Menu
Schedule Demo

Let's Talk. We can't wait to hear from you. 

sales@adverank.com
800-761-8672

Storage units are in high demand in today's business world. More than ever, people nationwide need quality storage services to safely keep their belongings while experiencing convenience and excellent customer service.

However, this is a high competition industry. With that in mind, there are a few critical elements of the business to consider before opening your own storage unit business. 

Starting a storage unit business can be complex, so creating relevant information to guide the process is necessary. One of the first details is how much it costs to build your storage unit business. You might figure out how much it cost to build 100 storage units, which is a good size for most beginners. If you want to help with the calculations, try using a storage building cost estimator. 

When calculating your costs, many points add to the overall project, such as materials, contractors, equipment, etc. The storage building cost estimator can help you factor in those details to get an accurate figure. 

Another critical piece of information to collect is the estimated self-storage business profit. Knowing this figure helps you budget and provides estimates that allow you to determine if the business is profitable enough to be a viable effort. It helps to also check out other business models and determine which model is most similar or beneficial to your business efforts. It does not need to be identical, but taking pointers and incorporating business aspects from those models can prove highly beneficial. 

Building and opening a storage unit business is not the only angle to consider. You will need to allocate enough money to your marketing strategy to start your business well. A good marketing campaign is also essential for keeping your business in the public's eyes so you can continue to thrive.

Schedule Demo

Annual Income Owning Storage Units.

Calculating your estimated annual income owing storage units is essential.

You will know how to budget more effectively to avoid out-of-pocket costs, and it will allow you to understand what you can afford to do in your personal life. 

A good way to estimate your potential income owning your storage unit business is to take the annual rental rate. This can be done by calculating the average per square foot generated annually. Currently, that is approximately $9 per square foot. Then, you will take that number and multiply it by the average storage unit square footage. The average is $184,500 per year.

The annual income of owning storage units is considered lucrative in terms of national averages for income. Before you can begin, however, you need to know how much it costs to start a storage unit business with a storage unit income calculator, as mentioned previously. Once you have your figures, averages, and totals, you can determine if you still want to proceed with the project.

Is Owning A Storage Unit Business Profitable.

You are probably wondering if owning a storage unit business is profitable and how much it costs to start a storage unit business. As mentioned earlier, the annual income of owning storage units in Texas is approximately $184,500 annually for a 50,000-square-foot site.

If you open multiple locations, you can rake in a healthy profit. However, to be successful with another location, you will need to be successful with your first storage unit business. Calculate how much it costs to start a storage unit business and have a self-storage business plan. Don't forget to also use the storage unit income calculator. This handy calculator can tell you how much storage units make a month and other essential figures. 

But let's focus moment on the importance of having the right storage unit business plan. Having the right outline for conducting daily business, scaling, and growth allows you to move forward with fewer issues and know what to do and expect along the way. This is especially important during the first year.

Pros And Cons Of Owning Storage Units

There are both pros and cons of owning storage units. This is also true of any business. However, it does help you to know what to expect and adequately prepare for both to minimize any negative impacts on your business endeavor. 

Before moving forward, here are some common pros and cons associated with a storage unit business.

Pros
  • Thriving Market - There's plenty of need for storage units in any town across the country.
  • Provide a needed service - People need storage units when they can't store their items themselves.
  • Job flexibility - You can own a business that allows you to choose the hours you work and can provide you with the option to spend more time with your family or on other personal pursuits.
  • Good income - Storage unit profit is substantial across the country. If you work hard and have an adequate business plan, you can build a stable financial situation.
  • Potential to expand - If you do well with your first storage unit business, you can open more locations.
  • Tax benefits - In most situations, you stand to be in a favorable tax situation with the potential for write-offs and rebates. The tax benefits of owning storage units are a great reason to choose a business in this industry. 
Cons
  • Finding great employees
  • Finding a good location
  • Competition jjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjj

Although the cons can seem daunting at times, there are many more pros to consider that make this venture worthwhile. If you want to reduce building costs, consider the storage unit business for sale in your area.

Self-Storage Business Models.

If you want to know how to start a storage business, the first order of business is a self-storage business plan. Knowing which approach to the business structure can help guide you through the rest of the steps.

A business plan or business model will also help you understand which elements of the business to pursue and how the structure is laid out regarding partnerships and staff roles, for example. Some key elements of a business plan would include an outline of the following points of interest or business elements.

  • A mission and vision statement
  • Business structure
  • Ownership
  • Staff roles and positions
  • SWOT analysis
  • Marketing strategy
  • Costing
  • Revenue and capital flows
  • Expenses and projected costs

Self-storage business models help you understand how to start a storage business and give you storage business ideas that work for your location and specific offerings. 

An example would be if you plan to open your business as a sole proprietor and choose to create an LLC. Your business plan would outline these attributes and also guide your hiring process. This would be included in your business model if you plan to have a single manager with three employees for specific shifts. You'd also leave a section outlining your marketing strategy and budget for your campaign. 

You can clearly highlight these figures when it comes to costing the project and projecting capital flows and revenue. This information is of most interest to any business partners or financial backers such as a bank.

Self-Storage Marketing Plan

Your self-storage marketing plan is crucial to the success of your business. You'll need to allocate a healthy budget for your self-storage business in the business plan. Some key areas to consider can include the following. 

A self-storage business owner must have a strong marketing plan that includes tech-enabled ad management platforms like the one Adverank offers. 

The tech-enabled ad management service offered by Adverank considers analytics and data. Using that information, they create a healthy marketing campaign using pay-per-click advertising. This strategy creates traffic and boosts awareness and interest in your offerings. 

Adverank has a proven track record of boosting overall rent or sales and creating a stable market for businesses of all sizes. It's the ideal solution for potential storage unit business owners who must compete in this industry. It helps set you apart from other similar businesses in the area and gives you useful tools that you can count on to keep new customers showing interest regularly. 

Starting a new storage unit business can be challenging. Still, luckily, your marketing campaign doesn't have to be when you have the assistance of a top marketing management company like Adverank.

HOW WE CAN HELP

If you're ready to explore the opportunity to start a storage unit business and want insight, tools, and options that help you get off to a great start and maintain traction, Adverank can help. We offer the products and services you need to understand your business operations and manage them effectively. Get the data and marketing services you need to get your brand in front of your target audience and create a constant demand for your services. Contact us today to learn more and to schedule a demo. We are ready to give you the tools and insight you need to succeed.