So you want to get into the self-storage industry? Interesting choice!
Going into the business of self-storage is very lucrative. With both regular people and commercial businesses needing to store their important items, a successful storage unit is a lucrative business for anyone to go into.
That being said, you’ll want to be informed about the self-storage cost factors that come with starting up your own operation. Many aspiring business owners make the mistake of wanting to get started on their endeavors before they have the information they need to be successful, and in most cases, they end up failing as a result.
Of course, you don’t want to be in this predicament, which is why you’ve decided to get the answers you need before you begin. This article will give you the details on what it will cost to build a self-storage unit and what it will take for you to run it. Keep reading to find out more!
Starting a Business: How Much Does Self-Storage Cost?
Like all businesses, the cost to start up a company will vary by region. That said, the average cost to build a single-story self-storage unit is usually around $25 to $40 per square foot, whereas the cost to complete a multi-story unit is around $42 to $70 per square foot. Of course, this price only includes the building itself, as the land you build the unit on will have its own separate price depending on the location.
What Do I Need for My Business to Succeed?
This question depends on the owner’s preference as well as the location of the storage unit. Do you want to make a large unit for businesses? Are you trying to offer amenities? What’s the monetary value or the consumer you’re trying to attract?
In general, most storage facilities that are considered state-of-the-art offer around 70,000 to 80,000 square feet of rental space and will be paying around $60 per square foot to create the installment. This may all sound like a lot of numbers, but a prosperous storage unit with a healthy amount of occupants can expect to see its full income within 18 to 24 months – a short time for such profitable success.
Let’s Get You Started
Now that you know about the self-storage cost factors that you need to be aware of, you can begin planning out your self-storage business with confidence. However, knowing the cost to build a self-storage unit is only the beginning. You’re going to need to learn all about the different ways you can succeed in the self-storage industry and secure your place at the top of the game. We can help you achieve your goals.
At Self Storage Investing, we specialize in training people like you who wish to break into the self-storage industry by equipping you with the tools that you need to dominate in the industry We offer a wide selection of features and programs, including mentorship programs, the self-storage evaluator software, plenty of starter system packages, and even our very own self-storage live and virtual academies.
Ready to get started? So are we. Check out our site to find out more about what we do, or reach out to us so we can set you up for self-storage success!