Across the world, entrepreneurs are willing to invest in self storage business extensively.
The need for self storage is increasing day by day at a fast pace.
People are demanding storage space with good features.
The buzz is that, investing in this business can be very profitable.
As compared to other real estate business, low building and maintenance costs is drawing the attention of the business owners to invest in this field.
Several other factors such as easy start up, low risk, great profit margins etc also add to the drawing force towards this business.
Can it be really that easy? Investment in self storage business has lot of potential but it requires hard work, patience and off course, money to start the business.
Here are some of the points one must keep in mind when starting a self storage service: Do research and then build: Before spending even a single penny on buying land or building construction, one need to do an extensive search into the self storage market.
Always hire specialist consultants to do research in the area of your interest.
Even if you are already in the real estate business, an experienced opinion is always valuable.
Choosing a perfect location: "Location" is everything in real estate world.
If you have a good location and limited features at your facility, people will still come.
But if you have a location outside the city or anywhere else, people would never waste their fuel and time to go to that place and check it out.
Even if your facility is well constructed and offers more features than any local facility, people will still choose the one that is close to their area of their residence because it allows them to make frequent visits and saves considerable time too.
Choosing a site is one of the most difficult decisions to make and there are many other factors that contribute in this regard, such as: • Is the site located within the city or at the major travel corridor? • How much competition is already there? • Is the area already occupied with other self storage facilities? • And many more.
Have a planned construction: After deciding the location.
Always plan before you construct the building.
Keep in mind the number of people in the city & the neighboring areas and construct the number of self storage units accordingly.
Always remember, empty units mean empty bank accounts.
So, there is no use to waste maintenance costs on the unoccupied units.
Always plan and then construct.
Put in appropriate security measures: People are always concerned about their valuables.
They are paying to keep the items safe and in return, they expect top notch security features.
Always include high end security features at your storage space in order to attract the maximum customers.
Provide them with automatic door locks, CCTV surveillance, fenced area etc.
Market it the right way: After deciding where and how to build your storage units, there are more things to consider such as advertising, staffing and day to day maintenance.
Marketing is a necessity, not an option.
People would never make efforts to know about your business; instead you have to reach out to the targeted audience through various means in order to setup your business in the most profitable way.
These are the most important points one should keep in mind while starting up a self storage business.
Always analyze and change the business strategies according to the market.
There are always some risks that are associated with any business.
But with proper planning and preparation, an investment in the field of self storage business can be a dream come true for any aspiring business owner.