Financial Considerations for Valets at Home Parties

Valet parking for special events can be a lucrative small business, grossing as much as $70 per hour at venues such as weddings, graduations, and conventions. If your company is considering branching out into valet parking for home parties as well, here are some things to consider.

Pricing

You can charge either an hourly rate or a flat flee for the duration of the event. Most organizers are willing to pay between $200 and $450 per party, but it’s a good idea to check out the competitors’ prices and adjust accordingly.

Paying Drivers

Depending on the state where you do business, drivers expect to earn minimum or subminimum wage, plus tips. Decide ahead of time if drivers will keep their own tips, or if the money will be pooled and split at the end of the night.

Covering Liability

No matter how trustworthy your drivers are, there always exists the possibility that one of them will accidentally damage a car. Unfortunately, you also run the risk of intoxicated guests damaging their own cars and blaming the valet. Thus, it is important to have good liability insurance to cover damages and potential legal costs.

With these considerations in mind, you can expect to earn a good profit while enjoying the friendly atmosphere of home parties.