The Self Storage Business: Breaking In
by CELTICBANK on JUNE 1, 2011
With over $20 billion in revenues last year and as one of the fastest growing industries for the past 35 years, the self storage industry is a great niche to start your small business. Here are a few tips to help you get on your way to opening a self storage business in your community:
1. Identify your competitors
Learning about your competition will not only help you decide where to locate your self storage business, but it will help you decide how to run your self storage business. Look up several facilities in your area and answer these questions: How many units does your competitor have? What type of security do they offer? How much do they charge? And are they in a convenient location? By knowing your competition you can learn from their mistakes, customize your facilities, and build your business in a more convenient location to the customer.
2. Know the laws
Before you begin the search for your self storage location it is important to know the state laws governing self storage in your area. As the owner of your own storage business you must know the laws about zoning, collections, privacy of customer information, and lien sales and auctions. Self storage lien laws vary widely by state and are updated frequently so it’s essential to become familiar with these regulations.
3. Create a Business Plan
After you know your local laws about self storage it’s time to create a business plan. Your plan should include an overview of the services you will offer, your target market, how you will reach them, what sets you apart from the competition, and your plans for financing. The Small Business Administration (SBA) is a great resource when it comes to planning for the financing of your self storage business. They understand the costs of opening up a new business and can help you get started in the search for a lender.
If you need financing for you self storage facility Celtic Bank can help. Celtic Bank specializes in small business loans and will walk you through the financing process so you can focus on more important things; like the success of your self storage business!