Closing the parking lot
b. Production Process
There is no production process when it comes to truck parking lot facility business.
c. Service Procedure
When a truck parking lot facility is opened and everything is in place, they will either choose to welcome patrons based on membership or open their doors to everyone.
d. The Supply Chain
Camp Davies® Truck Parking Lots, Inc. will rely on trusted agents to supply related supplies we need.
e. Sources of Income
- Truck parking lot facility rental services for recreational vehicle owners, campers, and other related events
- Providing electric vehicle charging ports.
- Membership fee.
Our Membership fee will cost $20,000 for the start and then a $15,000 annual fee from the subsequent year (VAT inclusive and subject to change).
a. Amount Needed to Start your Truck parking lot Facility Business?
For our truck parking lot facility to be effectively established in the United States of America, Camp Davies® Truck Parking Lots, Inc. would need to budget about $750,000.
b. What are the Costs Involved?
- Business Registration Fees – $750.
- Legal expenses for obtaining licenses and permits – $7,300.
- Marketing, Branding, and Promotions – $5,000.
- Business Consultant Fee – $2,500.
- Insurance – $5,400.
- Rent/Lease – $350,000.
- Other start-up expenses include commercial satellite TV subscriptions, stationery ($500), and phone and utility deposits ($2,800).
- Operational Cost (salaries of employees, payments of bills et al) – $60,000
- Start-up inventory – $25,000
- Store Equipment (cash register, security, ventilation, signage) – $4,750
- Furnishing and Equipping – $550,000
- Website: $600
- Opening party: $3,000
- Miscellaneous: $2,000
c. Do You Need to Build a Facility?
Camp Davies® Truck Parking Lots, Inc. will build a new facility for our truck parking lot facility and it will cost us $550,000 (acquiring land, construction, furnishing, and equipping the truck parking lot facility inclusive).
d. What are the Ongoing Expenses for Running a Truck parking lot Facility Business?
- Rent or mortgage
- Utilities (electricity, water, and gas.)
- Maintenance and repairs
- Employee salaries and benefits
- Marketing and advertising
- Legal and compliance (permits, licenses, and legal fees.)
- Fuel and fuel-related expenses
- Restroom and shower services: If the truck parking lot offers these services, the business will need to pay for maintenance and cleaning of the facilities.
e. What is the Average Salary of your Staff?
- Chief Executive Officer (Owner) – $75,000 per year
- Truck parking lot Facility Manager – $58,000 per year
- Accountant / Cashier – $54,0000
- Marketing and Sales Officer – $52,000 per year
- Attendants (5) – $40,000 per year
- Customer Care Executive / Front Desk Officer – $39,396 per year
- Cleaners – $29,500 per year
- Security Officers – $28,750 per year.
f. How Do You Get Funding to Start a Truck Parking Lot Facility?
- Personal savings
- Small business loans
- A business line of credit
- Angel investors or venture capital
- Government grants
- Soft loans from your family members and your friends.
a. How Much Should You Charge for your Service?
Apart from our membership fee, Camp Davies® Truck Parking Lots, Inc. will charge customers based on the industry standards in the United States and they are expected to pay $15 per day.
b. Sales Forecast?
- First Fiscal Year (FY1): $350,000
- Second Fiscal Year (FY2): $650,000
- Third Fiscal Year (FY3): $1.15 million
c. Estimated Profit You Will Make a Year?
Camp Davies® Truck Parking Lots, Inc. is projecting to make;
- First Fiscal Year (FY1): 20% of revenue generated
- Second Fiscal Year (FY2): 35% of revenue generated
- Third Fiscal Year (FY3): 45% of revenue generated
d. Profit Margin of a Truck Parking Lot Facility Business
The profit margin of a truck parking lot facility business is not fixed. Depending on some specific circumstances, it could range from 15% to 35%.
a. How do you intend to grow and expand? By opening more retail outlets/offices or selling a franchise?
Within the first five years of starting the firm, Camp Davies® Truck Parking Lots, Inc. will expand its truck parking lot facility by first opening other locations in important cities in the United States, the United Kingdom, and Canada. From the sixth year, we will begin selling franchises.
b. Where do you intend to expand to and why?
Camp Davies® Truck Parking Lots, Inc. plans to expand to:
- Huntington, Oregon
- Walcott, Iowa
- Tonopah, Arizona
- Prescott, Arkansas
- Orlando, Florida
- Amarillo, Texas
- Laramie, Wyoming
- Eerie, Pennsylvania
- El Reno, Oklahoma
- Pilot in Bosselman, Nebraska
The reasons we intend to expand to these geographic locations are that the cities boast of having the highest number of trucks traveling through the city and they are known to patronize truck parking lot facilities. Internationally, we plan to expand to Canada, the United Kingdom, and Australia.
Our exit strategy at Camp Davies® Truck Parking Lots, Inc. will be family succession since we want to develop a family business. Because of this, the founder Jacob Fischer is preparing his son Jesse Fischer to succeed him. Jesse Fischer is currently being prepared to apply for jobs in the organization without prejudice.