Getting into the self storage business can be a lucrative endeavor. But it is important to understand all of the options available to you, and which is the right one for you. To get started, you need to consider some factors, including the state where you’re starting, your finances, and the type of storage business you’d like to start.
The self storage industry is expected to grow by 3.5 percent annually through 2021. With this in mind, you can plan your strategy around a solid marketing campaign. Invest in a web site, social media, and direct mail if you are able. You can also list your self storage facility on major online directories and search engines, which will increase your chances of getting customers.
It is not too difficult to start your own self-storage business, as long as you have the right resources. This can include funds, time, and a strong business plan. Start by researching your market to determine how much demand there is for this service. If you’re just starting out, a storage facility franchise may be a good option. They provide guidance on building out your facility and marketing.
A great website is the single best way to attract potential customers. You should make your site easily accessible, and offer a range of services and products. For example, you can offer climate-controlled units for businesses with e-commerce websites. Also, your site should be secure, so visitors can store their belongings without worrying about burglars or hackers.
Other considerations include choosing the appropriate legal structure for your company. Your legal team should include an attorney who specializes in small business to help you through the process. And remember, you need to comply with any legal requirements, including obtaining an Employer Identification Number.
Choosing the right location is essential to any successful storage business. Ideally, you want your facility to be in a thriving neighborhood with a high density of housing and offices. In addition, your location should be well-connected by way of main roads and subways. Not only will this increase the chances of you getting customers, it can also reduce your operating costs.
Considering the storage industry is a growing sector, you will likely encounter some competition. Before opening your doors, it is wise to research your competition, including how they operate and how much they charge. Keeping costs in check will make sure you’re successful in the long run.
The best way to start a storage business is to have a good idea of your local market. Do some research to find out which types of units are in high demand. Purchasing property off a busy main road can also be a plus. Be aware of any possible development projects that could derail your plans.
Once you’ve identified your target market, it’s time to get down to the nitty gritty of starting your own self-storage business. From locating a suitable space to hiring employees, there are many decisions you will have to make. Thankfully, there are many resources to assist you along the way.
