What to Know Before Creating a Self Storage Business
Are you ready to start your own business? Read here for everything you should know and consider before creating a self storage business.
Getting into the self-storage business is a great idea.
With an annual industry revenue of around £40 billion and more facilities being built all the time, there’s never been a better time to invest in self-storage. That being said, starting a business, even if it’s something simple like self-storage, requires a lot of hard work and consideration beforehand.
If you go in blind, there’s a good chance that you’re going to experience a few growing pains as you get up and running. In this post, we’re going to help you out by telling you all you need to know before starting a successful self-storage business.
Doing Your Research
The initial research into starting a self-storage business will see you looking at things like your target market, industry trends, and getting a good sense of the financial aspect of launching a storage business. Spend some serious time building a business plan; you can find business plan templates online that’ll walk you through the things you should be thinking about.
Your target market is going to be professional adults with disposable income or businesses. You’ll either be looking for customers that need storage to accommodate their belongings long-term or short-term clients that are in the middle of moving. Industry trends worth looking into include climate-controlled space, technological advancements, and architectural developments.
Finding a Location
Because the self-storage industry is in a boom right now, you run the risk of entering a saturated market. In your research, make sure that you’re buying land where no other storage facilities are currently operating or being built.
Try to choose a visible location that appeals to your target market; near apartment complexes, small homes, and small businesses.
Self Storage Business Financing
At Self Storage Investing, we help self-storage investors prepare for a lucrative future in the self-storage business. Finding financing for a new facility can be an overwhelming part of the process, so we offer a variety of programs to help you get started. We also hold live events aimed at those looking to develop and fund storage facilities.
Qualifying for a small business loan will require you to have good credit and enough savings to pay for 15-25% of your startup costs. If this sounds daunting to you, contact us today.
Design and Build Your Facility
Once you’ve found and acquired the financing for your land and building costs, it’s time to design it and break ground. This will be the lengthiest part of the process, but one of the most exciting at the same time.
Things you’ll need to think about here are the number and types of units you want in your facility, which technology you want to integrate for security purposes, and the architectural style you’ll use.
Marketing a Self Storage Business
As with most other small businesses, marketing a self-storage facility is incredibly important. You need customers to know you exist and the best way to do that is by being present online and in the community.
You can use tools like social media and SEO to promote your business. It also helps to start a blog with storage and moving tips so that you can establish yourself as a trusted voice in the industry.
Get Your Self Storage Startup Business Running ASAP
Use these tips to get your self storage business off the ground. If you need help with finding a great location, financial tips, or any advice to do with your storage startup, visit us today at Self Storage Investing.