Building and opening a self-storage facility that stands the test of time requires more than just a solid foundation – it also demands market awareness, strategic planning and adaptability. Whether you’re a seasoned investor or just starting out, taking certain preparatory steps can help your self-storage business achieve long-term success and profitability.
From selecting the right site to conducting feasibility studies, here are some helpful tips for positioning your self-storage facility for lasting success.
Evaluate Feasibility
Conducting a feasibility study is key when planning a self-storage business. This helps you assess the demand in your area for storage space. It also helps you determine what types of storage units are attracting consumers in your region, i.e. traditional storage units, boat or RV storage units and so on. You may wish to hire a feasibility consultant to help you in this area. This type of professional can provide valuable insight while helping you avoid common industry pitfalls.
If you would like to learn more about feasibility studies or contact a consultant, Mini Storage Outlet offers resources to help you get started on your mini-storage project.
Secure Financing
Many self-storage entrepreneurs lack the funding needed to open a self-storage business outright. However, there are options available if you need to secure financing before you can do so. Many people looking to open self-storage facilities take out conventional, SBA or joint-venture loans. Each option has its own benefits and drawbacks, but securing financing can help you get your business off the ground until it starts making money on its own. Contact Mini Storage Outlet or Anna Taylor at Live Oak Bank to figure out which financing option works best for your situation.
Select the Right Site
Once you determine that enough demand exists to support a self-storage business in a particular community, you’ll need to find a place to build it. The right site will be in a flat, visible and high-traffic area zoned for mini storage use. You should also select a site in a low-crime area to enhance security and give your renters peace of mind.
Create a Site Plan
Once you have a particular site in mind, the next step involves putting together a site plan that outlines the layout of your facility’s storage units, vehicle flows, property setbacks, parking areas, water detention areas, access points and so on. Creating such a plan helps you maximize the space you have available. It also helps ensure smooth traffic flow and operational efficiency. The plan also comes into play when it’s time to secure permits and approvals from local building departments. View sample site plans, see site plan essentials, and get in contact with a site planning consultant.
Secure Proper Permits & Approvals
Another important step in the self-storage planning process involves securing appropriate permits and approvals from city officials. This ensures you comply with proper zoning laws and building codes. It also helps you avoid potential fines or other major problems down the line.
Find Affordable Buildings
Finding affordable mini storage buildings is another important step in opening and operating a profitable self-storage business. By opting for pre-engineered steel construction, you can keep initial investment and operational expenses low, thereby maximizing the return on your investment. Affordable buildings also allow you to offer competitive pricing to customers, helping you attract and retain a steady stream of rental income over time. Visit our price specials page to browse discounted buildings or contact us for a quote.
Make Plans for Future Expansion
Another smart way to build a sustainable self-storage business involves putting plans in place for future expansion. For example, you may want to select a space that offers room for growth in the form of additional mini storage buildings or outdoor storage areas. This is especially helpful if you’re opening your facility in an area poised for population growth. Anticipating future demand also helps your self-storage business stay flexible, making it easier to adapt it in line with market changes or evolving consumer needs. Planning for growth is also an essential piece of the site planning process, with strategies like building in phases as laid out here.
Creating a sustainable self-storage business requires careful consideration and strategic planning at every step. By taking the time to cover your bases, you can minimize risks, maximize profitability, and, ultimately, position your self-storage business for long-term success.
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Mini Storage Outlet
Address
7631 Shaffer Parkway, Suite C
Littleton, CO 80127
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M-F: 8:00 am-5:00 pm (MST)
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800-486-8415
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