Search All Louisville Homes

Starting A Self Storage Facility

Guest Blog by Tyler Robertson

There are very few businesses that allow people the opportunity to
participate without having prior knowledge of the company. Many people
view public storage in Santa Monica as a great way to invest in a business
even if they have been working in another field for several years. As with any
type of small business it is important to create a business plan.

Getting Started
There is no magic formula available to starting a self-storage facility.
However, there are some steps that should be followed in order to ensure
success. The first thing that you need to do is to realize that you are going to
need professional help when you are getting started. No matter how large or
small of a facility you are planning on opening you will need to put together a
team of professionals to help you throughout the process. Some of the
people that you should contact include:
• Real estate agents
• Attorneys
• Contractors
• Building suppliers
• Engineers
• Architects

This is just a few of the professionals that you may need to contact when
getting started. There may be more as well.

Site Selection
One of the most important decisions that you will make when starting a
public storage is the site location. If you currently own a piece of property
you must determine if it is a good location for a self-storage facility.
There are several things to be considered when choosing a site for your
storage facility. First, you need to determine whether or not it is the right
size. You also need to determine if the configuration for the storage buildings
will work on the land. Where the facility is located is also very important, for
example: a good location for a self-storage facility in a place like Santa Monica would be one that is visible, on a major road which offers a lot of  traffic. In addition, there should be easy access available to the site.
Remember, storage facilities are retail businesses so they need to be
conveniently located and very visible in order to gain potential customers for
your business.

A market analysis will provide you with the information needed to determine
whether a site that has been chosen is a good choice for the storage facility.
After receiving a market analysis you can determine whether or not to go on
with the purchase or move on to a different location choice.

Market Analysis
The market analysis will show the type of individuals that work and live in
the area. This demographic information will include ages, income, whether
they are married or single, if they rent or own, and how many businesses and
residential buildings are in the area.
The demographic information that is provided by the market analysis will
help you determine how best to market to your potential customers. You will
also be able to identify any competition in your area. This will also show you
the demand for storage in a particular area.

Feasibility Study
When going through the process of starting a self-storage facility you will find
that a feasibility study is going to make sense. This particular study is similar
to a business plan and will cover specific information about the costs,
anticipated returns, traffic flow, competition, development costs, zoning,
permits, and a final recommendation as to whether you should continue with
the project.

Conclusion
Starting a self-storage facility can be a great investment for individuals that
are looking for something else. It is important to consider all aspects of the
business before diving in. A feasibility plan along with a market analysis for
the area that you are considering for your self-storage facility is highly
recommended.

Author Bio: Tyler Robertson owns a storage unit facility and in his free time indulges in writing professionally. Writing has always been a passion of his. He has ghost written a number of articles about the self-storage business and its various aspects.

 

Post a Comment

Search Louisville Homes

From our Blog

Posts By Category

All Categories Appraisals (2) Architecture (2) Buyers (12) Distinctive Louisville Homes (1) Economic News (21) Home Improvement (19) Homeowners Insurance (1) Interior Design (1) Kentucky Select Properties (3) Living in Louisville (36) Louisville Economic Development (4) Louisville Food (4) Louisville Market Trends (29) Louisville Music (1) Louisville Parks (3) Louisville Real Estate Videos (2) Louisville Roots (1) Luxury Real Estate Trends (11) Mortgage (4) Mortgage News (6) New Construction (2) News and Press Releases (30) Open Houses (1) Philanthropy (1) Property Videos (1) Real Estate & Technology (5) Real Estate Agents (2) Real Estate Branding (2) Real Estate Investing (4) Real Estate Laws and Regulations (5) Real Estate Marketing (1) Real Estate Trends (16) Relocation Tips (6) Remodeling (2) Retirement Real Estate (3) Schools (1) Smart Homeownership (3) Tips for Selling (12)

Posts By Month

Grab Our RSS Feed

BE THE FIRST TO KNOW!

Sign up for daily email updates straight from the MLS. Be among the first to know when new homes hit the market.