The demand for self storage has been increasing over the years. More and more people are in need of storage space. People usually have possessions crowding their homes, which they do not wish to throw out yet. Businesses also need a place for their files, equipments and inventories.
Therefore, the self storage business can be very profitable. To start your own self-storage business, there are a lot of things to consider. Here are some guidelines on how to start a successful self storage business.
First, you need to do lots of research. Aside from investment costs, the most important thing to consider in this business would be location. Choosing the perfect location can be very difficult. You need to look for a location that is easily accessible, preferably a major road. Although land may cost higher in these areas, this would make a good investment as people would more likely rent a storage unit in a place they usually go to. Still, high costs may take many years to gain back. Therefore, deciding on a location needs to be thought of thoroughly.
It is highly recommended to hire a consultant, and to do a feasibility study on the area before investing in it. You also need to take note of the competition. Too much storage units in the same area would definitely decrease your chances of getting customers. Other factors to research on would be legal matters, construction and maintenance issues, permits/licenses, and operations and staffing.
Plan the construction. This is one of the most important aspects of your business. Since you are going to be selling your self storage units, much of your time and research should be dedicated to its planning. Some important things to take note of are the size and kind of storage units to be built. This usually depends on the market in the area. Do they prefer climate-controlled storage units? What are they going to put in their storage units? That is why a feasibility study would be helpful. Other things to consider would be amenities such as lighting, security, and driving space. It is better to hire someone with experience in building storage units to help you plan its construction.
Choose the right supplier and hire a good construction crew. You can visit gosteelgo.com for professional advice in these matters.
Finally, start planning your market strategy even before you build. Your business would not survive without salesmanship. You need to think of the long-term costs and requirements before starting any business.
After your storage unit is built, you need to take care of staffing, marketing and maintenance procedures. Starting a business is not easy. Handling it may even be harder. Remember, proper planning is only the first step; skillfully running the business is a totally different thing. Continuous research is needed even after your business has flourished.
Here are some websites that offer more information about the self-storage business: selfstorage.org, insideselfstorage.com and ministoragemessenger.com. They have useful publications about the self storage market, legal issues, and operational characteristics of self-storage units, among others. Here is a sample business plan that may help you: bplans.com .