Self-storage has proven to be one of the fastest-growing industries of the past decade. As people acquire greater amounts of personal belongings, they require a place to stash all their excess stuff. Portable storage has arisen as an especially popular offshoot of this burgeoning industry. Consumers enjoy the ability to load up a unit right on their own property and then send it wherever they need it. If you’re hoping to get in on the recent storage boom, portable storage is probably a good area to consider. Here’s how to go about starting a portable storage business.
Research The Local Market
Before you start planning the specific details of your own business, you should research the local market to make sure your plan makes sense. Make sure there is not too much competition within a thirty-mile radius of your proposed location. Also, try to determine what types of units the local population would be interested in. Larger containers are often preferred in rural areas, while urban populations favor small units that are easier to store and move.
Calculate Potential Costs
A smart business person will always analyze the likely costs of their business before making an initial investment. You need to factor the costs of the units, the land, and warehouses into your analysis. Only once you’ve finished these calculations can you properly determine whether you’re capable of getting into the business. This research will also help you decide if your business idea is likely to be profitable.
Get A Handle On Local Regulations
If you know where you’re likely to operate your business, then you should carry out an in-depth study of local rules and regulations. From property taxes to restrictions on container placement, you’re going to need a full understanding of the situation. The last thing you want is to get your business off the ground only to be shut down by the local government.
Create A Detailed Business Plan
Before buying land or investing any capital, you should have a comprehensive business plan ready to go. This document will serve as the basis for all your later actions, from securing financing to making your first hires. Start out with a mission statement that clearly states the goals and ambitions of your enterprise. Then, develop a sales and marketing strategy that will attract your first customers. Don’t forget to plan out your pricing scheme as well. You need to know ahead of time whether you’ll try to beat your competitors’ prices or charge more for superior service.
Secure Your Financing
You can’t start a business without money. Acquiring land, building a warehouse, and buying storage units requires a considerable amount of capital. Unless you already have the cash on hand, you’re going to need a loan. This should be possible with decent credit and proof of past business experience. Alternatively, you could seek private investors to help find your new business. Don’t make any purchases until you’ve secured the funding to start your business and operate it for a year. Remember, you can never count on your company earning a profit in its first few months.
Acquire Land, Build A Warehouse, And Buy Units
Once you’ve done your research, developed a business plan, and secured financing, then you can start with the actual construction of your business. Make sure you choose a location that is both cheap and close to population centers if you want to make your business as profitable as possible.
Portable storage is a great business to get into. Follow these steps if you want to do it right.