If you’re interested in investing in real estate but don’t feel like dealing with tenants, toilets, and trash, then starting a self-storage facility may be the right call for you. It’s a booming industry that has only grown since 2012 and promises to keep growing for years to come.
This is a passive investment that you don’t need special training or a college degree to find success with.
If you aren’t sure how to start a self storage business, keep reading to find out!
Write a Business Plan
The first thing any successful business needs to succeed is a solid business plan. This is a comprehensive document that includes your mission statement and all other facets of your business.
Not only is this a good thing to have to keep you on track, but it’s also what banks and other investors use to determine whether or not to buy into your idea.
While the overhead needed to start a self-storage business isn’t that high, there are still some fees you’ll have to consider. You’ll have to find the location, turn it into units, and install any necessary features you want to include.
You’ll have to fence and gate your property, decide how much to pay your employees, and consider what upkeep and maintenance fees to include.
Don’t forget about the cost to market and ensure your business as well!
Pick a Location and Protect It
You’ll need plenty of space in order to have a large self-storage business. With a lot of space comes a lot of risk, so you’ll want to protect it with the right kind of fencing and security cameras.
You’re better off searching for a location in a highly-populated area where people tend to go when they downsize.
Market, Market, Market
Once you’ve got your business up and running, you’re going to have to figure out how to get people to come to you instead of your competitors. The internet has made this easier than ever before.
While a self-storage facility might not have the same social media requirements as other businesses, it’s still a good idea to get your name out there on the various platforms that your ideal client visits.
Go the Climate-Controlled Route
While it may be tempting to go the less expensive route of units with no climate-controlled features, this is one area where you can get a huge return on investment. There is a cost to consider, but people will pay more money for a facility that can promise their goods won’t get damaged in the elements.
How to Start a Self Storage Business
Now that you know how to start a self storage business, why not consider it for your own investment opportunity? Owning a self-storage facility is a great way to earn income from real estate without having to deal with messy tenants or costly damage to your home.
For more information about how to start a self-storage business, contact us today!