Have you ever felt like there's too much stuff in your house? You’re far from alone, which probably explains why so many people buy storage space. The self-storage market was worth USD 48.02 billion in 2020 and is expected to be worth USD 64.71 billion by 2026.
Starting a self-storage business costs a lot of money, but once it's up and running, you can make a steady income without doing much work. You just rent out units, get paid, and move on with your business.
But to get there, you need to work hard and know what you're doing. You may also need self-storage SEO.
This step-by-step guide will give you all the information you need to start a successful self-storage business. These steps will be divided into two phases: business planning and business start-up.
Self-storage businesses can be very profitable. You are responsible for your customers' personal belongings, so you should ensure that you are ready to handle this responsibility.
Before you start the business, you will need to do some careful research and detailed planning.
Self-storage is a rapidly expanding small business sector that, if approached correctly, can be highly profitable. The best way to ensure success is to conduct thorough market research before investing time, effort, and money.
A clear understanding of local demand, local competition, and potential profit margins is essential before embarking on a new business venture.
When conducting your market research, consider doing the following:
Once you know what the local storage market looks like, it’s time to make SMART goals. It helps to ask yourself the following questions when doing so:
RELATED: SMART Goal Examples
As you set your goals for your business, keep in mind that using the SMART grid will help you narrow your focus and put more attainable milestones along the way.
An estimate of your start-up costs is a necessary first step before moving forward. Some call these "sunk costs," which are the expenses you will incur to get your business up and to run.
RELATED: What Is A Sunk Cost?
Before launching a new business, you must have enough money in the bank to cover your startup costs. Start-up costs can include everything from renting a storage facility to creating a website and printing marketing materials.
An established budget helps you stay focused on your goals and ensures that you are making progress toward those goals.
Your business plan will probably be the most important document you ever write. It will include the results of your research on the market, your projections of costs, and your goals for your company's future.
If you want to obtain funding from outside sources for your company, you need to have a business plan that is credible, extremely detailed, and well-researched. It should incorporate all the following elements:
Remember that a solid business plan will help you make a case for a higher valuation.
Developing a well-thought-out marketing strategy is the final piece of your business plan. Since every business is unique, finding the right marketing strategy requires both creativity and adaptability on your part.
In the early stages of your marketing plan, you should focus on the following areas:
By making a plan, you can be sure you're reaching the right people with services that interest them. The more time you put into making a clear plan, the more chances you'll have to make sales.
Now that you've completed the planning stage of your business, it's time to start putting those plans into action.
Starting a new business requires outside funding to help you get it off the ground and cover your startup expenses. Financial institutions need a detailed business plan and financial information before considering your funding request.
You'll be expected to write about and be ready to answer questions about the following:
Getting off the ground can be challenging for new businesses but keeping them on track is even more difficult. You will need a well-crafted business plan and all the necessary documents to get funding.
To run a successful self-storage business, you'll need a location where your customers can keep their belongings.
Look for a location with a lot of traffic and proper business development zoning. You may want to consider these two options:
Wise location decisions can significantly boost a company's long-term performance. Poor ones can cost tens of thousands, if not millions, of dollars in lost talent, productivity, and capital.
If you own a small company, you are responsible for ensuring that it is correctly registered and complies with all applicable tax and legal regulations.
So, before you go any further, look into licenses issued by the federal government and individual states.
An organization like the United States Small Business Administration (SBA) can help you figure out how to deal with all the paperwork that comes with starting a new business.
Hiring a lawyer specializing in the laws and regulations that apply to small businesses would also be best to ensure that everything is taken care of properly.
People evaluate a company based on its online presence. This is why businesses of all sizes devote time and resources to building their brands.
The same is true for your self-store company—it needs branding.
Building your company's brand is about making a solid first impression on potential clients and customers.
From your logo and color scheme for your website to the content you create, you can create a brand image, personality, and message that connects with your customers.
After developing your company's brand, it's time to establish your online presence.
The ease of finding a company or brand online indicates its online presence.
There are countless ways to establish your online presence, but the first step is to create your website.
Your website is essential, but it does not have to be overly complicated for a self-storage company. Remember that this type of business relies on finding a dependable, cost-effective, and simple-to-use website for its customers.
Once you've established a solid online presence, it's time to step up your marketing efforts and start interacting with potential customers directly. You can reach out to people in various ways, from direct mail and flyers to social media.
You can even try your hand at search engine optimization (SEO).
SEO is the process of getting traffic from search engine results. Its goal is to help your website rank higher in search results. Trust us when we say self-storage SEO is the most effective way to increase your online visibility!
RELATED: SEO for Self-Storage Websites
When you're in the self-storage business, you can count on self-storage SEO to bring you most of your inquiries and customers.
The build-up to launching your business is always exciting. Why?
Many entrepreneurs have told us that setting sail into the unknown excites them; they have so much control during the planning stages, but once a business is out in the world, you are now in completely uncharted territory.
That may not be the most comforting thought, but if you need a partner to help you grow your business, we can help.
At Digital Resource, our self-storage SEO experts will increase your company's online presence and get you booked all year round.
Contact us today to find out how we've assisted other businesses in converting online leads into sales and how we can do the same for you.