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Tips for Starting Your Own Self-Storage Business

By Edited Oct 19, 2015 0 0

Starting your own business provides the opportunity to be your own boss as well as determine what type of salary you earn based on your profits. There are a number of different business ventures for you to choose from when starting your own company including self storage. Providing people with space to store their things has the potential to be highly profitable if you learn in advance how to start a self storage business.

Develop a business plan. Write out a plan for managing the different aspects of your business such as the finances, staffing and marketing. Meet with a general contractor to get an estimate of how much it would cost to construct your storage business based on the size and number of units you desire. Determine how much initial money you need to start a self-storage business based on building costs as well as the cost of security, staffing and promotions. Visit the website of Rockford College to access a guide to assist you in writing your business plan.

Obtain financing. Check out the website of the U.S. Small Business Administration to learn more about guaranteed loans specifically created for individuals wanting to start their own business. Find out if you qualify for one of these loans or a business loan from your bank or credit union. Be prepared to explain the financial aspects of your business as well as provide a copy of your business plan before being approved for the funding.

Register your business. Get a federal tax identification number for your business online by completing the form available on the website of the Internal Revenue Service. Use this number on paperwork to identify your business similar to how you use your social security number to identify you as a person. Obtain a business license from your local city hall or county government by completing a license application and paying a licensing fee.

Construct the facility. Determine the type and size of self-storage units you want to offer for rent to customers. Meet with an architect to create the layout and blueprints for your self storage business. Take bids from general contractors to find which company can provide the product you want for the cheapest price. Hire the contractor you prefer based on their bid. Ensure that you have all the proper zoning and building permits required by your city prior to starting construction.

Install security. Construct a gate around the self-storage business to allow only those with a key or pass code to enter the facility. Put security cameras around the business to monitor the units. Hire security guards to work in the evening and night hours to monitor the cameras for any action and address any problems that arise.

Create a contract. Meet with a lawyer to develop a contract you can use with clients renting a storage unit. Include information about the disposal of property once a tenant has stopped paying their storage fees. Put a release of liability clause in the contract to protect your business.

Market your self storage business. Conduct general advertising to the public using mass communication channels such as the internet, television, radio and newspaper. Target populations in need of additional storage such as apartment dwellers, retirees downsizing their home and families moving. Network with other business owners and leaders in the community to promote your self-storage business to commercial businesses that need storage space for supplies or records.



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