Are you looking to maximise your self storage investment? You are not alone. The self storage sector has experienced consistent growth, establishing itself as a promising asset class. For entrepreneurs, developers, real estate owners, and other investors, self storage offers a valuable opportunity to diversify portfolios.
While the return on investment in self storage can be impressive, achieving success depends on several factors. In this blog, we explore the essential areas to consider for maximising your investments.
1. Research and Location
Begin by consulting industry resources, such as the Self Storage Association UK (SSA UK) or FEDESSA, to gain insights and expert advice.
Conduct thorough market research, including creating a business plan, assessing feasibility, competition, demographics, and demand in your target area.
Researching and carefully choosing the right location, will establish a solid foundation for your self storage business and optimise your investment’s potential.
2. Building and Future-proofing your facility
Building a self storage facility begins with selecting the right storage products. From partition systems and doors to lockers and external units, there are many options to choose from. As more tenants value digital locks and app-based systems, incorporating access control solutions is also worth considering. Additionally, it is important to consider long-term strategies, such as revenue diversification and expansion, to future-proof your business.
3. Your Team
Creating a successful business starts with assembling the right team. Implement a thorough recruitment process, followed by ongoing training and regular reviews to ensure staff development.
Remember to plan your budget and understand what motivates your team beyond pay to foster engagement and loyalty. A happy, well-structured team can improve customer experience, driving your business toward success.
4. Operational Excellence – Software systems & Internal Store Processes
Operational excellence is a critical component in maximising your investment. Optimising your facility’s operations, not only enhances customer satisfaction but also improves efficiency, reduces costs and increases profitability. Using Property Management Software systems and robust internal store processes can make a significant difference. Software systems have the ability to streamline operations and provide valuable insights into your business performance whereas, internal store processes are important for the seamless operation of your facility. Both come hand in hand.
5. Marketing
Marketing is essential for any business, and self storage facilities are no exception.
By leveraging a mix of online and offline marketing strategies, you can effectively reach potential customers and maximise your investment. From targeted social media campaigns to community events and local advertisements, a well-rounded marketing approach will help you stand out in a competitive market and attract more clients to your facility.
6. Revenue Management
Revenue management involves several key practices that, when implemented correctly, can significantly enhance your profitability.
There are a few strategies such as data collection and analysis or demand forecasting, that you can use to effectively implement successful revenue management, optimise your financial performance, and ensure the long-term success of your self storage business.
Want to learn more?
To help you navigate these complexities and fully leverage your investment, we have compiled an in-depth eBook titled “A Guide To Maximising Your Self Storage Investment.”
For further details about our self storage and access control solutions, contact us at sales@januseurope.com or call +44 (0) 20 8744 9444.
