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Beyond The Hype - The Truth About Today’s Self-storage Industry
By D. Brown
Conflicting descriptions of no-risk investment and reports of a collapsing self-storage market have potential self-storage business owners scratching their heads. Can self storage units stay on top of the undulating economy? The answer is: Yes, with few exceptions.
Elementary economics
Some reports have assumed that the recent rise in mini-storage businesses has outstripped demand, threatening the success of new ventures. In truth, the self-storage industry has grown leaps and bounds since its beginnings in the 1970’s but the demand has grown as well. Surprisingly, the increased supply of self-storage units has managed to stimulate customer interest.
Self-Storage Popularity Spurs Market Expansion
As communities have become more familiar with self-storage enterprises the market has actually expanded to include the needs of local businesses. Easy access, convenient office hours, and no long-term rental agreements make self storage facilities very attractive to retail, contractor, and home-based businesses. According to a report from the Self Storage Association in 2000, storing files, medical records, excess inventory and equipment makes up as much as much as 30% of the business in today’s self-storage
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market.
Proper planning is the key to successful self-storage investment
Because self-storage continues to have very low failure rates in comparison with other real estate ventures, self storage buildings have become a popular investment for young people eager to start careers, and retirees looking for a second vocation. Some of these new investors fail to examine important factors like location, land costs, legal issues, and construction and maintenance challenges, before they start spending money. Attention to these details can go a long way to ensure self-storage success.
Location, Location, Location
Choosing a site is one of the most difficult decisions to make. Usually an ideal site is one that is located on a major travel corridor and is highly visible. Still, cost is an important factor. If you pay too much for a prime building site, the pay off might eat at profit margins for years to come. It is crucial that this decision be researched thoroughly. Hiring an experienced consultant is advised.
Partners with industry experience offer advantages
Manufactured steel buildings offer quality space at a minimum cost and can help minimize the stress of getting your new business underway. Choosing the right supplier before you build your mini-storage site can help you overcome a lot of obstacles. An experienced supplier will guarantee durability, suggest reputable construction crews, and provide you with buildings that meet the specific regulations for your site.
Pleasant Surprises
New owners maybe surprised to discover that their units are full right away and additional units are needed to keep the proceeds flowing. Your manufactured steel building supplier should also be able to help you expand quickly and cost-effectively to keep up with demand.
Maybe the worst hype about the self-storage industry is that new self-storage owners face many trials and tribulations on the road to success. Like any new venture, the self-storage business does have its challenges, but with a little research and the right space most mini-storage start-ups thrive without tremendous struggles.
By: D. Brown
Visit our website for an insider look at the Self Storage industry. You can also sign up for our informative newsletter, or receive a free quote on steel mini-storage buildings.
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