Did you know that the self-storage market is one of the best real-estate investments that will profit you almost guaranteed? It costs very little to start up a mini-storage business and you can make money quickly to pay back the initial investment. You can utilize good quality steel storage structures, particular tax breaks that might be available, and you’ll have the advantage of how widely needed self-storage is.
There’s always room for you in this business. The number of people who use self-storage is increasing. The older, baby-boomer generation, who save everything, is now retiring and needing to downsize while the new generation is constantly buying more. They accumulate more things then they really have room for. Especially things like seasonal decorations, sports equipment, collectables, and more.
Commercial customers use self-storage as well. As long as the facility has short-term rental available, easy access hours, then many contractors, retail, or business based at home will utilize them. About thirty percent of a business is just the storage of equipment, inventory, and important files. If you plan your facility well and offer plenty of options, like controlled climate, then these businesses will turn to you.
Even though we know that self-storage is a very beneficial investment, it’s always important to carefully plan ahead and not overlook important details. Always think about the legal issues, maintenance, construction, location, and cost of the property. Your building supplier should be able to answer many of your questions.
The top most important decision that you’ll have to make is the location of your facility. You’ll want one that is on a highly traveled road, and that is easily visible from the street. It can be hard to do this with a budget. Do the necessary research and think about employing a consultant to help you decide.
Some advantages to this industry are:
- Low operating and maintenance costs
- There is always a constant demand
- You can control the rent monthly
- No one individual can ruin your business
- It is very hard to fail at this business
So, if you do the proper research and plan effectively, then you will own a thriving business right away. You may even need to expand, as the units fill up quickly.