Have you been looking for alternative ways to invest your money? If so, you might want to start a self-storage business.
After an initial investment, self-storage units can bring in long-term passive income. The profit on self-storage is around 11%, but for most other types of businesses, it is far less. As long as you keep your storage facility booked, you will have a low-cost profit-making machine.
Here’s an overview of why a self-storage business is an excellent choice for investing your money, and what you need to know to get started.
Reasons to Start a Self-Storage Business
There are many good things about wanting to invest in self-storage. Starting a business is always a great goal to have. Running your own business allows you to experience more freedom than you may have experienced working for other people.
Additionally, self-storage is a unique type of business. Compared to service-based or brick-and-mortar companies, operating costs are low. For example, you won’t have to worry about landscaping costs, supplies, or inventory.
Think all self-storage businesses are the same? Think again! Self-storage business ideas can vary based on the options that they offer to customers. These options might include extra security, temperature-controlled environments, moving services, etc.
How to Get Started
To get started, you could buy a pre-existing self-storage business, or build a new one on property that you own or purchase. This is where you’ll have to spend the most money, but over time you’ll find that your investment pays off.
Tips for Success
Self-storage business tips are not too different from advice that works for other types of businesses. It’s important to consider what can go wrong during the lifecycle of your company, and prepare adequately.
To start, you need to protect your self-storage investment by setting your business up the right way. Hire an attorney and file the right paperwork to incorporate or form an LLC, in order to protect your assets.
You’ll also want to buy a good insurance policy to cover any losses your company might face in the event of a break-in or a natural disaster. It’s important to prepare in case an angry customer decides to sue for a reason that isn’t clear to you now.
Choose a location where self-storage is in high demand. Areas around military bases or college campuses tend to be great for self-storage companies.
Your businesses’ failure or success will also depend on how well you market your self-storage location. If you know how to target and persuade your customers you’ll never have empty storage units waiting for items, and you may even have a waiting list.
Turn Your Self-Storage Business Ideas Into Action
So now that you’ve read about how to invest in self-storage, what’s holding you back?
We can also help you start a self-storage business. We have helped thousands of people find financial freedom through investing in self-storage. We host live events where you can learn how to get into the industry and hear from others who have gone to our Self-Storage Academy and been successful.
We encourage you to check out our website to read more about this exciting opportunity and contact us with any questions you may have.