If there’s one thing that people always need more of its space. We age, accumulate objects, and things pile up. That’s why self-storage is such a huge industry. And that growth is only getting started.
Breaking into any new industry can be difficult. There’s much to learn and much to get acquainted with. The self-storage industry is no different.
But if you take the time to get to know the business, the rewards can be huge. Everyone needs storage, from families to businesses. With the right knowledge, there’s no end to the success that such an enterprise can bring. Read on, and we’ll walk you through everything you should know about starting your own self-storage unit franchise.
Get Acquainted With The Market
In order to give yourself the best possible chance of success in the market, it’s essential that you gain a strong understanding of how the business works. If you can get a clear view of the local demand, competition, and potential costs, you’ll be setting yourself up on a much stronger footing.
The best start is to get a lay of the land. Lookup existing self-storage facilities in your area. Take note of the services they offer and what prices they charge. Get a sense of how much competition there is out there.
A large number of storage facilities indicate high demand. But you also don’t want to enter the field when things are already saturated.
With this information in hand, begin setting goals for your own business. What profits would you like to see? How much would you need to charge to reach this goal? Where does that leave you in comparison to your competitors?
Determine what your start-up costs might look like. These costs are different than the on-going business maintenance costs you’ll experience later. They’ll include the cost of the property and storage units themselves, as well as a publicity budget you’ll need to get the word out.
Get The Business On Its Feet
With a budget and business plan in hand, it’s time to get the ball rolling on your storage company. If you are starting the business totally from scratch, you’ll probably need to acquire the proper funds.
The most common path to acquiring these funds would be by applying via a financial institution. Many banks offer business loans if your credit is good and your business plan seems strong.
You could also attempt to interest investors who are open to the possible benefits of such ownership. If you can convince them that you have an excellent plan in place, they may be willing to put money into your enterprise.
As a small business, you’ll also need to make sure you’re complying with the proper laws and regulations. You’ll need to be registered with the relevant tax regulations, and both Federal Licenses and State Licenses in order to proceed with your business.
Last but not least, you’ll need the actual space for your facility! Securing a location and units will be the most important purchases of your enterprise. Obtaining a space that is both secure but accessible will be key.
Location can be key for any kind of business. This is still very true of storage units. You should consider purchasing property off of busy, main roads that can help to attract customers. You’ll want to make sure that you’re looking for areas that are properly zoned for businesses.
When it comes to the units themselves, you can purchase them to have delivered to your location at a low cost. Ensuring that you’re working with a reputable, high-quality company will help save you trouble later on down the line.
Getting The Word Out
Once you have your space, units, and all the paperwork together, it’s time to open your doors. But if you want customers to show up, you’ll need to get the word out about your new opening.
There are a few key steps you should take before your opening day. Make sure you have an active web presence. This is the best way to connect with potential customers and get the word out about your business.
You should design and launch a personal website for your storage business. It doesn’t need to be fancy or complicated, but it should contain all the information that a potential customer might want to know. This would include prices, hours, and contact information.
Having an active presence on social media is also a great way to connect with potential customers. Many people spend hours on their phones a day. It’s a great way to get news of your existence in front of new people. Social media also gives you a great way to interact with and provide answers to your client base.
If you have room in your budget, you can also advertise in other areas. You should consider getting the word about your business out via print advertising or on the radio. You can even consider throwing a promotional event on your first day.
Offering great savings or deals can help to bring people in early on. And word of mouth can spread naturally if you already have happy customers that you are serving.
Starting A Storage Unit Franchise
Starting a storage unit franchise can be a great way to break into a booming business market. With the above tips and advice, you can launch your own staple of the business with little to no trouble.
Need affordable and high-quality units for your new enterprise? Give us a call for more information.