One of the best businesses to go into is a self-storage business. It’s a lucrative industry that any ambitious entrepreneur would be interested in.
But how exactly do you start a self-storage business? How do you ensure that it becomes successful?
This detailed guide will show you how.
Let’s jump right in to see what you need to do:
First, you need to do your research on the best way to structure your business. Once this has been decided, choose your business name. Ensure that the name is not registered, not trademarked and that you can find a domain name and social media handles with this name. Have a shortlist so you have options on what to decide.
You also need to determine the startup costs and how to fund your business initially. You’ll then also have to do your research on the ongoing costs.
You also want to consider your target market—will you target individuals, families, small businesses?
Once you have created a blueprint for your business, you are ready to move on.
2. Financial Obligations
Once you’ve set up your business, you need to register it for a Tax ID number. You need to also register for the state and federal taxes as necessary.
Next, you should apply for a business bank account and credit card. Make sure the bank account is adequately funded.
It’s also during this time that we suggest hiring a business attorney. They will make sure your self-storage business is always adhering to the laws and standards of your jurisdiction.
3. Permits and Licenses
Next, you should apply for the applicable permits and licenses in your jurisdiction. Ask your attorney to help you obtain these permits/licenses.
Among these permits/licenses will be a Certificate of Occupancy, liability waivers, and proof that you are meeting the Occupational Safety and Health Administration (OSHA) requirements.
You also want to ask your attorney to help you prepare a Service Contract. This will be a contractual agreement between your self-storage company and your customers. They will have to sign this agreement before using your services.
4. Find Your Space
You have to then scout for the best location. You want to choose a large warehouse or building where you can create rooms or add storage pods for each of your customers. You want a location in a safe area and in a building that complies with all building standards professionally.
You also want a location that is easy for your customers to access. You don’t want one that is deep in the countryside but one that is in a central location.
5. Market Your Business
Once your self-storage company is ready to go, you need to always market it. Make sure you use social media as your primary source.
You should also go to businesses and hand out flyers that promote your self-storage business and what it offers. Make sure to research the marketing methods of your competition so that you are always one step ahead of them.
Start a Self Storage Business Today!
Now that you know how to start a self-storage business, you are ready to begin the process. By following these steps, you’ll be able to easily start your business and acquire customers in no time!
We recommend looking at our product selection to see how we can help you get your self-storage business started!