How to Start a New Mini Storage Business

Starting a new mini storage business could be a good business investment. The storage business is usually steady, because people are always going to have items that they do not have room for. With this in mind, you may be able to make a nice return by starting a mini storage business. If you are considering getting into the storage business, there are a few things that you need to consider. 

Education

The first thing that you need to do is get educated on the mini storage business. There is a lot to know and before you get involved, you need to learn everything that you can. A little education on the front end can prevent you from making a big mistake later. The mini storage business is not for everyone. If you want to be successful, you need to make sure that you will enjoy the business, first and foremost. 

In addition to learning about how the business works, you need to research start-up costs. You need to get estimates about the type investment required to get it started. You need to see exactly how much you can make in the business as well. You need to find out what a realistic percentage of occupied units is. Basically you need to learn the business inside and out, before you get started. 

Assess Market

Another thing that you will need to do is assess the market. You need to look at the characteristics that make up the individual market that you are considering starting in. If you are dealing with a market that already has several mini storage companies, it may not be in your best interest to put another one in. Once the market gets to a certain level of saturation, it may not be able to handle any more units successfully. You want to be sure and build your units in an area that is not serviced by a mini storage business. You want to find an area that is in great need of what you have to offer and then base a big part of your decision on this information. 

Get Started

You will need to acquire the right piece of property. This should be done with care as location is everything in this business. Be sure to read all of the paperwork and understand everything before you sign. Hiring someone to help you with the purchase, like an attorney, is also recommended.

Once you have the property, you will need to hire a company that is experienced in building self storage units. Then, you will be ready for business and need to market the location as soon as you open. Get the word out that you are in business, offer open houses and discounts for new tenants to get your company started. Be informed about the competition and their rates so that you can offer something just a little better and remain competitive.

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