You have decided that the self storage industry is a space that you want to get involved in. Like any new venture, setting up a self storage facility or investing in self storage requires homework. Here are 6 steps to help you ensure your venture is a success!
1. Market Research
Before you jump into a self storage project, it is vital to research your market. Use demographics or market research companies to discover who your customers are in the area.
2. Business Plan
With the in-depth information you have gathered on self storage with market research, you can start writing your business plan. This is essential if you need a bank, an investor, or another party to help finance your project.
When you plan to build or purchase your self storage building, it becomes a substantial asset of your self storage business that appreciates over time; therefore, just like the real estate industry, location is vital.
4. Product Choice
After your location and building choice, your self storage product choice is one of the most important choices you will make regarding your self storage business. Keep an eye on the quality of product, warranties, and security aspects.
5. Set-up Budget
Aside from the purchase or rental cost of your self storage building, you would need to consider the following scope of works, external and internal building requirements, and self storage facility set-up.
6. Execution & Operation
The executional and operational stages of your self storage project come after you have built or secured a building and make your project real. These are the stages that require an experience supplier, involving hard work and dedication.
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