In 2019, the self storage market in the US was worth almost $90 billion.
If you’re thinking about getting a piece of that action then you may be wondering how to take your first steps.
The good news is, we’re here to help.
Read on we take a look at some practical tips on how to start a self storage business.
One of the most important things to consider when starting a self storage business is the location. Any successful business needs to consider supply and demand.
First off you need to find a location where there is plenty of demand for self storage services. Setting up in a backwater with a small population probably isn’t the route to a quick fortune.
On the flip side, you need to take into account the competition. If the market is already flooded with self storage services then it’s going to be a lot harder to make your mark or make the amount of money that you could be.
Think long and hard about location before you do anything else.
Self storage is all about trust. People trust that you will take good care of their belongings and that you will keep them safe until they need them again.
A huge part of gaining that trust is having effective security measures in place. You’re also going to have people wanting access to their units at all times of the day or night, which can make security more complex.
Are you going to go down the route of a lock and key, or do you plan to take advantage of more advanced technology such as fingerprint scanners or other tech solutions? You’ll need to weigh up the pros and cons.
You could have the best self storage service in the world, but if nobody knows about it you’re never going to make any money.
You need to put a lot of thought into how you’re going to market your business, and you’ll need to budget accordingly. The good news is that digital marketing has made marketing a self storage business cheaper and more effective than ever.
Social media is a great way to reach through to your target demographic, and you can use local SEO to focus your efforts on those people who are close enough to make use of your business.
If marketing isn’t your thing, there are plenty of agencies out there who can help.
Now You Know How to Start a Self Storage Business
Now that you know how to start a self storage business, all that’s left is to get to work!
We hope that these tips have given you some inspiration to go out there and make a real success of your business. If you’re looking for support then we’re here to help. Our mission is to supply the tools that can give self storage investors the ability to profit in the hottest form of real estate.
Our self storage starter course will teach you every aspect of self storage investing. Get access today.