Over the years I’ve seen and heard hundreds of excuses for people not starting their own self storage business. “There’s already too many facilities in our area.” “I wouldn’t know where to start.” Or, “My neighbor rents from such-and-such.” And while the excuses themselves may vary, they all have the same theme: overestimating the competition. Many of these startup businesses fall short before they can even launch due to lack of confidence. But, there are several reasons you should have faith in your abilities.
Why Certain Fears are Invalid
When I hear “There’s already too many facilities in our area,” I always ask for more info. How many facilities? Are there climate-controlled units? Individually alarmed? Business Centers…? More often than not, these questions can’t be answered. Just because there are “a lot” of self storage facilities doesn’t mean every market is covered. Many owners overestimate what their customers will want, offering services that are more than consumers are willing to spend. Others may have underestimated storage needs. The key is to find a gap in the market and take advantage of it.
These other excuses can simply be solved by gaining confidence in what you’re doing. Do bigger-named companies have “control” of the market? Start advertising as a self-owned shop. Offer competitive prices, or simply connect with your customers. Never assume the current businesses have it under control. The self storage market is a versatile one. The business is continuing to expand, and those who are staying ahead of the curve are the ones seeing this growth – not necessarily the ones who own the most facilities. Find a gap in the industry and take charge, regardless of what the other guys are doing.
Out of all of the successful tips I’ve found, none have been as helpful as simply understanding what the customer wants. Tap into your inner consumer, and you’ll find it can be easy to compete with even the largest of self storage facility companies.
