Starting a Self Storage Unit Company – Sample Business Plan Template
Step 1. Carry out Your Survey
First and Foremost, what you need to do before venturing in into self storage business is to carry out your survey. You need to carry out a survey to be able to know if such business is needed in the area you intend establishing it, and how much people will be willing to pay to store their stuffs for a short period and loads of other factors that will guide you to make informed business decision. No smart business man or women would want to invest his or her money into a business venture that they aren’t sure will fetch them money.
Step 2. Raise Capital
It is a fact that building a self storage unit is capital intensive; so if you intend going into this type business, you must have counted the cost and then raise the required capital. There are various ways you can raise capital for your business, you can raise capital through obtaining loan from the bank, you can raise money from investors, personal savings, and you can also raise capital to start your business from your families and friends.
Step 3. Acquire a Land or a Property
If you have done your survey and you have raised the required capital to build your self storage unit business, then you should engage real estate agents to help you look for land or a facility that you can buy. Buying a land or a property to build your self storage unit is the major area where you will spend the bulk of the capital you have been able to gather. It is important to buy a property in a safe location where people can easily access.
Step 4. Equip Your Facility
The next thing to do after acquiring and building your self storage facility is to equip the facility. It is important to build rooms, cabins, boxes and any form that you know people could use to store their goods and commodities. You would have to install security and safety gadgets because basically that is what people will look for before renting your storage units. So ensure that you get the best of security and safety gadget so that you will be able to attract clients to patronize your business.
Step 5. Purchase the Necessary Insurance Cover-:
You would need to buy facility insurance cover for your self storage unit. You can as well talk to your insurance broker to tell you all the required insurance cover that you would need to run this kind of business. Your lawyer can also be of help in this regard.
Step 6. Talk to a Lawyer to Help You Draft Terms and Condition
If you want to successfully run your own self storage unit business without always running into troubles, then you should hire a professional (lawyer) to help you draft terms and condition for your business. Much more than drafting terms and condition for your business, you should always ensure that your customers go through the terms and conditions before signing the business agreement or document. If these are not in place, you might end up using your money to pay for damages on a regularly basis.
Step 7. Promote Your Business
If you want to make money from your business, then you must go all the way out to promote the business. You should identify those that you know can patronize your business, locate where you can get them and market your business to them. If you know you have state of the art facility with top notch security and safety gadget, then you should use that as your selling point. There are many ways you can promote your self storage unit business; you could use the internet, print media, TV, Radio or any medium that suites your budget.
Beyond the fact that starting a self storage unit business is expensive, it is also a very risky venture, you should be able to understudy the risk involved in running this type of business, and develop strategies that can help you minimize or avoid the risks. Over and above, if you follow all the steps discussed above, you would confidently build a solid and highly profitable self storage unit business from the scratch within a record time.
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