Building a Self Storage Facility can be an exciting business adventure to take on. To develop a self-storage facility successfully, choosing the correct unit mix and layout and the right design and site is mandatory.
The goal of developing a self-storage facility is financial success. By carefully planning the basics, such as site selection and unit layout, you will accomplish that. Sounds easy, right? Well, this is easier said than done; don’t rush!
Before you embark on building a self storage facility, here are some key considerations to make so as to achieve optimal results:
Type of Building
Pre-fabricated buildings for self storage facilities are preferred over structural steel and other materials because of the following reasons:
- Quicker build times
- They require less foundation because they are lighter
- They provide ease for future expansion
- Accurate cost projections
Besides these, building a self storage facility using prefab metal provides continued performance with minimal maintenance over many years.
This is the most crucial decision you will have to make during the planning stage. Ideally, Building a Self Storage Facility would require deeper feasibility research into the location and market, while buying a preexisting self storage facility building would provide an already existing target market.
Before you design a project, conduct extensive research to determine the unit that will be in demand as well as the size of the first phase. It may be essential to hire a consultant who will conduct a feasibility study and offer valuable insight. This will help you avoid making expensive mistakes.
Take a Close Look at your Unit Mix
Building a Self Storage Facility can seem to be a sophisticated project due to building codes, rigid approval processes as well as high consumer expectations. A unit-mix in self-storage businesses is usually a product of income level and population density. For instance, there could be demand for climate-controlled features and better security in regions with higher-income populations. Of importance to note, your financial return will reduce with an increase in unit size.
Define the Business Model
Defining a business model entails the type of technology you intend to use in running your self-storage business. Before you break ground everything should be properly planned created; define all elements well to ensure everything built fits the needs of your business.
During the process of developing a self storage facility, money should not be wasted while trying to correct mistakes. As such, disregard the option of traditional self-storage. Portable storage units and moving combo services are unique self-storage units that are common in affluent markets.