With the current strain that the economy has caused many businesses, it’s not hard to see why many have began to broaden their horizons. In uncertain times, small business owners are the first to realize just how much a bum economy can affect their profits. And as property owners, their services may be some of the first to be seen as “trimmed fat.” However, rather than selling, jacking up their prices, or, just closing up shop, many self storage companies have chosen a different option: branching out. In the past year we have seen a number of property investment companies not only join up their businesses, but begin to offer more for their current customers. A business that used to offer self storage services is now providing moving truck rentals — an all-in-one deal.
And a company that once focused on storing documents or other climate-controlled items, might now break into the real estate market and start its stint with property rentals. Other businesses are simply partnering with one another to ensure shared patronage, an example of networking to the extreme.
These company expansions are a show of the self storage market’s willingness to adapt and change in order to continue its success. It’s also proof that the storage business continues to thrive. A failing company does not have the ability to expand its empire. The fact that storage company after truck rental business continues to do so shows they have the collateral to support it. Seeing others expand should be reassuring to any small business owner. It reassures that the self storage market, despite a down economy, is profitable and stable.