How to Start a Self Storage Business

Owning a self-storage business can be very lucrative if established correctly. However, you are responsible for the personal property of your customers, so you need to make sure that you are prepared to manage that obligation. If you are looking for steps guiding you on how to start a self-storage business, consider the suggestions below.

Steps

1
Research whether you need to register or license your self-storage business and its name.

2
Learn what your tax responsibilities are. As a business, you will also be able to deduct business expenses. Ask your accountant what paperwork you need to keep in order to file your tax returns correctly.

3
Shop around for the best insurance for your self-storage start-up. You should protect your business assets in addition to the personal property of your customers. Meet with an insurance agent to find out what options you have when purchasing insurance.

4
Choose the location for your self-storage business. Consider some significant factors when selecting a location. The size of the land you need will be dependent on how many units you want and the size of them. Additionally, when selecting a location, you should be in a safe area, and close to a large population of potential clientele.

5
Map out a layout for your self-storage units. Research your options, and decide which layout would be most profitable. Decide what size units you want to provide. Remember that if you offer a few different unit sizes, then you will be able to accommodate more customers.

6
Shop around for construction companies who specialize in self-storage units and who can assist you in constructing your units. Write down the specifications of your units, and ask 3 of the construction companies to quote your project. Make sure you choose secure materials for your units, and that they will be easy to maintain and remain dry. Consider offering a separate facility that is climate controlled and reserved for valuable and sensitive items. Select the construction company that meets your budget and layout specifications.

7
Keep your storage buildings safe. Set up a security system, and offer well lit areas for customers who use the facility at night. A secured entry is expected of all storage facilities.

8
Choose your prices. Research the surrounding area for other storage facilities, and find out what they are charging. You want to be competitive, but you don't want to be too inexpensive. You need to make a healthy profit. Therefore, opt for rates that are a happy medium.

9
Establish a budget for advertising. Consider television and radio advertising, if you have the funds. Other options include advertising in the local newspapers and trade magazines. Consider an incentive for referrals. For example, you could offer a free month of storage for a referral.