If you've been researching the self-storage industry you're likely getting some mixed messages. While some industry experts are calling self-storage a no-risk investment others are predicting a disastrous collapse in the self-storage market. As you sort through the hype, you're likely to discover that the truth lies somewhere in the middle.
Statistically speaking, self-storage is a good investment
Some reports have assumed that the recent rise in mini-storage businesses has outstripped demand, threatening the success of new ventures. Yet, studies conducted over the past ten years by National Development Services show that self-storage businesses thrive even when the economy fluctuates wildly. The same study found that self-storage businesses had a failure rate of about 8%, a far cry from the 50% to 60% failure rates of more traditional real-estate ventures.
Expansion in the self-storage market
The increased supply of self-storage units over the last twenty years has actually stimulated consumer interest, allowing the market to expand to include the needs of 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 30% of the business in today's self-storage market.
Offering a variety of storage space dimensions and climate-controlled storage units can make your self storage business even more attractive to business clients. A good supplier, like American Steel Buildings (www.gosteelgo.com) can help you configure your steel mini-storage buildings to meet the needs of your particular market.
Your successful self-storage investment starts with a plan
With such high success rates many newcomers are entering the self-storage industry. A self-storage or mini-storage business can be a great career for young people just starting out, or for retirees who aren't quite ready to retire. However, some of these new entrepreneurs 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 is key to self-storage success.
Location, Location, Location
Choosing a site is one of the most difficult decisions to make when you begin your self-storage business. The Mini Storage Messenger, a resource center for the self storage industry, says that an ideal site is one that is located on a major travel corridor and is highly visible. Still, cost is an important factor. Perfect locations are sometimes pricey. This is one area where it pays to hire a professional consultant.
Choosing reputable partners
For quality space at minimum costs, you can't beat manufactured steel buildings. The right steel building supplier can minimize the stress of getting your new business started and help your business flourish in the years to come. American Steel Buildings (www.gosteelgo.com) has worked with the self-storage industry for nearly thirty years. They can guarantee durability, suggest or provide reputable construction crews, and build a facility that meets every single regulation in your specific area.
Unexpected SuccessWhat may surprise newcomers to the self-storage industry is how quickly their planned units fill up. When this happens additional units will be needed to keep the profits rolling in. American Steel Buildings will be there when you need them to help you expand quickly and cost-effectively and keep up with demand.
Visit www.gosteelgo.com to receive a free quote on steel mini-storage buildings or sign up for a free self-storage industry newsletter.
