Increasing population and the need for urbanization is accelerating demand for self storage.
The industry is estimated to reach a value of $115.62 billion by 2025. That’s growth of more than 30%. Are you ready to be a part of that growth with your self storage investment?
Here’s how you can grow your self storage business and enjoy future success.
Maintain the Basics
You might have heard that self storage is an effortless business opportunity. If you’re sitting back with your feet up, you need to get moving again.
You may not have the operational headaches of most businesses but you still need to be active in the running and growth of your company.
Pricing
You need to be constantly checking your prices are competitive. Research your competition, make sure they aren’t luring customers away with better pricing.
Maintenance and Security
Your customers are trusting you to keep their possessions safe. Make sure you’re maintaining your storage units, the perimeter of your yard, and the CCTV and alarm systems.
Word travels fast, and a customer that arrives to find stolen or damaged goods could ruin your reputation.
Make sure you’re still compliant with any new legal regulations or requirements too.
Record Keeping
It’s important to keep your records accurate and updated.
Make sure you’re keeping track of units that are occupied, payments which should be coming in, and when customers are due to move their stuff out.
Keeping accurate records will help you and your customers solve disputes. Make sure your well informed of what’s going on in your business.
You’ll also want to ensure your finances are in order on a regular basis to help things run smoothly when it’s tax time.
Expand Your Market
It’s easy to assume that anyone who needs your service is using it already. Don’t be fooled into thinking there are no new customers or opportunities for growth.
Break down your current customers and write down why they are using your service. You might find that you cater mainly to private individuals storing things from their homes but you have very little office or business storage customers.
Target groups that need your service and aren’t using it already. Think about all the things people might need to store and why and market your service to them.
Self Storage Investment
We spoke about checking your prices are competitive, but what else are you doing to stand out from the crowd? Investing in new services is the answer to successful self storage investing.
If you don’t already have a USP, consider what it could be and implement it. What services can you offer than your competitors don’t?
Are there deals and incentives you could introduce to give you an edge and increase your customer base?
What do your customers want and how can you provide it for them? By increasing what you offer, you become more appealing. Your customers are busy, if you’re a one-stop-shop for all their needs, they will come to you.
Keep Learning
We offer a range of services and products, including teaching resources and courses to help you succeed in your self storage investment.
Find out more about what’s on offer on our website or get in touch today to see how we could help you.
