10.6% of American households rent a self-storage unit.
Storage units can be used for so many different items. They are a versatile and useful tool for businesses and families alike.
Do you want to learn about owning storage units? Are you curious about the pros and cons of going into this type of business?
Keep reading below as we dive into the pros and cons of owning storage units and help you decide if it’s right for you.
The Pros of Owning Storage Units
Creating a storage business is a big decision to make. Understanding the benefits behind it can help give you the inspiration you need to get started.
Hands-Off
Because most storage units are self-service, there is limited work for you to actually do for your customers. You will help them sign a contract and make payments, but otherwise, you don’t have to do much work with them.
You’ll need to maintain your property, pay your bills, and ensure security and safety measures are taken to protect your customers’ belongings. Compared to other businesses, a storage unit business is much easier to run.
Organization
Storage unit businesses give customers the chance to organize and update their lives. They can store non-essential, but still important, items in the units so that they are safe and secure.
Businesses will use storage units for things like intellectual property or documents. Families may use storage units for family heirlooms and large antique furniture.
You’re providing customers with an outlet to declutter their lives.
Less Personal Risk for Customers
When someone stores items at home or their business, they create hazards for themselves. Clutter may lead to tripping, falling, damage, or theft.
A storage unit solves all of these problems! You can rest easy knowing that your business is actually helping people.
The Cons of Owning Storage Units
Have you been thinking about owning a self-storage as a storage unit company? If so, you have to think about the cons of owning storage units as well.
Occupancy Rate
A lot of storage unit businesses will try to keep their occupancy rates high so that they can predict their income each year. This is a fine idea, but you don’t have a guarantee that you’ll be able to meet that goal.
If you have a low occupancy rate and you don’t budget for this possibility, you could find yourself in some financial turmoil.
Dealing With Unhappy People
While some customers are choosing to use a storage unit of their own volition, some customers may have to use a storage unit because of life events.
You may have people come in that were just evicted from their homes or just experienced a house fire. In these situations, you may have trouble working with them effectively.
Of course, if you hire staff to help you, you don’t necessarily have to deal with this problem yourself!
Are You Interested in Starting a Storage Unit Business?
With the right tools and knowledge, you can be successful as a storage unit business owner.
If you’re thinking about owning storage units and being a storage unit business owner, we can help you make it happen.
Gain access to our blueprint for success ebook now to learn about what you have to do to get started in this business.
