Owning a mini-warehouse can be very lucrative. You will be responsible for the personal property of your clients, and therefore you must make sure you are prepared to consider this obligation.
Before you open the doors of your self-storage business, you will need to investigate and develop a detailed plan thoroughly.
Develop your business plan
Do a market study
The self-storage industry is a growing sector of small businesses and can be very profitable – especially if you choose wisely, such as owning a London warehouse. To maximize your chances, it is essential that you understand this sector well before spending time, effort, and money.
You should follow the demand and competition in your area and all the financial aspects you should consider.
- Start by searching online and from self-service storage directories operating in your area.
- Examine the prices these companies charge customers and the type of service they offer.
- If there are many storage centres in an area, that would mean that there is a lot of demand, but this market may be saturated.
Describe your goal
Once you have a better picture of the local market, you should define exactly where you want to go. Do you want to establish a small business that you will manage from home to make ends meet? Or, are you looking to develop a big company in which you will invest a lot more time and money?
Determine the start-up costs.
Before proceeding, you will need to make some calculations to know your estimated start-up costs. These are the amount you will spend in opening your business.
Start-up expenses may include initial rental fees for the building the warehouse or land that you will be operating, the cost of creating a website, and the promotional materials you will use to start your business.
This information must be incorporated into your business plan.
Write your business plan.
This is the foundation of your business. It should include a detailed study of the market, as well as all expected costs and plans of development of your activities. If you plan to apply for financial support from an external source, it is essential that you have a well documented and credible business. On the Here’s an overview of what your plan should include:
- a summary of your goals and success criteria,
- a summary describing the type, size, location of the business,
- a section describing the services that will be offered,
- a summary of the market analysis,
- a clear overview of your marketing and execution strategy,
- a summary of your company’s approach and administrative structure.
Develop a marketing strategy.
The final key element of the business plan is to develop a clear and detailed marketing strategy. There are several approaches to make your centre known, and you’ll need to be flexible and adaptable to find the right path for your business. At this early stage, you should try to address some key elements of the marketing strategy.
- Market introduction: It’s like describing how you plan to enter the market and create a different space for your company.
- Communication Strategy: This section discusses how you will reach your target audience directly. These could be promotional materials, advertising and printed materials such as brochures.
- Growth Strategy: This section discusses your company’s growth and expansion strategy over time. This could include aspects such as obtaining more storage units or employing staff.
Start your business
It’s now time to start your business! To thrive, you have to;
- Ask for financial help. If you want to create your centre from scratch, you may need to look for financial assistance to start the activities and to cover the initial costs.
- Be sure to comply with the tax and legal regulations. As a small business, it is crucial that you are duly registered and comply with all required tax and legal regulations. Research and acquire the necessary licenses.
- Develop your presence on the Internet. If you want success in this sector, it is essential that you have an active online presence. This is important for self-storage centres, but you do not need to develop a detailed plan for this purpose.
- Go to your customers. After developing a good online presence, move to a higher level by going to your customers. You can do this by sending emails and brochures to potential customers or using social networks to interact with them.
Once your business is operational, you might consider expanding it. This could involve increasing the number of storage units and recruiting staff. Finally, consult with a lawyer to ensure all administrative documents are completed correctly and all taxes and regulations are respected.