Are you thinking about starting your own self storage company? Self storage businesses are seeing a fantastic level of demand on the market right now. However, there are certainly challenges to running a successful business in this sector. Here are some of the steps our expert team recommends you consider before you commit to this possibility.
What Skills, Requirements And Qualifications Do You Need To Start Your Own Self Storage Company?
To run a successful self storage business, you need to be organised. There’s going to be a lot of different pieces of information that you’ll need to manage on a daily basis. The right tech and software will always make things easier but it’s still worth having the right mindset.
There are no qualifications necessary to run a self storage business. However, you may find it easier to attract new clients if you have experience in managing a business or a business management degree. Alternatively, you could have experience in removals or a similar sector. Any experience like this will provide a reason why clients should trust you with their precious items. However, if you don’t have any experience or qualifications, then you can simply hire experts and professionals to provide your clients with the peace of mind they deserve.
Equipment And Software Required For A Self Storage Company
As mentioned, running a self storage company will be a lot easier if you invest in the right software and equipment. For instance, you should consider setting up a cloud solution for your business. A cloud solution can be used to manage your accounts, inventory, client list, marketing and much more. The best part is that all this can be accessed remotely which means you could run your self storage business from the comfort of your home.
You will also need equipment. Depending on the scale of your business this could include:
- Computer systems
- Security Systems
- And much more
This is far from an exhaustive list. To provide a professional self storage business, you will need to invest a considerable amount of capital in the first year.
What Business Structures Do I Need To Consider Before Starting A Self Storage Business?
Self storage businesses are usually set up in remodelled warehouse facilities or as specially designed buildings. You will need to find the right option that meets your budget requirements and the needs of your clients. For instance, you will need to ensure that any business location has the right level of accessibility. Parking is essential and you need to make sure that you are able to cater to the expected level of demand. Eventually, you may need to consider opening multiple self storage locations that are most suitable for a large group of clients. This will depend on how fast your business grows.
The units themselves can be purchased and installed by a specialist contractor. Attempting to construct these yourself is a mistake and will not provide the quality solution that is able to match other options already available on the market today.
Do I Need Any Legal Documents Before I Start Operating?
There are several legal documents that are required if you want to run your own self storage business. For instance, you will need health and safety documentation. This is proof that your business is legally safe to operate without risking harm to your employees and customers. You will also need to arrange insurance coverage. General liability coverage is essential and will protect your busines if anyone experiences an accident at your self storage facility. You must also provide clients with self storage contracts that need to adhere to the standards of the self storage industry in the UK.
What Other Services Can I Provide Through My Storage Facility?
If you find success with your self storage business, then you may want to consider branching out and providing other business services. This is a great way to diversify your income and ensure that you are significantly reducing your level of risk. It can also help you grow brand awareness which is essential for the longevity of your company. Here are some of the services you could offer.
Everyone hates moving home. People will pay to avoid this chore completely and that’s why providing a removal service is the first thing you should consider if your storage solution is already popular. You just need to find the right price point.
Make moving easier for your clients by offering a van hire service. Don’t forget, a lot of your clients will be moving home or moving to a new business location. Double your profits by providing this service as well as storage.
If you’re appealing to business clients, then it makes sense to provide document disposal. We provide this service to our commercial clients as well as private individuals who want to dispose of their documents safely. There is a huge demand for a higher level of confidentiality, particularly with the latest data breaches.
Once you have been on the market for a few months or a few years, you’ll no doubt have plenty of expertise in the world of relocations. As such, you could offer your expertise as a paid service. Clients could hire you to consult with their move and ensure that they are taking the right steps. Or, you could offer this as an additional value USP, free of charge.
You can set your business up as a one stop shop where clients can purchase everything that they need to make a move. This could include boxes, bubble wrap, tape, labels and much more. It’s worth conducting research here to find out what similar companies provide. At Squab Storage, we provide a comprehensive solution where clients can order all their needed supplies.
We hope this helps you understand everything that you need to start your own self storage business. While this can be a profitable venture, it is essential that you take the right steps. If you fail to do so, then you could expose yourself to legal issues and significant financial losses.