Owning A Mini Storage Business

According to research by self storage experts at parham group a 29 6 percent return on investment is a typical self storage profit margin.

Owning a mini storage business. I recently got the opportunity to chat with cj bardy co owner of storage place in stonington connecticut and pick his brain on advice for new storage owners and builders. The storage unit business is one where individuals due to personal reasons can rent or lease a storage unit to store their personal and or business belongings. Owning a self storage business can be very lucrative. A self storage business makes it easy for people to store their personal belongings without the hassle and clutter of keeping things at home.

True commercial development of self storage began in the late 1960s by the pioneers of the self storage business who recognized a growing demand for residential and commercial storage. You will need to do some careful research and detailed planning before you start the business. List of the pros of owning storage units 1. An equity partnership with each partner chipping in a certain amount of cash and owning a share of the business.

You are responsible for the personal property of your customers so you need to make sure that you are prepared to manage that obligation. Assess all the costs so you can plan your business appropriately and maximize your chance of success. These were the real estate developers who ventured out and set the stage for the industry that we know today an industry that has doubled in. If you re new to owning a self storage facility or you re looking to build a new facility and need some expert tips you re in the right place.

Owning a storage unit can be a great business but it s important to know all the related costs and risks so you can develop a realistic business plan before you jump in. Starting a storage unit business. The storage unit business is a sector under the real estate business and as such depends largely on the economy in order to thrive. Our self storage building packages require a low initial investment feature expandable walls so you can accommodate a variety of customers and can be easily expanded in the future.

Each partner owns a certain percentage of the business. A syndicate of accredited investors assembled for the sole purpose of buying or developing a facility. Owning a storage unit business gives you the opportunity to provide this needed service to your entire community. A joint venture with say a self storage developer.

These businesses also cater to other businesses who need storage space for equipment like office supplies furniture and more.