4 things to know before you become a self-storage company owner
Launching a self-storage company can be challenging, and running it can be daunting. This statement is enough to dampen your dreams of becoming a storage company owner. But your dreams can come true only if you take the time to study the market, analyse the competition and know your audience. Ahead of you is a huge managerial task that needs expert knowledge. So consider these tips before jumping into the industry.
Probably you’re planning to build a self-storage facility in the city or suburbs. That’s wise of you! As these areas have a lot of traffic and are close to potential tenants, your success is certain. You’ll get exposure, which means more business. However, getting land in such places is a headache.
Even if you get a piece of land, you’ll have to consult the local planning authority before you start building and make sure the place is properly zoned. Also, land prices in towns are too high. If you’re cash-strapped or finding land in the metropolis or suburbia seems challenging, then consider setting up your business in a vacated building or small parish next to town.
The old adage, survival for the fittest, serves as a wakeup call for you. Competition is rife in every industry, and the self-storage sector is no exception. The bigger storage companies command a large number of customers, units and capital, making it hard for small businesses to flourish.
Things get even harder if you’re just starting out. It’s often difficult to penetrate the market and grow your clientele. But you can turn this around if you come with a bang. Discounting and marketing work the magic. Marketing enables you to promote your brand and to reach your demographic. Discounting attracts clients enabling you to compete with the “giants” in the industry. This has been demonstrated by Able Self Storage Adelaide.
Many companies often flop, not because of financial constraints, but due to losing customers. Clients are the lifeline of your business. Lose them and you’re out of business. As a self-storage company owner, you need to retain your existing customers and find new ones. Reducing prices will do the trick, but it’ll drain your money making efforts.
So the best, easiest and cheapest way to get a constant stream of loyal clientele is offering exemplary customer service. Treat customers exactly the way you would want to be treated. And make sure their possessions are secure and organized. That way, you’ll get repeat business and referral business.
Buying or building a self-storage facility is just the beginning. You need to maintain the property and ensure it is secure. Do your best to ensure you’re around and can monitor everything. Use web-based management software to track and see what is happening, or has happened, in your facility.
Remember, people have entrusted you with their property. If the items get damaged or stolen, you’ll be somewhat liable. Also, know when to hire and fire employees. Obviously, hiring is necessary when there’s high demand for storage services. And firing is ideal when expenses are too high or a worker is misbehaving.