Did you know that the self-storage industry has an average annual revenue of $39.5 billion?
Setting up a self-storage business is a great idea. You can have a profitable service, or have a great entrepreneurial venture with a larger physical presence.
In this article, we will give you all the information you need to know about how to start a self-storage business. That way, you can begin your entrepreneurial journey in no time. Keep reading for everything you need to know and how to get started.
How To Start a Self-Storage Business 101: Create a Business Plan
There are a few key things you need to do when creating a business plan for your business. First, you need to understand the self-storage industry and know your competition.
Next, you need to create a mission statement and outline your storage business goals. Finally, you need to create a financial plan and projected income statement. By following these steps, you will be on your way to starting a successful self-storage business.
Determine What Type of Self-Storage Business You Want to Start
Most people think of self-storage businesses as only storage units for people’s excess belongings. But there are different types of storage businesses with different clientele. The type of storage business you start will be determined by the needs of your target market and the type of facility you’re able to provide.
There are four main types of self-storage businesses: business storage, vehicle storage, temperature-controlled storage, and document storage.
Business storage is for commercial clients who need to store equipment, inventory, or office supplies. Vehicle storage is for people who need to store cars, RVs, boats, or other vehicles.
Temperature-controlled storage is for items that need to be stored in a controlled environment, like art or wine. And document storage is for businesses or individuals who need to store important documents like tax records or medical files.
Find the Right Location
The ideal self-storage location should be easily accessible and close to major highways. You also want to make sure that the area is secure and has good lighting. Another thing to consider is the climate in the area. You want to choose a location that is not prone to flooding or other natural disasters.
You also need to consider the size and layout of the land you’re looking at. If it’s too small, you won’t be able to fit all the storage units you need. And if it’s not laid out well, your customers will have a hard time getting to their units.
Finally, you need to make sure the location is zoned for a self-storage facility. If it’s not, you’ll have to go through a lengthy and expensive rezoning process.
Successful Self Storage Business
There are many things to consider when starting a self-storage business, but with careful planning and execution, it can be a very successful endeavor. The most important thing is to understand the market and your competition and to develop a well-executed business plan. With a solid foundation, your self-storage business can be profitable and provide you with a great source of income.
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