Three major publications have all written about the virtues of starting a self storage business in the last year. All of them tell their readers that it is a good time to invest in self storage, precisely because the self storage industry is a hidden cash cow. It’s good money…here are the articles, side by side.
Inc. Places Self Storage as Tenth in “Best Industries for Starting a Business in 2010”
With American families continuing to buy and buy more stuff over the years, the need for self-storage is also growing, and the self-storage industry is ready to meet this demand. By 2010, almost 2.2 billion square feet worth of storage space was available, enough for the entire country’s population to stand in and have 7 square feet of space to himself.
90 percent of all self-storage businesses are currently owned by independent businessmen and has grown to become a $22 billion industry even despite the economic downshift caused by the subprime mortgage crisis.
WSJ.com Notes Continuing Growth of Self-Storage Industry despite Foreclosures
Foreclosures have had an effect on the self-storage industry but instead of negatively, it seems more and more people have taken to self-storage units to stash their valuables as the need to downsize becomes greater.
In Detroit, the effect on foreclosures have been very apparent – rent for self-storage units per occupied square foot became cheaper while overall rentals increased by 18%.
Nearly 1 in 10 American households have at one point rented a self-storage unit in 2007, which translates to a gross revenue of $22.1 billion for the whole industry.
Entrepreneur Highlights Backyard Storage Sheds as Opportune Business
Most are not aware of the opportunity behind building and installing backyard sheds for additional storage in homes. Sheds are a cost-effective way for households to gain more storage space without the need to get plans or permits from your local government. This space can either be used for a home workshop, art studio, crafts room or guest room, or even just as additional storage.
These shed kits can be prepared for homeowners to buy and install themselves or it can be built in an industrial space and then delivered to the home ready to use.
Knowledge and equipment needed to build these storage sheds is very minimal but the profit potential is massive. Even advertising the business is simple – just build an elaborate sample shed on a high-traffic part of your town with business signs and contact numbers.
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#10 on Inc.’s list of “The Best Industries for Starting a Business In 2010″
There are already 2.2 billion square feet of self-storage in this country, according to the Self Storage Association.
That translates to more than 7 square feet of storage per U.S. resident. But the industry is far from saturated, thanks to the insatiable appetite of American families for acquiring stuff.
The $22 billion industry also has low barriers to entry, which helps explain why independent business people own 90 percent of self-storage companies.
The subprime mortgage crisis wasn’t so hard on the storage business.
Percentage of self-storage companies owned by entrepreneurs, according to the Self Storage Association: 90
Expected growth in 2009 revenue for “storage and warehouse leasing,” according to IBISWorld: 2.5 percent
Expected annual industry revenue increase growth rate in the four years to 2014, according to IBISWorld: 3.3 percent
Percent of Americans that could stand in U.S. self storage facilities at the same time:100
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Building and installing backyard storage sheds is a little known business that generates gigantic profits for the owners of these businesses.
Sheds are an affordable method for a homeowner to add additional storage space, workshop space, an art studio, or guest accommodations to a home without having to get plans and permits from local government.
Working from a small industrial space you can build shed kits for homeowners to buy and install, or you can build the sheds in a controlled environment and transport them to the site to install for the purchasers.
The business only requires basic construction knowledge and equipment to implement, and the profits that can be generated are outstanding.
An elaborate sample shed can be built and displayed in a high-traffic area in your community with proper signs identifying your business.
This type of advertising and promotion would be an excellent way to gain attention and attract new customers.
If you need more information about Scott Meyers® or investing in Self Storage or how to start a business in storage, contact our office at firstname.lastname@example.org