sample business plan for storage unit

Self Storage Business Plan Template

Written by Dave Lavinsky

Self Storage Business Plan

You’ve come to the right place to create your Self Storage business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Self Storage companies.

Below is a template to help you create each section of a storage unit business plan.

Executive Summary

Business overview.

Secure Self Storage is a startup self storage company located in Nashville, Tennessee. The company is founded by Bill Williams, an experienced self storage manager who has been working in the self storage industry for over a decade. Bill has recently earned a bachelor’s degree in Business Administration. Now that Bill has obtained the education and experience that will allow him to successfully navigate the process of starting a business, Bill is ready to open his own company, Secure Self Storage. Bill plans on recruiting a team of highly qualified professionals to help manage the day to day responsibilities of running a successful self storage facility – marketing, security, maintenance, accounting, and rent collection.

Secure Self Storage will provide a convenient, safe, and secure self storage solution for anyone in the Nashville area who needs to store their belongings. Secure will ensure that every storage need of the customer is being met. Secure Self Storage will be the ultimate choice in Nashville for self storage solutions while being the best-priced company in the area.

Product Offering

The following are the self storage solutions that Secure Self Storage will provide:

• Small Storage Units (5×5)
• Medium Storage Units (10×10)
• Large Storage Units (10×25)
• Vehicle Storage Units
• Temperature Controlled Units
• Extra Security Units
• Pickup & Delivery Services
• Disposal Services

Customer Focus

Secure Self Storage will target adults 18 years old and over in Nashville who need a storage unit for any reason such as moving, decluttering, doing home renovations, or those who need storage for business, college, or to store an automobile. No matter the customer, Secure Self Storage will deliver the best communication, service, and security.

Management Team

Secure Self Storage will be owned and operated by Bill Williams. Bill has a bachelor’s degree in Business Administration and has been working as a self storage manager for another local storage facility for over a decade. Now that Bill has obtained the education and experience that will allow him to successfully navigate the process of starting a business, Bill is ready to venture out and open his own self storage company. Bill will be the owner and manager of Secure Self Storage.

Bill has recruited his peer, Ken Smith, a financial professional with a Masters degree and fifteen years of experience doing financial work for various construction companies, to be the financial manager. Ken will help manage all of the finances for the company from finding a cost-effective location to set up shop to reporting and budgeting to make sure the facility is profitable.

Success Factors

Secure Self Storage will be able to achieve success by offering the following competitive advantages:

• Self storage units are easily accessible 24 hours a day, temperature controlled, and have the latest security technology to keep customers’ belongings safe and secure.
• On-site security guards are deployed 24 hours a day to ensure belongings, customers, and employees are safe at all times.
• On-site staff to answer questions, help customers, and keep the facility clean.

Financial Highlights

Secure Self Storage is seeking $250,000 in debt financing to launch its self storage business. The funding will be dedicated towards securing the facility space and purchasing equipment and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs. The breakout of the funding is below:

• Self storage facility build-out: $50,000
• Equipment, supplies, and materials: $20,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $15,000
• Working capital: $15,000

The following graph below outlines the pro forma financial projections for Secure Self Storage.

Company Overview

Who is secure self storage.

Secure Self Storage is a newly established high security self storage company in Nashville, Tennessee. Secure Self Storage will be the most convenient, secure, and customer-focused choice for storage unit renters in Nashville. Secure will provide a variety of self storage solutions for anyone looking for a secure storage option. The company’s customer-centric approach will include 24/7 on-site security and customer service staff, the latest security technology, and temperature controlled units.

Secure Self Storage will give customers peace of mind that their belongings are secure. The management team is composed of experienced professionals including business managers, security officers, and maintenance technicians. Secure Self Storage removes all headaches of the self storage unit renter and ensures all issues are taken care off expeditiously while delivering the best customer service.

Secure Self Storage History

Secure Self Storage is owned and operated by Bill Williams, an experienced self storage manager who has a bachelor’s degree in Business Administration from the University of Tennessee. Bill has worked for a local self storage company in Nashville for over a decade. Bill’s tenure with the self storage company combined with his education has given him the skills and knowledge required to venture out on his own and start his own company.

Since incorporation, Secure Self Storage has achieved the following milestones:

• Registered Secure Self Storage, LLC to transact business in the state of Tennessee.
• Has scouted a few location options and reached out to the owners for more information.
• Reached out to numerous contacts to include former customers to let them know about the upcoming facility.
• Began recruiting a staff of accountants, maintenance workers, security, and other facility personnel to work at Secure Self Storage.

Secure Self Storage Services

Industry analysis.

The United States self storage industry generates an estimated $39.5B in annual revenue with over 49,000 storage facilities throughout the country. The total rentable self storage space is approximately 1.9B square feet. An estimated 10.6% of U.S. households are currently renting a self storage unit. The average self storage space used per person is 5.9 square feet. The average monthly cost to rent a self storage unit is $90.

Self storage construction spending has nearly doubled in the past five years. According to the Self Storage Almanac, the market is highly fragmented with 31% of space being owned by six large public companies, 16% being owned by the next top 94 companies, and 53% being owned by small businesses. Self storage industry operators have the potential to achieve highly lucrative businesses if they manage them smartly. The average self storage company’s profit margin is around 11 percent, which is much higher than many other small businesses in other industries that are often closer to 3-5 percent.

Customer Analysis

Demographic profile of target market.

Secure Self Storage will target adults 18 years of age and older requiring self storage services in Nashville, Tennessee. The company will target people in need of storage space for a variety of reasons including moving, renovating, college, business, or to store a vehicle.

The precise demographics for Nashville, Tennessee are:

Customer Segmentation

Secure will primarily target the following customer profiles:

• People who are in the process of moving
• People who need storage space for a vehicle
• People who need storage for business
• People who need storage for college
• People who are renovating their homes

Competitive Analysis

Direct and indirect competitors.

Secure Self Storage will face competition from other companies with similar business profiles. A description of each competitor company is below.  

Nashville Self Storage

Nashville Self Storage is a temperature controlled self storage facility operating in Nashville, Tennessee. The facility has 400 units of varying sizes from 2×5 up to 30×30. Nashville Self Storage uses state of the art security systems with cameras throughout the facility to keep its patrons and their belongings safe and secure. The company currently has one facility with plans to open a second location in the next few months. The owners of Nashville Self Storage have been working in the storage industry for over 20 years and pride themselves on providing exceptional customer service.  

ALottaStuff Self Storage

ALottaStuff Self Storage is a Nashville-based self storage facility that provides outstanding service and storage solutions for its customers. ALottaStuff Self Storage takes the risk out of leaving your valuables in an unsecure storage facility by providing 24/7 secure monitoring of all of its units. They have temperature controlled units available in addition to non-temperature controlled units. Customers can depend on ALottaStuff Self Storage to handle their belongings with the best of care. The company provides pickup and delivery services for an extra fee.  

In-Boxes Self Storage

In-Boxes Self Storage is a trusted Nashville self storage company that provides superior service to customers in Nashville and the surrounding areas. They are able to provide a convenient storage solution for a wide range of customers with multiple locations throughout the city. In-Boxes Self Storage offers low prices for do-it-yourself storage facilities. Drive-up units are available for a flat monthly fee and indoor temperature controlled units are available for an additional charge. In-Boxes Self Storage maintains a clean, secure atmosphere with friendly staff available during office hours to assist with customers’ storage needs.

Competitive Advantage

Secure Self Storage will be able to offer the following advantages over their competition:

• On-site staff are available to answer questions, help customers, and keep the facility clean at all times.

Marketing Plan

Brand & value proposition.

Secure Self Storage will offer the unique value proposition to its customers:

• Experienced team of security professionals, customer service associates, and maintenance staff on-site 24/7 to help customers and keep the facilities clean, safe, and secure.
• Unbeatable pricing to its clients – Secure Self Storage offers competitive pricing with promotions and discounts for new and returning customers.

Promotions Strategy

The promotions strategy for Secure Self Storage is as follows:

Word of Mouth/Referrals

Bill Williams has built rapport with an extensive list of customers over the years by providing exceptional service during his tenure as a self storage manager. Many have communicated to Bill that they referred their friends to the storage facility because they were happy with the service he was providing. Once Bill advised them he was leaving to open his own self storage business, many contacts have committed to help spread the word of Secure Self Storage.

Professional Associations

Secure Self Storage will become a member of professional associations such as the Self Storage Association, the Nashville Self Storage Association, and Inside Self Storage. Bill will attend industry expos and events to promote the company.

Print Advertising

Secure Self Storage will have print ads and flyers made for newspapers, magazines, direct mailers, and to post around the city and hand out at industry events.

Website & Content Marketing

Secure Self Storage will create and maintain an easy to navigate, well organized, informative, website that will list all of the available storage options and pricing. The website will also contain an informative blog with storage related posts.

SEO Marketing

The company will use SEO marketing tactics so that any time someone types in the Google or Bing search engine “Nashville self storage” or “self storage near me”, Secure Self Storage will be listed at the top of the search results.

Social Media Marketing

Secure Self Storage will create and maintain an active presence across social media platforms including LinkedIn, Facebook, Instagram, Twitter, TikTok, and YouTube.

The pricing of Secure Self Storage will be competitive so customers feel they receive value when purchasing their services.

Operations Plan

The following will be the operations plan for Secure Self Storage.

Operation Functions:

• Bill Williams will be the Owner and Manager of the company. He will oversee all staff and operations. Bill has spent the past year recruiting the following staff:
• Ken Smith – Financial Manager who will provide all accounting, budgeting, tax payments, and monthly financial reporting.
• Shannon Bowman – Marketing Manager who will provide all sales and marketing initiatives for Secure Self Storage including management of the company website and social media accounts.
• Benjamin Stephens – Maintenance Manager who will oversee all maintenance of the facility.
• Micheal Brown – Head of Security who will provide all security for the facility and oversee a small team of on-site security guards.

Milestones:

Secure Self Storage will have the following milestones complete in the next six months.

8/1/2022 – Finalize contract to lease facility space.

8/15/2022 – Finalize personnel and staff employment contracts for the management team.

9/1/2022 – Begin build out of the facility.

9/15/2022 – Begin networking and marketing campaign.

9/22/2022 – Begin moving into the Secure Self Storage facility.

10/1/2022 – Secure Self Storage opens its facility for business.

Bill has recruited the help of his peer, Ken Smith, a financial professional with a Masters degree and fifteen years of experience doing financial work for various construction companies. Ken will help manage the finances for the company from finding a cost-effective location to set up shop to reporting and budgeting to make sure the facility is profitable.

Financial Plan

Key revenue & costs.

The revenue drivers for Secure Self Storage are the self storage fees that will be charged to the customers for their services. The company will charge a monthly fee for unit rentals. The fee will vary depending on the size of the unit.

The cost drivers will be the overhead costs required in order to staff a self storage facility. The expenses will be the payroll cost, utilities, maintenance costs, and marketing materials.

Funding Requirements and Use of Funds

Secure Self Storage is seeking $250,000 in debt financing to launch its self storage business. The funding will be dedicated towards securing the facility space and purchasing equipment and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and association memberships. The breakout of the funding is below:

Key Assumptions

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Average number of occupied units per month: 200 out of the total 500 units (40%)
• Average fees per month: $30,000 (average $150.00 per medium sized unit)
• Annual Lease on Facility: $100,000

Financial Projections

Income statement.

Balance Sheet

Cash Flow Statement

Self Storage Business Plan FAQs

What is a self storage business plan.

A self storage business plan is a plan to start and/or grow your self storage business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your self storage business plan using our Self Storage Business Plan Template here .

What are the Main Types of Self Storage Businesses?

There are a number of different kinds of self storage business , some examples include: Portable container, Climate controlled storage, and Vehicle storage.

How Do You Get Funding for Your Self Storage Business Plan?

Self storage businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Self Storage Business?

Starting a self storage business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Self Storage Business Plan - The first step in starting a business is to create a storage facility business plan pdf or doc that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your self storage business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your self storage business is in compliance with local laws.

3. Register Your Self Storage Business - Once you have chosen a legal structure, the next step is to register your self storage business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your self storage business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Self Storage Equipment & Supplies - In order to start your self storage business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your self storage business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

Learn more about how to start a successful self storage business:

• How to Start a Self Storage Business

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How to Write a Self Storage Unit Business Plan [Sample Template]

Are you about starting a self storage unit business? If YES, here is a complete sample self storage unit business plan template & feasibility study you can use for FREE . If you live In the united states and are interested in owning a business portfolio in the real estate industry and you have not made up your mind on what kind of business to engage in, then you should consider starting your own self storage unit business.

Although, you can also start a self – storage business in London or some couple of cities in Canada and Europe, but the United States of America still remains the only country where this type of business is indeed a big industry. First and Foremost, what you need to do before venturing in into self – storage business is to carry out your survey.

A Sample Self Storage Unit Business Plan Template

1. industry overview.

Self – storage units are mini storage spaces created for people to store their belongings for a short period of time, i.e. on a monthly basis and it is subject to renewal. The storage space could be lockers, rooms, boxes, containers or even an empty space in a secured environment. It is important to state that self – storage unit isn’t open for people to rent and live in it.

It is strictly for storing of personal belongings and goods. For instance’ if you rent a storage space, in a facility, you will be the only one with the key to the storage unit / space and as such the goods you choose to store in your space won’t be covered by the facility insurance.

In the united states, the Self – Storage and Warehouse Facility Leasing industry experienced a solid rebound over the last five years. It is important to state that with increase in demand from households and businesses the revenue generated in the industry is expected to continue to experience appreciable growth and indeed there is a bright future for players in the industry.

Other factors that will boost revenue growth for the industry are steady population growth, increases in the residential rental market, rising per capita disposable income and the number of relocations by families and individuals.

The entry barriers for new operators in this industry can vary significantly by state and city. Overall, barriers are moderate, but are increasing across the United States. Costs to purchase or lease land or facilities vary across regions and are a major barrier to entry.

These expenses can be more manageable, though, in well-established, highly populated cities, whereas land costs can be significantly lower in smaller cities and suburban regions. There are several regulatory requirements that must be met by companies in the storage and mini warehouse business. The most difficult of these generally relates to zoning and land development conditions

The Self – Storage and Warehouse Leasing Facility industry is indeed a large industry and pretty much thriving in developed countries such as United States of America, Canada, United Kingdom, Germany, Australia and Italy et al.

Statistics has it that in the United States of America alone, there are about 32,437 licensed and registered self – storage and warehouse leasing facilities responsible for employing about 131,990 employees and the industry rakes in a whooping sum of $33bn annually with an annual growth rate projected at 6.1 percent. Public storage Inc. is the market leader in this industry.

Right from when self – storage unit became a business enterprise in 1958 in Fort Lauderdale – Florida, loads of investors have made money from the industry and loads of investors are still making huge profits from this line of business and the industry is still very much open for new investors. It is indeed a capital intensive business and at the same time, highly profitable especially if you are strategically located.

Over and above, starting a self – storage and warehouse leasing business in the United States of America can be started by anybody as long as you have the start – up capital to acquire a property and then design the property to fit into the purpose you want to use it for.

2. Executive Summary

Safe Lock® Self – Storage and Warehouse, LLC is a licensed, standard and secured self – storage and warehouse facility that will be located in a growing community in Asheville – North Carolina. Our basic aim of setting up the business is to make available self – storage and warehouse facility for our clients who are resided in Asheville and neighboring cities.

We have been able to secure a standard facility in a central and easy to locate location in Asheville. Our self – storage facility has a Five-by-5-foot storage spaces, Five-by-10-foot storage spaces, 10-by-10-foot storage spaces, 10-by-15-foot storage spaces, 10-by-20-foot storage spaces, 10-by-25-foot storage spaces, and 10-by-30-foot storage spaces available for rental or short – term leasing. We are well equipped to services the whole of the community as well as visitors and travelers.

We conducted a thorough research and feasibility studies and we were able to come to the conclusion that Asheville community is the right place to start our sport and recreation facility. We will ensure that we offer our facilities at an affordable fee that won’t in any way put a hole in the pocket of our clients.

At Safe Lock® Self – Storage and Warehouse, LLC, our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will offer trusted self – storage and warehouse facility services to all to our individual clients, and corporate clients and also ensure that we work hard to meet and surpass our clients’ expectations whenever they rent or lease our self – storage facilities.

Safe Lock® Self – Storage and Warehouse, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Our plan is to position the business to become one of the leading brands in self – storage and warehouse line of business in the whole of Ashville, and also to be amongst the top 20 self – storage and warehouse companies in the United States of America within the first 10 years of operations.

Safe Lock® Self – Storage and Warehouse, LLC is owned by Pearce Gordon and Henry Michael his business partners for many years. The business will be managed by both of them since they have adequate working experience to manage such business. Pearce Gordon has well over 10 years of experience working at various capacities in the real estate industry in the United States of America.

3. Our Products and Services

Safe Lock® Self – Storage and Warehouse, LLC is in the self – storage and warehouse facility business to provide safe short – term storage facilities for residence of Asheville – North Carolina which is why we have been able to put up a facility that can help us achieve the goal.

We are optimistic that everyone who make rent or lease our self – storage and warehouse facility will definitely derive huge value for their money. These are the amenities and services that will be made available to our clients;

• 5-by-5-foot storage spaces
• 5-by-10-foot storage spaces
• 10-by-10-foot storage spaces
• 10-by-15-foot storage spaces
• 10-by-20-foot storage spaces
• 10-by-25-foot storage spaces
• 10-by-30-foot storage spaces
• Leasing or rental of mini warehouses and self-storage units
• Rental of self-storage warehousing
• Rental of coin operated lockers
• U-lock storage
• Other facility operation

4. Our Mission and Vision Statement

• Our Vision of starting Safe Lock® Self – Storage and Warehouse, LLC is to build a hedge brand that will become one of the top choices for residents and businesses in the whole of Ashville – North Carolina.
• Our vision reflects our values: integrity, service, excellence and teamwork.
• Our mission for establishing Safe Lock® Self – Storage and Warehouse, LLC is to build a standard and well – secured self – storage and warehouse facility that can favorably compete in the industry in the United States of America and in the world.

Our Business Structure

Safe Lock® Self – Storage and Warehouse, LLC is in business to become the leading self – storage and warehouse facility in the whole of Asheville – North Carolina and we are fully aware that it will take the right facility, management and organization – structure to achieve our goal.

We will ensure that we recruit only the best hands that can help us achieve all that we are set to achieve. Our business will not be built only for the purpose of giving our members / customers value for their money, but also we will ensure that we make our work environment highly conducive for all our employees.

We will provide them with facilities that will help them stay motivated and deliver on their various tasks and goals et al. In view of that, we have made provisions for the following positions to be occupied by highly qualified and experienced staff;

• Chief Executive Officer

Facility Manager

Admin and HR Manager

Marketing and Sales Executive

• Customer Care Executive / Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Office:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Responsible for handling leasing or rental of mini warehouses and self-storage units
• Responsible for handling rental of self-storage warehousing
• Responsible for handling rental of coin operated lockers
• Responsible for handling U-lock storage rentals
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Handle other facility operations such as repairs and renovations et al
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Design job descriptions with KPI to drive performance management for clients
• Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Defines job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Oversees the smooth running of the daily office activities.
• Identify, prioritize, and reach out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of relevant projects.
• Writes winning proposal documents, negotiate fees and rates in line with company policy
• Responsible for handling business research, marker surveys and feasibility studies for clients
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develop, execute and evaluate new plans for expanding increase sales
• Document all customer contact and information
• Represent the company in strategic meetings
• Helps to increase sales and growth for the company
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• create reports from the information concerning the financial transactions recorded by the bookkeeper
• Prepare the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the company
• Serves as internal auditor for the company

Client Service Executive / Front Desk Officer

• Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the manager in an effective and timely manner
• Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
• Receives parcels / documents for the company
• Distributes mails in the organization
• Handles any other duties as assigned my the line manager

Security Officers

• Ensures that the facility is secured at all time
• Control traffic and organize parking
• Gives security tips to staff members from time to time
• Patrols around the building on a 24 hours basis
• Submit security reports on a weekly basis
• Any other duty as assigned by the facility manager.

6. SWOT Analysis

Safe Lock® Self – Storage and Warehouse, LLC engaged the services of a core professional in the area of business consulting and structuring to assist the firm in building a well – structured self – storage and warehouse rental business that can favorably compete in the highly competitive self- storage and warehouse services industry.

Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Safe Lock® Self – Storage and Warehouse, LLC. We hired the services of Dr. Garry Larson, a HR and Business consultant with bias in business structuring to help us conduct SWOT analysis for our company and he did a pretty good job for us.

We know that if we get things right before starting our self – storage and warehouse rental business, we will not have to struggle before attract loyal clients and building the business to a level where we can easily breakeven in record time.

Here is a of the result we got from the SWOT analysis that was conducted on behalf of Safe Lock® Self – Storage and Warehouse, LLC, Asheville – North Carolina;

One of the obvious strength that will definitely stand as a plus for Safe Lock® Self – Storage and Warehouse, LLC is the fact that our facility is centrally located in a densely populated – residential area in Asheville – North Carolina; our location and high level of security is in fact our major strength.

We equally have a team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details and to deliver excellent services. Lastly our rental package is one of the best that anybody living in Asheville – North Carolina can get; it is cheap and affordable.

We critically looked into our Business model and we were able to identify two major weakness. One is the fact that we are a new business and the second is the fact that we may not have the financial resources required to match up with existing and well established self – storage and warehouse facility rental companies when it comes to acquiring large facilities in choice areas.

• Opportunities:

We are centrally located in one of the busiest area and densely populated area in Ashville – North Carolina and we are open to all the available opportunities that the city has to offer. We will be open 24 hours in a day during weekends (Fridays to Sundays) and from 6:00 am to 12 midnight from Mondays to Thursdays giving us the advantage to leverage on any available opportunity.

Some of the threats that are likely going to confront Safe Lock® Self – Storage and Warehouse, LLC are unfavorable government policies, demographic / social factors, downturn in the economy which is likely going to affect consumers spending and lastly, the emergence of new competitors within the same location where our self – storage and warehouse facility is located.

7. MARKET ANALYSIS

• Market Trends

The trend in the self – storage and warehouse rental industry is such that if a self – storage and warehouse facility is well positioned in a residential area or a place where people can easily access without much stress, there is the likelihood that the facility will enjoy high patronage.

Just like in other business ventures, the owner of self – storage and warehouse facilities are always looking for ways to increase their market share; they go as far as signing deals with merchants, importers and also business men and women   et al to make use of their facility.

It is a common trend that as self – storage and warehouse facility grow (fully occupied throughout the year), it becomes necessary for them to develop new service offerings or install new facilities that will help them attract more people. In order words, it is very important for self – storage and warehouse facilities to continue to improvise if they want to grow their business and generate their target revenues.

8. Our Target Market

We are aware of the fact that for any business to thrive so well in profit, it has to first and foremost define its market. The target market for self – storage and warehouse facilities cuts across people of different walks of life. The fact that people would need a secured place to keep their properties for a short period of time makes the self – storage and warehouse rental business a thriving and growing business.

Safe Lock® Self – Storage and Warehouse, LLC will work towards providing services, facilities and environment that will help us reach out to our target market. These are the category of people that we intend marketing our self – storage and warehouse facility to;

• Working Class Adults / Corporate Executives
• Sport Clubs (soccer team, athletics team and choreographers et al)
• College Students / Schools
• Community an Cooperate organization
• Business People / Entrepreneurs
• Government Officials
• Religious centers (Crusade Teams)
• Merchants, Importers and manufacturers
• Sports Men and Women
• Construction companies

Our Competitive Advantage

We also know that competition is one of the best things that could happen to a business because it makes any business tap more from within and be at their best at all times. No doubt, the Self – Storage and Warehouse Rental industry is indeed a profitable and highly competitive industry.

Clients will only rent your self – storage and warehouse facility if they know that your facility is highly secured and spacious enough to contain whatever property they want to store in your facility.

Our competitive advantage is that Safe Lock® Self – Storage and Warehouse, LLC is centrally located in a densely populated – residential area in Asheville – North Carolina; our location and high level of security is in fact our major strength.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (self – storage and warehouse facility rental businesses in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Safe Lock® Self – Storage and Warehouse, LLC is established with the aim of maximizing profits in the Self – Storage and Warehouse Facility Rental industry and we are going to go all the way to ensure that we do all it takes to attract both individual clients and corporate clients on a regular basis and to ensure that our facilities are fully occupied at any given time.

Safe Lock® Self – Storage and Warehouse, LLC will generate income by offering the following amenities and services;

10. Sales Forecast

From the very beginning it pays to have a sales forecast because this helps to go the extra mile in working so hard to meet the sales goals. It is important to state that our sales forecast is based on the data gathered during our feasibility studies and also some of the assumptions readily available on the field.

It would be hard to create a sales forecast with a newly opened business like self – storage and warehouse facility rental business. This is simply because the statistics that will be provided will be on a short term basis.

Experts said that usually a business should be in operation for at least one year before they can generate the statistics that will be need to help in accurate forecasting; statistics should be at least one year old in order to show the trends and pattern in consumer spending.

We expect to attain 65 percent occupancy of our self – storage and warehouse facility within our first year of operations and then in subsequent year we will grow to full occupancy (between 80 and 100 percent occupancy). Below are the sales projection for Safe Lock® Self – Storage and Warehouse, LLC, it is based on the location of our facility and the services and amenities that we will be offering to our clients;

• First Year-: $200,000
• Second Year-: $450,000
• Third Year-: $750,000

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major competitor offering same additional services as we do within 4.5 miles radius from our self – storage and warehouse facility.

• Marketing Strategy and Sales Strategy

Our marketing strategies will be directed towards achieving specific objectives that support the strategic goals of the organization. The truth is that all we do will be geared towards creating new market channels, increasing sales and increase our market share. We will leverage on improving on our services and facility to ensure that we win new clients and retain old clients.

At Safe Lock® Self – Storage and Warehouse, LLC, our marketing strategies will be consistent throughout the marketing mix and we will take into consideration facility improvement, promotion, and price. As part of our sales and marketing strategies, we will pay attention to the promotion of our self – storage and warehouse facility so as to attract people to rent or lease our facilities.

Our unique selling proposition is that we are well positioned and people can easily access our facility, our prices are affordable and we have a complete package for families, schools and sport clubs. Part of the marketing and sales strategies that we will adopt are;

• Open our self – storage and warehouse facility with a big party.
• Advertise our self – storage and warehouse facility on community based newspapers, local TV stations and local radio station
• Promote our self – storage and warehouse facility online via our official website and all available social media platforms
• Introduce our self – storage and warehouse facility by sending introductory letters alongside our brochure to businesses, sports clubs, schools, corporate organizations, households and key stake holders in Asheville – North Carolina
• Print out fliers and business cards and strategically drop them in offices, libraries, public facilities and train stations et al.
• Delivering consistent customer experiences to all our members; making our first impression count positively to those renting or leasing our self – storage and warehouse facility for the first time
• Make use of attractive hand bills to create awareness and also to give direction to our self – storage and warehouse facility
• Adopt direct mailing coupon marketing approach
• Position our signage / flexi banners at strategic places in and around Ashville – North Carolina
• Create a loyalty plan that will enable us reward our loyal clients especially those that refers their family members and friends to us
• Engage on road shows within our neighborhood to create awareness for our self – storage and warehouse facility.

11. Publicity and Advertising Strategy

We have been able to work with our branding and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to become the number one choice for both corporate clients and individual clients in the whole of Asheville – North Carolina which is why we have made provisions for effective publicity and advertisement of our self – storage and warehouse facility.

Below are the platforms we intend to leverage on to promote and advertise Safe Lock® Self – Storage and Warehouse, LLC;

• Place adverts on both print (community based newspapers and magazines) and electronic media platforms
• Sponsor relevant community based events
• Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
• Install our Bill Boards on strategic locations all around Asheville – North Carolina.
• Engage in road show from time to time in targeted neighborhoods
• Distribute our fliers and handbills in target areas in Asheville
• Contact corporate organizations, sport clubs, households and schools by calling them up and informing them of Safe Lock® Self – Storage and Warehouse, LLC and the services and amenities we offer
• List Safe Lock® Self – Storage and Warehouse, LLC on local directories / yellow pages
• Advertise our self – storage and warehouse facility in our official website and employ strategies that will help us pull traffic to the site.
• Ensure that all our staff members wear our branded shirts and all our vehicles are well branded with our corporate logo et al.

12. Our Pricing Strategy

Our pricing system is going to be based on what is obtainable in the industry, we don’t intend to charge more (except for premium and customized services) and we don’t intend to charge less than what our competitors are charging their members in Asheville – North Carolina.

Be that as it may, we have put plans in place to offer discount services once in a while and also to reward our loyal customers especially when they refer clients to us or when they rent or lease of facility for a longer period. The prices of our services will be same as what is obtainable in the United States’ open market.

• Payment Options

At Safe Lock® Self – Storage and Warehouse, LLC, our payment policy will be all inclusive because we are quite aware that different clients would prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;

• Payment by via bank transfer
• Payment via online bank transfer
• Payment via POS machine
• Payment via check
• Payment via bank draft
• Payment via mobile money
• Payment with cash

In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.

13. Startup Expenditure (Budget)

In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.

This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked.

As for the detailed cost analysis for starting a self – storage and warehouse facility rental business; it might differ in other countries due to the value of their money. However, this is what it would cost us to set up Safe Lock® Self – Storage and Warehouse, LLC in the United of America;

This is the key areas where we will spend our start – up capital on;

• The Total Fee for Registering the Business in North Carolina – $750.
• Legal expenses for obtaining licenses and permits – $1,500.
• Marketing promotion expenses (8,000 flyers at $0.04 per copy) for the total amount of $10,000.
• Cost for hiring Business Consultant – $5,000.
• Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,800.
• Cost of accounting software, CRM software and Payroll Software – $3,000
• Cost for leasing facility for the self – storage and warehouse facility – $500,000.
• Cost for facility remodeling – $250,000.
• Other start-up expenses including stationery – $1000
• Phone and utility deposits – $3,500
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $40,000
• The cost for Start-up inventory – $15,000
• Cost for acquiring security locks, CCTV and other security wares – $200,000
• The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, tables and chairs et al) – $4,000.
• The cost of Launching a Website – $600
• The cost for our grand opening party – $15,000
• Miscellaneous – $15,000

We would need an estimate of $1.5 million to successfully launch a standard and well – equipped self – storage and warehouse facilities in Asheville – North Carolina. It is important to state that the testing and evaluating expenses would be high because of the large amount of needed to secure a large facility in a good location.

Generating Funding / Startup Capital for Safe Lock® Self – Storage and Warehouse, LLC

Safe Lock® Self – Storage and Warehouse, LLC is a business that will be owned and managed by Pearce Gordon and his friend and business partner Henry Michael. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.

These are the areas we intend generating our start – up capital;

• Generate part of the start – up capital from personal savings and sale of his stocks
• Generate part of the start – up capital from friends and other extended family members
• Generate a larger chunk of the startup capital from the bank (loan facility).

N.B: We have been able to generate about $500,000 (Personal savings $350,000 and soft loan from family members $150,000) and we are at the final stages of obtaining a loan facility of One Million USD from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Safe Lock® Self – Storage and Warehouse, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to rent or lease of our self – storage and warehouse facility is to ensure that our facility is not just strategically locate, but also highly secured and affordable.

Safe Lock® Self – Storage and Warehouse, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of ten years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

• Business Name Availability Check:>Completed
• Business Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing Point of Sales (POS) Machines: Completed
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Acquiring facility and remodeling the facility to fit into our self – storage facility and warehouse: In Progress
• Conducting Feasibility Studies: Completed
• Generating capital from family members: Completed
• Applications for Loan from the bank: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of the Needed office appliances and security gadgets and software: In Progress
• Creating Official Website for the Company: Completed
• Creating Awareness for the business both online and in the neighborhood: In Progress
• Health and Safety and Fire Safety Arrangement (License): Secured
• Opening party / launching party planning: In Progress.

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Self Storage Business Plan Template

Written by Dave Lavinsky

Self Storage Business Plan

Over the past 20+ years, we have helped over 9,000 entrepreneurs and business owners create business plans to start and grow their self-storage facilties. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a self storage business plan template step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Self Storage Business Plan?

A business plan provides a snapshot of your self-storage business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Self-Storage Facility

If you’re looking to start a self-storage or storage unit business, or grow your existing self-storage business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your self-storage business in order to improve your chances of success. Your self storage business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Self Storage Facilities

With regards to funding, the main sources of funding for a self-storage business are personal savings, credit cards, bank loans, and angel investors. With regards to bank loans, banks will want to review your self storage business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

The second most common form of funding for a self storage facility is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding or, like a bank, they will give you a loan. Venture capitalists will not fund a self-storage business. They might consider funding a self-storage business with a national presence, but never an individual location. This is because most venture capitalists are looking for millions of dollars in return when they make an investment, and an individual location could never achieve such results.

Finish Your Business Plan Today!

How to write a business plan for a self storage business.

If you want to start a self storage facility or expand your current one, you need a business plan. Below we detail what should be included in each section of your business plan for a storage facility.

Executive Summary

Your executive summary provides an introduction to your self storage business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of self-storage business you are operating and the status. For example, are you a startup, do you have a self-storage business that you would like to grow, or are you operating a chain of self-storage facilities.

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the self-storage industry. Discuss the type of self-storage business you are operating. Detail your direct competitors. Give an overview of your target market. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of storage business you are operating.

For example, you might operate one of the following types of storage businesses:

• Portable container : this type of storage business allows customers to easily transport self storage units.
• Climate controlled storage : this type of storage business protects and preserves property against harmful temperature and humidity levels.
• Vehicle storage : this type of storage business allows customers to safely store various types of vehicles.

In addition to explaining the type of storage business you will operate, the Company Analysis section of your storage unit business plan needs to provide background on the business.

Include answers to question such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of occupied self storage units, contract renewals, number of referrals, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

While this may seem unnecessary, it serves multiple purposes.

First, researching the self storage industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your strategy, particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your storage business plan:

• How big is the storage industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your self storage facility? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your storage unit business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: students, business owners, families, and people who are relocating.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of self-storage business you operate. Clearly, students would want different service options and would respond to different marketing promotions than families who are relocating, for example.

Try to break out your target market in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the customers you seek to serve. Because most self-storage facilities primarily serve customers living in the same city or town, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other self storage facilities.

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes businesses with their own storage space and people who store extra items in their attics or basements. You need to mention such competition to show you understand that not everyone who needs storage will utilize a self-storage company.

With regards to direct competition, you want to describe the other self-storage facilities with which you compete. Most likely, your direct competitors will be self-storage facilities located very close to your location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of customers do they serve?
• What types of storage services do they offer?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of the competitive analysis section of your business plan is to document your areas of competitive advantage. For example:

• Will you provide superior services?
• Will you provide services that your competitors don’t offer?
• Will you make it easier or faster for customers to use your services?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your business plan.  

Marketing Plan

Product : In the product section, you should reiterate the type of storage business that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to self storage, will you provide 24-hour security, electronic gate access, or on-site staff?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.

Place : Place refers to the location of your self storage business. Document your location and mention how the location will impact your success. For example, is your self storage business located near a main highway, near public transportation, etc. Discuss how your location might provide a steady stream of customers.

Promotions : The final part of your self storage marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Advertising in local papers and magazines
• Reaching out to local websites
• Social media marketing
• Local radio advertising

Operations Plan

While the earlier sections of your self storage business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your storage business, including security management, facility maintenance, and customer service.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to lease 100 self storage units, or when you hope to reach $X in revenue. It could also be when you expect to expand your facility or launch in a new location.  

Management Team

To demonstrate your self storage business’ ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally you and/or your team members have direct experience in managing self storage facilities. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing self storage companies or successfully running small businesses.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $100,000 on building out your self storage business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. For example, let’s say a local office building approached you with a $50,000 contract to provide self storage services for their building occupants. Let’s further assume the contract would cost you $50,000 to fulfill in terms of increased staffing costs. Well, in most cases, you would have to pay that $50,000 now for employee salaries, utilities, etc. But let’s say the company didn’t pay you for 180 days. During that 180-day period, you could run out of money.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting a self storage business and growing it:

• Location build-out including design fees, construction, etc.
• Cost of equipment like surveillance technology, dollies, and climate control systems
• Payroll or salaries paid to staff
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your location lease or a blueprint of your facility.  

Putting together a business plan for your own self storage business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the self storage industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful self storage business.

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Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s business plan consultants can create your business plan for you.

Other Helpful Business Plan Articles & Templates

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Self-Storage Business Plan Template

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Follow these tips to quickly develop a working business plan from this sample.

1. Don't worry about finding an exact match

We have over 550 sample business plan templates . So, make sure the plan is a close match, but don't get hung up on the details.

Your business is unique and will differ from any example or template you come across. So, use this example as a starting point and customize it to your needs.

2. Remember it's just an example

Our sample business plans are examples of what one business owner did. That doesn't make them perfect or require you to cram your business idea to fit the plan structure.

Use the information, financials, and formatting for inspiration. It will speed up and guide the plan writing process.

3. Know why you're writing a business plan

To create a plan that fits your needs , you need to know what you intend to do with it.

Are you planning to use your plan to apply for a loan or pitch to investors? Then it's worth following the format from your chosen sample plan to ensure you cover all necessary information.

But, if you don't plan to share your plan with anyone outside of your business—you likely don't need everything.

More business planning resources

How to Write a Business Plan

How to Start a Business With No Money

How to Create a Business Plan Presentation

Simple Business Plan Outline

10 Qualities of a Good Business Plan

How to Write a Business Plan for Investors

Business Plan Template

Industry Business Planning Guides

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Self Storage Business Plan Template

Whether you're a seasoned entrepreneur or just starting your journey in the self-storage industry, this comprehensive and easy-to-use template is designed to guide you through the process of creating a successful business plan. From conducting market analysis to projecting revenue and implementing a strategic marketing strategy, our template covers all the essential components you need to kickstart your self-storage venture. Download it now and unlock the potential for storage business success!

Download the template today!

The self-storage industry presents a lucrative business opportunity for entrepreneurs looking to capitalize on the growing demand for storage solutions. However, establishing and running a successful self-storage facility requires careful planning and execution. That's why we're thrilled to offer our free Self Storage Business Plan Template, specifically tailored to streamline and enhance your business planning process.

Features of the Self Storage Business Plan Template

Our self-storage business plan template incorporates key features to help you build a robust plan:

• Market Analysis - Conduct in-depth market research to identify profitable locations, analyze customer segments, and understand industry trends. Our template provides a structured approach to conducting a comprehensive market analysis specific to the self-storage industry.
• Competitive Analysis - Evaluate your competition to identify their strengths, weaknesses, and market positioning. Our template guides you in analyzing the competitive landscape, enabling you to differentiate your facility and create a unique value proposition.
• Revenue Projections - Forecast your revenue streams based on factors such as unit occupancy rates, rental prices, and customer retention. Our comprehensive financial projections section helps you estimate income potential and make informed decisions to maximize profitability.
• Marketing Strategy - Develop a targeted marketing plan to attract customers and establish a strong brand presence. Our template assists you in crafting an effective marketing strategy that encompasses online marketing, local advertising, referral programs, and partnerships within your community.

Benefits of Using Our Template

Utilizing our Self Storage Business Plan Template offers several advantages:

• Time and Effort Saving - Save valuable time and effort by leveraging a ready-to-use template that streamlines the planning process. Focus your energy on refining your business strategy rather than starting from scratch.
• Comprehensive Guidance - Our template provides a clear roadmap, ensuring you address all critical aspects of your self-storage business plan. From market analysis to financial projections and marketing strategy, it covers all essential components needed for success.
• Increased Success Potential - A well-structured and comprehensive business plan increases your chances of success in the competitive self-storage industry. Our template equips you with the necessary tools to build a solid foundation for your business and make informed decisions along the way.

Self Storage Business Plan Frequently Asked Questions

Q: why do i need a self-storage business plan.

A: A self-storage business plan is essential as it helps you analyze the market, define your business goals, and develop a strategic approach to succeed in the industry. It ensures you have a clear roadmap for your facility, facilitates decision-making, and attracts potential investors or lenders.

Q: What role does a Self Storage Business Plan play in securing funding?

A: By crafting a well-structured business plan, you demonstrate your understanding of the self-storage industry, your target market, and your competitive advantage. The plan outlines your strategies for acquiring and managing self-storage facilities, marketing your services, and generating revenue. It also includes financial projections that showcase the potential return on investment. Making use of a Self Storage financial projection template can further facilitate the process by providing accurate financial forecasts and projections, making your business plan more convincing and increasing your chances of securing the necessary funding.

Q: What are the key components of a self-storage business plan?

A: A self-storage business plan should include a market analysis, competitive analysis, revenue projections, marketing strategy, operational procedures, financial forecasts, and an exit strategy. These components enable you to understand your target market, assess profitability, plan your operations and finances, and create effective strategies for promoting and growing your facility.

Q: How can a self-storage business plan help attract customers?

A: A well-crafted self-storage business plan demonstrates your understanding of the market, competitive advantages, and value proposition. It allows you to outline your marketing strategies, including online marketing, local advertising, and partnerships, which can attract customers to your facility.

We Know a Good Business Plan When we See One

Collectively, our team has reviewed thousands of business plans and has nearly 20 years of experience making SBA loans. We've also helped more than 50,000 businesses create financial projections across many industries and geographies.

Adam served as Executive Director for a SBA microlender in Indiana for over 10 years helping businesses and reviewing thousands of business plans.

Grace has built hundreds of custom financial models for businesses as well as our projection templates which are used by thousands of businesses every year.

Kyle served as an SBA loan officer for 7 years working directly with startups and business owners to review their business plans, projections, and prepare their loan package.

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Everything You Need to Know About How to Start a Self-Storage Business

From Alaska to Alabama, roughly 50,000 self-storage facilities are scattered around the country. That’s about the same number of McDonald’s, Starbucks and Subway locations across the U.S.  combined . These facilities are the foundation of the U.S. self-storage industry , which was projected to generate $37 billion in revenue in 2019.

At each of these self-storage facilities, people pay rent — usually by the month — to store their stuff in units of various sizes. They could be stashing furniture, art, appliances, TVs, documents, holiday decorations, wine, vehicles, boats or RVs. Many small businesses rely on self-storage units to keep business equipment, inventory and supplies. Some customers even have converted self-storage units into high-end “man caves” and “she sheds.”

Each of those self-storage properties is not only a warehouse for our wares — every facility also is a small business. And it can be a lucrative business, at that. By one estimate, the typical profit margin of a self-storage business in the U.S. is 11%. That’s well above the profit margins for many other types of small businesses; for example, the typical profit margin of a restaurant ranges from 3% to 5%.

Given those numbers, starting a self-storage business sounds pretty appealing, doesn’t it? It sure does. However, anybody looking at starting a self-storage company must look beyond the profits and weigh the practical considerations:

• How much will it cost to start a self-storage business?
• What kind of research and planning do you need to do before starting a self-storage business?
• Should you buy an existing self-storage facility?
• Should you build a self-storage facility from the ground up?
• How will you manage and market your self-storage facility?

Those are big questions, of course, but then starting a self-storage business is a big undertaking. Follow along as we guide you through what it takes to start a self-storage business.

How Much Will it Cost to Start a Self-Storage Business?

Before scouting locations for a self-storage facility — no matter whether you’re looking at buying an existing facility or building a new one — you’ll need to crunch some numbers.

At the outset, you’ll need a good sense of how much it’ll cost to get into the self-storage business. The numbers will vary widely based on a variety of factors, such as location, acquisition costs, land costs and facility construction costs . (We’ll get into the details later.)

Not only must you think about the costs to purchase or develop a facility, but you also must examine where the money will come from:

• Do you have enough liquid assets to buy or develop a self-storage facility on your own? Can you afford to earmark those assets for a self-storage facility?
• Do you need to take out and acquisition or construction loan?
• Do you need to recruit self-storage investors to help finance an acquisition or development deal?

After you’ve come up with answers to those questions, you’ll need to figure out how much it’ll cost to operate the facility once it’s yours. Are you and your family going to run it on your own? Will you have to hire staff to operate it? Would it be best to leave the operations side to a third-party management company? Do you need to install self-storage management software such as SiteLink ? In the end, how much time do you want to spend running a self-storage facility?

Remember, a self-storage facility is more than a structure. It’s a business.

To get into the storage business, you’ll almost assuredly need to carve out millions of dollars to purchase or construct a facility, and to cover various operating expenses, particularly payroll and taxes. A report released in early 2018 by commercial real estate company CBRE shows real estate taxes accounted for 28 percent of all self-storage operating expenses, with on-site and off-site management costs eating up another 38 percent of operating expenses.

What Kind of Research and Planning Do You Need to do Before Starting a Self-Storage Business?

Once you’ve done some high-level thinking about starting a self-storage business, it’s time to do some research. All of that research will go into a feasibility study that will, as its name suggests, tell you whether the business idea is feasible. You might be able to do this study on your own, but you’d be better off hiring a self-storage consultant to perform it.

Whichever route you go, you need to answer a critical question:

If I build it or buy it, will they come?

In other words: if you invest money in a self-storage facility, will you generate enough revenue to cover debt service and operating expenses, and still make a profit?

Performing market research is crucial. This exercise will help you pinpoint the demographics of the customer base within a one- to five-mile radius of the facility. A three- to five-mile area is the typical size of a market for a self-storage facility.

You’ll want to nail down the median income in the market area (self-storage renters tend to be in the middle-income and upper-middle-income brackets), along with the median age (self-storage tenants are normally in their early 20s to mid-50s).

In addition, you’ll want to review the following aspects of your proposed market area:

• Current population (anywhere from about 20,000 people in a rural setting to 100,000 or more in an urban setting, as a general guideline).
• Projected population growth (more people means more prospective tenants).
• Daily vehicle traffic (the majority of self-storage facilities depend heavily on drive-by traffic to attract customers).
• Competitive landscape. Which self-storage facilities already are operating in the area? What is their occupancy rate? Are there any facilities that are under construction or are planned within the trade area?

Other components of the feasibility study normally will include an overview of the self-storage industry; long-range projections for rental rates, income, expenses and property value; and details about the storage project’s zoning.

Writing a Business Plan

Every business should have a business plan. Simply put, a business plan can help propel a business toward success, letting you realize your goals and manage issues that might arise. Most lenders will want to see a business plan before extending a loan.

Lots of online templates are available for writing a business plan, so you certainly can try tackling it on your own. You also can seek assistance from a nonprofit like SCORE, which offers free business mentoring, or you can hire a writer who specializes in business plans.

Keep in mind that a business plan for an existing self-storage facility will look quite different from a business plan for a proposed facility.

Each business plan should be tailored to your own needs, but a business plan for a self-storage facility usually will feature information such as:

• Mission statement.
• Vision statement.
• Ownership structure.
• Business structure (such as an LLC, or limited liability corporation).
• Staff roles and responsibilities.
• SWOT analysis (strengths, weaknesses, opportunities and threats).
• Market analysis.
• Competitive analysis.
• Marketing and sales strategies.
• Pricing strategy. Roughly speaking, monthly rents for a self-storage facility in a high-population area can be anywhere from 50 cents to $4 per square foot.
• Menu of product and service offerings, including a rundown of the unit sizes, like 5×5, 10×10 and 10×20.
• Sources of capital.
• Revenue streams.
• Revenue and expense projections covering several years. Financial modeling will enable estimates of revenue and expenses on a per-square-foot basis.

One factor in making sure revenue projections are met is marketing. While drive-by traffic delivers lots of customers, marketing — particularly online self-storage marketing — can’t be ignored. Self-storage consumers increasingly are turning to the internet as their first stop when shopping for a storage unit.

Any smart internet strategy should ensure your facility can be found on search engines like Google as well as through online self-storage marketplaces like SpareFoot. In addition, your facility’s website should be up to date. Companies like storeEDGE specialize in developing, revamping and maintaining mobile-ready websites for self-storage operators .

How to Create a Self-Storage Business Plan [Plus a Free Template!]

Should You Buy an Existing Self-Storage Facility?

In terms of buying an existing facility , prices are all over the map, just as the self-storage facilities themselves are. As you might expect, an existing self-storage facility in New York City, NY, likely will go for tens of millions of dollars, whereas an existing facility in rural Iowa likely can be purchased for less than $1 million.

A spot analysis of storage facilities for sale in March 2019 found that asking prices generally ranged from $1 million to $10 million per facility. Some facilities on the market also were bundled for sale as a single portfolio.

Unless you’re a licensed real estate professional, it’s wise to hire an experienced self-storage broker to help you find and eventually buy a facility. A seasoned broker knows the market and knows how to negotiate the price.

If you’re going to be running the facility, you, of course, will want to buy a facility in the region where you live. But if you’ll be handing over operations to a third-party management company, then it doesn’t necessarily matter where the facility is. Just be sure you and your broker have a good grasp of the local market.

Should You Build a Self-Storage Facility from the Ground Up?

This should come as no surprise, but location also plays a big part in the cost of building a new facility . You might be able to put up a single-story, 40,000-square-foot self-storage development in a small town for $1 million or less, whereas a two-story, 80,000-square-foot facility in a more urban setting could set you back $6 million. Keep in mind that these are rough estimates.

As a rule of thumb, you can expect to spend anywhere from $25 to $75 per square foot on new construction. However, that’s merely an approximate range. Again, the location of the facility — including the cost of the land — will dictate the price tag for construction.

Here are some statistics to keep in mind if you’re developing a self-storage facility:

• Facilities range from 10,000 square feet to 100,000 square feet or more.
• The average self-storage facility encompasses 46,000 net rentable square feet (the amount of money-generating space that can be rented by tenants).
• A facility typically covers 2.5 to 5 acres.

What follows are six things to take into account when you’re building storage units:

• What will the mix of units be?  If the facility is in a trade area that’s populated predominantly by apartment renters, then you might want to include more small units, such as 5×5 or 5×10. But if the residents of the trade area are mostly homeowners, more 10×10 and 10×20 units might be in order.
• Should the facility consistent only of drive-up units or only indoor-access units?  Or should there be a blend of drive-up and indoor-access units. The answers depend on the demographics of the trade area.
• Should there be only climate-controlled units or only non-climate-controlled units?  Or should there be a combination of the two? The local climate will come into play regarding this decision, as will your construction budget.
• Should you limit the facility to one building?  Or will you have enough room — and does it make sense — to spread the units across several buildings? How much land is available, along with how much demand is projected, will influence the configuration of the facility.
• Should space be set aside for storage of boats, RVs and other vehicles?  The answer hinges, in part, on market research indicating how many boat, RV and vehicle owners live in the trade area.
• Should you look at converting an existing structure, such as a shuttered retail store, into a self-storage facility?  A number of self-storage developers have successfully transformed unused and often overlooked spaces into tax-revenue-generating, job-creating storage facilities.

Aside from what the facility will look like, another key factor is zoning and entitlement.

A huge issue will be how the property is zoned. If the property is already zoned for self-storage, then that removes a huge hurdle. But if the property needs to be rezoned, then you could devote months or even years to seeking approval for a zoning change.

In some places, government officials and local residents vigorously oppose self-storage facilities, based on the ill-informed notion that these facilities are magnets for crime and traffic, and that they’re eyesores. The reverse is actually true. Self-storage facilities don’t cause a rise crime or traffic, and many modern facilities are being designed to fit into and even accentuate neighborhoods.

Additionally, there’s the issue of entitlement. This involves obtaining approval from government entities for your development plans. As with rezoning, an entitlement case could drag on for months upon months.

All of that being said, keep two things in mind:

• Development of a self-storage facility takes time and patience (and, of course, money).  Aside from the zoning and entitlement, construction can be delayed by bad weather, shortages of labor and limited supplies of construction materials.
• Development of a self-storage facility requires expertise.  A development team should include seasoned legal, real estate, financial, construction and design professionals. Few people who are new to the self-storage industry can go it alone when developing a new facility.

Financing a Self-Storage Facility

Just as there is with any business, there are some hard truths about self-storage, no matter whether you’re talking about a newly constructed or newly acquired facility.

For one thing, you’ll need money to launch the business and keep it running.

As we mentioned before, the amount of money you put into a facility varies greatly, based on location and myriad other factors. But before you spend a dime, you’ll have to decide how you’ll go about financing an acquisition or a new development.

For instance, will you need to take out a loan? A number of options are available, such as acquisition loans, construction loans and SBA loans. Many of these loans cover terms of 10 to 25 years. Work with a lending professional who’s well-versed in the self-storage industry to point you in the right direction.

To qualify for a self-storage loan, here are four things you’ll likely need:

• A credit score of at least 680.
• A credit history clear of recent bankruptcies, foreclosures and tax liens.
• A cash down payment of 10 percent or more.
• A business track record of at least three years.

Perhaps you don’t need to take out a loan and, instead, have enough liquid capital to buy or build a facility. However, do you have enough money to operate the facility? You don’t want to drain your retirement fund to purchase or develop a self-storage facility.

Or you might consider teaming up with other investors to buy or build a facility. This can be done through:

• A debt partnership, which is a lending relationship that does not assign an ownership stake to the person or entity you are borrowing the money from.
• An equity partnership, with each partner chipping in a certain amount of cash and owning a share of the business.
• A joint venture with, say, a self-storage developer. Each partner owns a certain percentage of the business.
• A syndicate of accredited investors assembled for the sole purpose of buying or developing a facility.
• A tenant-in-common arrangement, which allows at least two people to own a property and enables the relatively seamless transfer of an ownership stake to another party.

Financing Options for Self-Storage Businesses

How Will you Manage and Market Your Self-Storage Facility?

While storage facilities traditionally generate healthy, stable cash flow, anyone entering the self-storage business must realize that this won’t be a get-rich-quick operation.

Generally speaking, the occupancy rates of self-storage facilities range from 70% to 95%. With a facility that’s newly constructed or that’s being repositioned, a new owner often will face a lease-up period of 18 to 36 months before a facility reaches occupancy stabilization. Positive cash flow also could be years down the road.

However, the good news is that the breakeven occupancy rate for a self-storage facility falls well below other asset classes. By one measure, the breakeven point is 40% to 45% occupancy in self-storage , versus 60% or more in the multifamily sector. Furthermore, self-storage facilities boast some of the best shorter-term and longer-term returns in commercial real estate.

When it comes to buying a self-storage facility, one investment number that’s essential to note is the capitalization rate (cap rate for short). “Capitalization rates are always the over-arching consideration for both buyers and sellers in the self-storage industry,” according to self-storage brokerage firm SkyView Advisors.

As explained by SkyView Advisors, the cap rate is the ratio of a property’s NOI (net operating income) to the value of the property. For example, if a property sells for $1.5 million and its NOI is $120,000, then the cap rate is 8% ($120,000 is 8% of $1.5 million).

“In the simplest terms, the cap rate reveals to an income property investor what percentage [he/she] can expect to earn if he buys the property with all cash,” SkyView Advisors said.

For example, if an investor thinks a property is worth a cap rate of 8%, then he or she expects a cash return of 8%.

In the third quarter of 2018, cap rates for self-storage facilities ranged from 4.5% among Class A facilities to 8.5% for Class C facilities, according to CBRE.

Bottom Line

At the end of the day, buying or building a self-storage facility will most certainly consume time, energy and money. However, the payoff can be substantial in a continually growing industry. Evidence of that growth abounds:

• In 2018, self-storage occupancy rates and rental rates in a number of U.S. markets reached record highs.
• Demand for self-storage keeps going up thanks to an array of trends, including the overall downsizing of baby boomers’ households, the general preference among millennials for renting apartments versus owning homes and the sustained mobility of American workers.
• Over time, self-storage has demonstrated that it’s a recession-resistant sector.

In short, self-storage furnishes a wealth of reasons why acquiring an existing facility or building a new facility can open the roll-up door to attractive investment gains.

“Storage facilities need little capital outlay or upkeep, their property taxes are modest, and net acquisitions in that sector have surged,” Forbes.com contributor Brad Thomas observed in November 2017. “And so, in good times and in bad, kind of like marriage, good old storage units are like a trusty … spouse.”

Related Resources:

How to Buy a Self-Storage Facility

Thinking about buying a self-storage facility? Here is what you need to know before starting your search. Keep Reading

How to Sell a Self-Storage Facility

It's time to sell your self-storage facility and cash out. Here's what you need to know to prepare your units for sale. Keep Reading

Do You Need a Self-Storage Feasibility Study?

Before you invest in building, find out why you should first invest in a self-storage feasibility study. Keep Reading

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Self-Storage Business Plan Template

Getting your own self-storage business off the ground requires a business plan. here is a self-storage business plan template that includes the important elements you need to include in your business plan., fill the form to download business plan templates.

To ensure your self storage business success in this highly competitive market, you need a properly structured business plan for your self storage business. With over 12 years of experience, we have helped over 5,000 entrepreneurs create business plans to start and grow their self storage businesses.If this is your first time writing a business plan , we’ll walk you through these sections and give you some key things to consider.

Things to Know Before Writing a Self Storage Business Plan

Do you ever feel like you have too much stuff in your house? There are a lot of people with this problem, which is why the self-storage industry is worth $23 billion.

The industry is mainly engaged in the rental of self-storage space. The establishments provide secure spaces where customers can store and retrieve their belongings at any time. Storage units in the industry include include, compartments, lockers, containers, and outdoor spaces.

It is one of the fastest-growing sectors in commercial real estate since self-storage facilities were first introduced in the 1960s.

Operators in the industry have low overhead costs, few staff, few utilities, and little maintenance, which result in substantial profitability (measured as earnings before interest and taxes) of 46.8% in 2021.

As the economy recovers following the Coronavirus pandemic, the industry is likely to see a rebound in the next five years. Overall, according to IBIS-WORLD , revenue for the industry is expected to rise at an annualized rate of 0.6% to $24.0 billion by 2026.

Key Success Factors for Selfstorage Business

Despite industry challenges, these 6 factors will help you boost profitability, efficiency, and ultimately success.

• Scale economies: Storage operators that can provide more storage services at lower costs can develop economies of scale and increase profits in this industry.
• Access to key markets: Ideally, mini-warehouses and self-storage facilities should be located near or within population centers. Customers prefer to access their storage items within a short distance.
• Economies of scope: Companies that provide a variety of storage sizes and solutions are able to reach a wider market.
• Maintaining a good reputation: Self-storage companies that are known for their accessibility, security, and pricing are more likely to attract patrons. Friendly staff can also be a major point of differentiation in such a crowded industry.
• Specialized equipment and facilities: The best self-storage companies offer high security, on-site help, temperature control, specialized storage sizes, and dust-free environments.
• Excellent financial and debt management: Operators with a high level of success in this industry are able to control expenses and manage debt.

What is a Self-Storage Business Plan?

A business plan for self-storage facility is a written document that sets your company’s financial goals and discusses how you’ll reach them.

A solid, comprehensive strategy will serve as a road map for the next three to five years of the self-storage business. Any bank or investor you approach will require a business plan for self-storage facility, so putting one together will be critical to securing funding.

In short, writing a business plan can help you succeed if you’re thinking of starting a self-storage business or pitching to investors or venture capitalists.

Free: Business Plan Examples

Do you need help creating a business plan? Check out these six free, proven business plan examples from different industries to help you write your own.

Why You Need a Self-Storage Business Plan

If you want to start a self-storage business or expand an existing one, the first thing you need to do is to write a business plan. A business plan is also necessary for attracting investors who want to know if your self-storage is on the right track and worth investing in.

A solid, detailed plan gives you a clear path to follow, forces you to examine the viability of a self storage business idea, and may help you better understand your company’s finances and competition.

Self-storage owners who have a business plan grow 35% faster than those who don’t, and 71% of fast-growing businesses have one.

A self-storage business plan is a living document that should be updated annually as your company grows and changes.

Funding Sources for Self-Storage Businesses

Asking family and friends to invest in your self-storage business is a great way to start. Once you’ve set a budget and identified what you’ll need to start the business, take the services of your friends and family to help you get it off the ground. You might need to present the willing ones a solid business plan to reassure them that their chances of making a profit are good.

Bank loans and angel investors are the two most common sources of funding for a self-storage business. When it comes to bank loans, banks will want to look over your self-storage business plan to make sure you’ll be able to pay it back with interest.

The loan officer will not simply want to ensure that your financials are reasonable in order to gain this confidence. They will, however, expect to see a professional plan. They will be more confident in your ability to run a business successfully and professionally if you have a plan like this.

The following are nine options for financing a self-storage business:

• SBA 504 loans
• SBA 7(A) loans 
• Construction loans
• Conventional loans
• Credit lines
• Bridge loans
• Hard money loans
• Mezzanine loans
• Working capital loans

Looking to Build Credit for Your Self-Storage Business?

Build your business credit quickly with an easy approval net 30 account from Wise Business Plans. Or check out the top 10 net 30 vendors to find the best one for you to help build your business credit .

How to Write a Self-Storage Business Plan

To write a self-storage business plan, you don’t need to be an expert. Our step-by-step guide will show you how to write a business plan for self-storage facility business, or you can just download our proven  sample business plans  to get a better idea.

Self-Storage Business Plan PDF and Word

Download our self-storage business plan template in PDF and Word here.

Executive Summary

The executive summary is the most important part of the document since it outlines the whole business plan. Despite the fact that it appears first in the plan, write the executive summary last so you may condense key concepts from the other nine parts.

It’s a part that catches the investor’s eye and provides key information about your company’s overview and upcoming short- and long-term goals.

Tell them what kind of self-storage business you have and what stage you’re in; for example, are you a startup, do you have a self-storage that you want to expand, or do you have a lot of self-storage business?

Finally, an executive summary should provide investors with a preview of what they may expect from the rest of your document.

• Provide a high-level overview of the self-storage industry
• The name, location, and mission of your self-storage business
• A description of your self-storage business, including management, advisors, and a brief history
• Discuss the type of self-storage business you are operating, Give an overview of your target customers., and how your product differs from competitors in the industry
• Create a marketing plan that describes your company’s marketing strategies, sales, and partnership plans.
• And give an overview of your financial plan

Check out these executive summary examples to help you write a perfect one for your business plan.

Free: Executive Summary Examples

An executive summary is the most important part of your business plan, and it need not be challenging to write. This is why we have put together some awesome free Executive Summary examples for you.

Company Analysis

• Company summary: Your company analysis will describe the type of self-storage business you are operating and its future goals.  The type of self-storage you might be focused on are: (Warehouse storage, Containers, Lock-ups, Depositories for furniture, etc.)
• Company history: When and why did you start your self-storage business?
• Management team: Who runs the company, and other key positions.
• What milestones have you achieved so far? Your milestones could include sales goals achieved, new store openings, etc.
• Legal structure and ownership: Your reader will want to know what business entity your company is: a sole proprietorship , LLC , partnership, or corporation .
• Locations and facilities: Information about your workspaces or plans to acquire them.
• Mission statement: An overview of your company’s guiding principles. Learn how to write a perfect mission statement .

Industry Analysis

You need to include an overview of the self-storage business in the industry analysis you performed before sitting down to write your self-storage business plan.

While this research may appear to be unnecessary, it helps you to build strategies that maximize business opportunities while lowering or avoiding the identified risk.

You may learn a lot about the self-storage industry by doing research. It helps you in understanding the market wherein you operate.

The third purpose for conducting market research is to demonstrate to readers that you are an industry expert.

Industry analysis can be presented as a 8-step process when written as part of a company’s business plan.

• Give a quick overview of the self-storage industry. Define the self-storage business in terms of size (in dollars), historical background, service region, and products.
• Examine previous trends and growth patterns in the self-storage industry.
• Identify the market’s major competitors.
• Age, gender, and general lifestyle of the targeted market
• Who are the market’s main suppliers?
• Determine the factors that have an impact on the self-storage industry. These might include government regulatory rules and other businesses’ competitive activities.
• Using research data, the industry forecast expected growth. Predictions should be made for both the long and short term.
• Describe how your self-storage business intends to position itself in the industry. Concentrate on how your self-storage business can benefit from opportunities highlighted in the industry.

Customer Analysis

The customer analysis section is an important part of any self-storage business plan since it evaluates the consumer segments that your company serves. It identifies target customers, determines what those customers want, and then explains how the product will meet those requirements.

Here are some examples of customer segments:  People who are relocating, Business owners, Families, Retailers etc.

Customer analysis may be divided into two parts: Psycho-social profiles (why your self-storage services suit a customer’s lifestyle) and Demographic profiles (descriptions of a customer’s demographic qualities).

In terms of demographics, you should include information on the ages, genders, locations, and income levels of the consumers you want to serve. Because most self-storage serves consumers who live in the same city or town, such demographic data is easily accessible on government websites.

The psychological profiles of your target clients reveal their wants and needs. The better you understand and identify these demands, the better your chances of attracting and retaining customers will be.

Competitor Analysis

It is necessary to do a competitor analysis. Not least because you may use their data to define your goals, marketing plans, tactics, new product lines, pricing, and more. Use competitor analysis to:

• Identify the strength and weaknesses of your self-storage competitors.
• Search for opportunities to distinguish your self-storage from competitors.
• Set your product’s price.

The first step is to determine who your direct and indirect rivals are.

The direct competitors consist of other self-storage businesses that offer essentially the same services to the same people as you do. 

Customers have other options for purchases that aren’t direct competitors, such as indirect competitors. This applies to both businesses that have their own storage space and individuals who keep extra items in their attics or basements.

Once you’ve identified the competitors, concentrate on the direct, head-to-head competitors, since they are the most threatening to your self-storage business — but keep an eye on the indirect competitors as well, just in case.

Provide an overview of each direct competitor’s business and detail their strengths and weaknesses.

You will be able to position yourself competitively in the market if you perform proper competitors research. Perform a SWOT Analysis to learn your competitors’ strengths, weaknesses, and competitive advantages in the following areas:

• Prices – Are they cheaper or more costly than you and other self-storage companies, what value do buyers get for that price, and does shipping significantly raise the price?
• Quality – The quality services they provide, the perceived worth in the eyes of the customers
• Customer service – How they respond to their consumers, whether they treat them poorly or well, and the degrees of satisfaction customers show
• Reputation — The sum of everything mentioned above: their credibility, how loved the brand is, and the loyalty of their customers

The final section of your competitive analysis should include a list of your areas of competitive advantage. for example: Are you going to offer premium self storage services? Will you offer unique services that your competitors don’t offer? Will you offer better pricing or will you offer greater customer support?

Consider how you will outperform your competitors and include them in this portion of your self-storage business plan.

Free: SWOT Analysis Examples

Take advantage of our free SWOT analysis examples. Make your business future-proof by identifying your strengths, weaknesses, opportunities, and threats using this free SWOT Analysis Template.

Marketing Plan

Creating a marketing plan for a self-storage business involves identifying the target demographic and finding products that suit their preferences. Self-storage owners need to constantly seek out self-storage businesses that their competitors do not carry.

As part of your marketing plan for a self-storage, you should include:

Pricing and Product Strategy

Your self-storage business must offer services that are unique, need in public, and different from those of your competitors. Research what your competitors carry and how they price their products. A unique self-storage collection identifies your store as the place to go for unique self-storage business and differentiates it from others.

Placing and Promotions

The location of your self-storage business is referred to as place. Make a note of where you’re going and how it’ll affect your success. Is your self-storage facility, for example, near a major highway or public transportation? Discuss how you can ensure a steady flow of customers at your location.

Promoting your self-storage is the final part of your marketing plan. In this step, you document how you will drive customers to purchase your self-storage. A few marketing methods you could consider are:

• Marketing in local newspapers and magazines
• Approaching bloggers and websites
• Billboards and Flyers
• Marketing on social media
• Marketing through websites
• Pay Per Click marketing
• Online Rentals
• Email Marketing
• Ongoing Customer Communications
• Keeping in Touch With Previous Clients

Operations Plan

While the previous sections of your self-storage business plan described your goals, your operations plan discusses how you will achieve them.

An operations plan is helpful for investors, but it’s also helpful for you and employees because it pushes you to think about tactics and deadlines.

Your operations plan should be divided into two individual parts, as seen below.

All the daily tasks involved in running your self-storage business, such as serving customers, cleaning self-storage place, etc., are short-term processes.

Long-term goals  are milestones that you aim to reach. These may include the dates when finalizing the lease agreement for the self-storage space or Reach break-evens. It might also be when you plan to launch a new self-storage business or to serve 1000th customer.

Management Team

When writing a self-storage business plan, the management section’ outlines your management team, staff, resources, and how your business ownership is structured.

A strong management team is necessary to demonstrate your self-storage’s ability to succeed as a business. Highlight the backgrounds of your key players, emphasizing the skills and experiences that demonstrate their ability to grow a business.

You and/or your team members should ideally have prior experience working in a self-storage company. If so, emphasize your knowledge and experience. However, you should emphasize any experience that you believe will help your self-storage business succeed.

Consider forming an advisory board if your team is lacking. An advisory board would consist of 2 to 8 people who would act as mentors to your company. They would assist in answering questions and providing strategic direction. If necessary, seek out advisory board members with experience running self-storage and small businesses. 

Financial Plan

As part of your financial plan, you should present a 5-year financial statement broken down monthly or quarterly for the first year, and then annually. Business financial statements include your income statement, balance sheet, and cash flow statement.

Income Statement

A profit and loss statement is more commonly called an income statement. It shows your revenue and subtracts your expenses to determine whether you were profitable or not.

As you develop your income statement, you need to develop assumptions. For example, will you serve 20 clients per day or 50? Will sales increase by 3% or 15% per year? As you can imagine, your assumptions have a significant impact on your financial forecast. Do your best to verify your assumptions by conducting research.

Free: Income Statement Template

Create a financial statement for your business by downloading our free income statement templates.

Balance Sheet

While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities.

The balance sheet shows your self-storage’s net value at a specific point in time. It categorizes all of your company’s financial data into three categories:

• Assets: Tangible goods with the monetary worth that the company owns.
• Liabilities: Debt owing to a company’s creditor.
• Equity: The net difference when the total liabilities are subtracted from the total assets.

The equation that expresses the relationship between these financial data elements is Assets = Liabilities + Equity.

Create a pro forma balance sheet for your self-storage business plan that highlights the information in the income statement and cash flow projections. A balance sheet is normally prepared once a year by a company.

Balance sheets indicate your assets and liabilities, and while they contain a lot of information, they are simplified to highlight the most important things you need to know.

For example, spending $150,000 to build out your self-storage business will not result in instant revenues. Rather, it is an asset that should help you earn money for many years to come.

Similarly, if a bank sends you a check for $700,000, you do not have to pay it back right now. Rather, that is a liability that you will repay over time.

Free: Balance Sheet Template

Create a financial statement for your business by downloading our free balance sheet templates.

List any additional material you cannot include elsewhere, such as resumes from key employees, licenses, equipment leases, permits, patents, receipts, bank statements, contracts, and personal and business credit histories.

Attach your full financial projections along with any supporting documents that make your plan more compelling in the appendix. You may, for instance, include some of your apparel designs.

Bonus Tip: Learn what to include in a business plan appendix for your self-storage business.

Summary of the Self-Storage Business Plan

A self-storage business plan is a worthwhile investment. As long as you follow the template above, you will become an expert in no time. By following the template, you will understand the self-storage business, your competitors, and your customers. The plan will help you understand the steps necessary to launch and grow your self-storage business.

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Ultimate Self Storage Sample Business Plan Guide for Success

Create an Ultimate Self Storage Sample Business Plan for success with clear objectives and strategic management steps. Ensure market analysis and financial projections are at the core of your plan.

Starting a self storage business requires careful planning and a solid strategy. A comprehensive business plan is the roadmap to success, guiding you through establishing, managing, and growing your self storage venture. Entrepreneurs must focus on key components such as market analysis, location selection, unit mix planning, marketing strategies, financial planning, and customer service excellence.

Your business plan should detail the necessary steps to stand out in the competitive landscape, considering both traditional methods and digital marketing techniques. As you set forth your objectives, remember that a strong online presence can significantly boost visibility and attract potential customers. Balancing cost management with investment in security and technology can enhance operational efficiency and customer trust, paving the way for a successful self storage enterprise.

Introduction To Self Storage Industry

Welcome to the dynamic world of the self-storage industry. A beacon of convenience for individuals and businesses alike, self-storage provides a versatile solution for those in need of extra space. With the rise of urban living and the downsizing of modern homes, the demand for storage units has witnessed a significant surge. This sector’s resilient nature makes it fascinating for entrepreneurs and investors envisioning a successful entry into a flourishing market.

Market Trends

The self-storage industry echoes the pulse of socioeconomic shifts. As such, current market trends illustrate a pattern influenced by various factors:

• Minimalism and Mobility: A growing inclination towards minimal living and frequent relocation supports the need for storage spaces.
• Online Presence: Digital visibility for self-storage businesses proves imperative in capturing the tech-savvy clientele.
• Enhanced Security Features: Customers prioritize facilities that offer advanced security measures for their prized possessions.
• Eco-friendly Practices: Green storage solutions are becoming a competitive edge for environmentally conscious consumers.
• Added Value Services: Offering additional services such as climate control and 24/7 access attracts a broader customer base.

Keeping pace with these trends positions a self-storage business for long-term relevance and growth.

Profitability Potential

The self-storage industry presents an avenue for robust profitability. Key indicators to profitability include:

Through strategic planning and market comprehension, the profitability of self-storage can reach impressive heights, promising a bright future for well-run establishments.

Essential Components Of A Self Storage Business Plan

Creating a detailed Self Storage Business Plan is the first step to success. It’s a blueprint for your business’s future. This plan covers every critical aspect. You’ll start by introducing potential investors or partners to your business idea. Then, guide them through the intricacies of how your self storage facility will run. Keep in mind, the business plan is not just an internal document. It’s key for lenders and investors, too.

Executive Summary

Your business plan starts with an Executive Summary . This section provides a snapshot of your self storage enterprise. It highlights your vision and end goals . Make sure to cover key points like your mission statement, business objectives, and a brief overview of products or services. Give a clear view of the financial projections and growth potential too.

• Mission Statement : A concise explanation of your business’s purpose.
• Business Objectives : Short-term and long-term goals for growth.
• Products/Services : Details on the self storage offerings.
• Financial Projections : Summary of projected revenue, expenses, and profitability.
• Growth Potential : Insights into market analysis and expansion plans.

Business Description

Dive deeper in the Business Description section . Here, provide background information about the self storage industry. Discuss market trends and target demographics. Do not forget to touch on your company structure and the expertise of your management team. Share your strategies to cater to customer needs and stand out from competitors.

Remember, each component in your business plan is essential. They collectively pave your path towards achieving your business dreams. Keep sentences short and information clear. This way, your business plan becomes accessible to everyone, securing your self storage business a firm foundation for future triumphs.

Analyzing The Market

Analyzing the market is a cornerstone of any successful business plan, especially for self-storage facilities. This stage informs decisions about location, pricing, and services, as well as how to stand out from competitors. Properly understanding the market lays the foundation for a solid business strategy.

Target Audience Research

Identifying the target audience is crucial for tailoring self-storage services. Begin with demographic analysis:

• Age : Understand the age range of potential customers.
• Income level : Cater pricing to customers’ economic abilities.
• Occupation : Consider storage needs of various professions.

Conduct surveys or utilize online tools to gather data on potential customers’ storage habits and needs. This will help define which features to offer and how to effectively market the self-storage business.

Competitor Analysis

Knowing the competition allows for strategic planning within the market. Focus on:

Use tools like SWOT analysis to map out strengths, weaknesses, opportunities, and threats related to competing businesses. Create strategies to capitalize on market gaps and offer a superior service.

Location And Real Estate Considerations

When planning a self storage business, location tops the list of factors that drive success. Ideal placement of your facility can mean the difference between a bustling operation and one that struggles to attract customers. A thorough examination of real estate variables and regulatory constraints is crucial.

Selecting The Perfect Site

Finding the best location requires research and strategy. Look for areas with high demand but low supply of self storage units. This often leads to greater occupancy rates and the potential for higher rental prices. Accessibility is another key aspect; sites should be easy to reach via major roadways and visible to passersby to maximize foot traffic. Demographics play a role as well. Target regions with growing populations, high residential density, or a substantial number of businesses that may require storage solutions.

Key to remember: Visibility, accessibility, and demographics steer the viability of your site.

Navigating Zoning Laws

Zoning laws can significantly affect where you can build your self storage facility. Always start by reviewing the local zoning requirements. These laws dictate what types of buildings and businesses can operate in specific areas. Engage with city planners or hire a real estate attorney to understand the nuances of local zoning codes. They will guide you through the process of obtaining any necessary permits or variances.

• Check local zoning maps early in the site selection process.
• Understand which zones permit self storage facilities.
• Factor in potential zoning changes or developments in your planning.

Secure the right location by navigating the zoning landscape effectively.

Designing The Storage Facility

Designing a Self Storage Facility is a critical step in your Storage Business Plan. A well-designed facility can set you apart from competitors. It impacts everything from customer satisfaction to operational efficiency. Below, let’s delve into key aspects that will help optimize your storage facility’s design and planning.

Optimizing Unit Mix

Getting the unit mix right can mean the difference between a thriving storage facility and a struggling one. The goal is to cater to various needs, balancing between small, medium, and large storage units. Understanding your local market’s demand is crucial. Start with a market analysis to determine which unit sizes are in high demand. Offer a variety of storage solutions to ensure you meet customer needs. A diverse unit mix allows you to maximize space and revenue.

Security And Technology

The safety of your customers’ belongings is paramount. Integrate advanced security measures to provide peace of mind. High-quality surveillance cameras, secure gate access, and proper lighting are all essential features. Stay ahead with technology; consider implementing smart locks and a mobile app for unit access. These investments add value to your facility and can justify higher rental rates.

• Install high-resolution cameras in strategic locations.
• Use gated access systems with personalized codes.
• Ensure adequate lighting throughout the property.
• Explore smart technology to enhance user experience.

Financial Planning And Projections

Embarking on a self-storage venture requires sharp financial foresight and strategic planning. To navigate the financial landscapes of this industry, a comprehensive understanding of both initial costs and revenue generation is essential. The success of your self-storage business hinges upon a meticulously crafted business plan that includes detailed financial planning and projections. Let’s dive into the critical fiscal components that will set your storage business on the path to prosperity .

Start-up Costs

Starting a self-storage business comes with a list of expenses. They are the building blocks of your financial foundation. Here’s what you need to factor in:

• Land acquisition – This is the ground to build your empire.
• Construction costs – These include materials and labor to erect your facilities.
• Permits and legal fees – Required for compliant operations.
• Marketing – Vital to announce your grand opening.
• Insurance – Protecting your investment from day one.
• Initial inventory – Locks, boxes, and packing supplies.
• Technology – Software for managing the business efficiently.

Accounting for these expenses with precision is the key to developing a reliable financial forecast .

Revenue Streams

Understanding and diversifying your revenue streams solidifies the longevity of your business. Explore these avenues:

Study market rates, occupancy levels, and demands to project your revenue accurately . These insights will form the cornerstone of your business’s financial health.

Marketing Strategy For Your Self Storage Business

Marketing strategy is the lifeline of your self storage business. It turns the spotlight on your brand. It invites more eyes to your services. A sharp plan grabs attention and keeps customers coming. Let’s explore crucial strategies to make your business shine.

Brand Building

Your brand is your promise. It tells clients who you are and what you stand for. Strong branding sets you apart from the crowd.

Key elements for successful brand building include:

• Unique Logo: Make your symbol unforgettable.
• Tagline: Craft a catchy phrase that sticks in minds.
• Uniforms: Wear your brand with pride for instant recognition.
• Signage: Big, bold, and clear signs draw eyes to your location.
• Community Engagement: Connect with locals to enhance trust.

A trusted brand becomes a local household name. It earns lasting customer loyalty.

Digital Marketing

Today, the virtual world is where people live and shop. Tap into this space with strategic digital marketing.

Boost your online presence with these steps:

• SEO-Optimized Website: Climb search rankings to get seen first.
• Content Marketing: Share useful tips to show you care.
• Social Media: Be active where your clients hang out.
• Google My Business: Make your details easy to find and accurate.
• Online Ads: Run targeted campaigns for quick visibility boosts.
• Reviews: Encourage happy customers to share their stories online.

Well-crafted digital marketing grows your reach quickly. It keeps your self storage business in the digital conversation.

Operational Plan For Daily Management

The Operational Plan for Daily Management lays the groundwork for a successful self storage business. It turns the vision into actionable steps, focusing on the everyday tasks needed to run the facility smoothly. Let’s delve into two critical aspects: staffing and training, and customer service excellence.

Staffing And Training

A well-structured operational plan dedicates a section to staffing needs and training programs . To ensure staff meets the industry standards, it includes schedules for regular training sessions. Here’s how a strategic approach to staffing and training can look.

• Hire strategically: Align staff roles with business goals.
• Training modules: Create interactive training for different job positions.
• Ongoing development: Include continuous learning in the job lifecycle.

Customer Service Excellence

Exceptional customer service is the heart of any self storage business. It fosters trust and builds long-term relationships. The plan meticulously crafts procedures to exceed customer expectations.

Legal And Regulatory Aspects

Entering the self-storage industry involves firm legal grounding. A business plan must address specific regulations. This ensures protection for the company and its clients. Now, let’s delve into the essentials of insurance, liability, and legal compliance.

Insurance And Liability

Starting a self-storage business means dealing with risks. Insurance coverage is critical . It protects against unforeseen events. Below is a list of needed insurance types:

• General Liability Insurance – Covers accidents on-site.
• Property Insurance – Shields the facility from damage.
• Workers’ Compensation – For employee injury or illness.
• Business Interruption Insurance – Helps if operations halt suddenly.

Understanding liability is also necessary. You must have legal documents. These include lease agreements that define terms clearly:

Compliance With Laws

Legal compliance is non-negotiable. Self-storage businesses must adhere to various regulations. They assure legality in operations:

• Zoning Laws – Confirm your facility can legally operate.
• Building Codes – Ensure construction meets safety standards.
• Security Regulations – Protect renters’ belongings effectively.
• Privacy Laws – Safeguard renters’ personal information.

Additionally, staying current with changes in law is crucial. It eliminates potential legal hitches . Non-compliance can result in hefty fines and business closures.

Risk Analysis And Contingency Planning

In the dynamic world of self storage businesses, being prepared for potential risks is crucial. Risk analysis and contingency planning help ensure your business thrives, even in times of trouble. We’ll now delve into identifying possible risks and crafting strategies to mitigate them. This preparation keeps your business on the path to success.

Identifying Potential Risks

The first step in robust risk management is recognizing the dangers that could impact your storage facility. There are several areas we must consider:

• Natural disasters: weather events that can damage property.
• Economic fluctuations: shifts that affect customer demand.
• Operational issues: such as security breaches or system failures.
• Competition: affecting market share and pricing.
• Legal challenges: complying with laws and regulations.

Developing A Risk Mitigation Strategy

Once risks are identified, we must create strategies to reduce their impact or likelihood.

• Insurance: Secure comprehensive coverage for unexpected events.
• Backup systems: Implement reliable data backup and recovery solutions.
• Maintenance: Schedule regular upkeep to prevent property degradation.
• Market analysis: Stay abreast of industry trends to anticipate changes.
• Legal counsel: Consult with experts to ensure all operations are compliant.

A strategic approach to these risks keeps your self storage business resilient and adaptable.

Keys To Success And Growth

The self storage industry thrives on strategic planning and customer-centric services. Business owners must focus on essential keys to not only survive but also expand in this competitive field. Retaining customers and scaling the business sensibly sets the foundation for long-term success.

Customer Retention Strategies

Customer retention is the backbone of sustained business success. Engage clients with unmatched service quality and proactive communication. Loyal customers become brand ambassadors, promoting your services naturally.

• Personalized Experience: Treat each customer individually.
• Feedback Implementation: Act on client suggestions.
• Loyalty Programs: Reward long-term storage users.

Keep your users informed about security features and facility improvements. Quick response to concerns ensures trust. This table shows strategies for higher retention:

Expansion and Scalability

Expansion And Scalability

For expansion and scalability , clear goals paired with thorough market research propel growth. Understand customer needs and adjust services to fill gaps. Invest in technology to streamline operations.

• Analyze Demand: Regularly study market trends.
• Smart Investments: Upgrade security and software systems.
• Location Selection: Choose new sites strategically.

Diverse storage options cater to wider clientele. Offering climate-controlled units or specialized spaces for unique items can open new revenue streams. Implement a phased approach for gradual yet consistent growth.

Drawing A Roadmap To Emerge As Market Leader

To stand out in the highly competitive self storage industry, a strategic business plan is essential. It’s not just about starting; it’s about scaling up and staying ahead. This roadmap serves as a step-by-step guide to reaching the pinnacle of the market.

Continuous Improvement

Success demands perseverance and an ever-evolving strategy. The goal is to become the best. Here’s how:

• Analyze customer feedback : Listen to what users say about the service.
• Monitor industry trends : Stay updated with the latest storage solutions.
• Benchmark performance : Compare services with top competitors.
• Optimize operations : Enhance efficiency in every process.
• Invest in staff training : Educated teams create superior experiences.

Leveraging Technology

Innovation is key to staying ahead. Embrace cutting-edge technology to provide unmatched service. Some tech strategies include:

With tech, a self storage business can not only meet current demands but also anticipate future needs. It’s about being an industry pioneer, not a follower.

Frequently Asked Questions

What is the average profit margin for self-storage.

The average profit margin for self-storage businesses typically ranges from 11% to 41%.

How Do You Write An Ultimate Business Plan?

To write an ultimate business plan, start with a clear executive summary. Detail your business objectives, market analysis, and organizational structure. Outline products or services, marketing strategies, and financial projections. Conclude with an implementation plan—keeping it concise, precise, and targeted for your audience.

Is Self-storage A Good Business Model?

Self-storage offers a potentially profitable business model with consistent demand, low overhead costs, and opportunities for passive income, making it an attractive investment for entrepreneurs.

What Are The Objectives Of Self-storage Business?

Self-storage businesses aim to provide secure, accessible space for personal and business storage needs. They seek customer satisfaction through flexible rental terms and varied unit sizes. Their goal includes generating consistent revenue while maintaining facility upkeep and safety.

Crafting a solid business plan is the cornerstone of any self storage venture. With the insights and strategies outlined in this guide, you’re equipped to navigate the storage industry landscape and steer your business toward success. Remember: meticulous planning paired with this expert blueprint can set the stage for a prosperous self storage journey.

Ready your dreams for launch – your roadmap is now complete.

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Self Storage Business Plan Template [Updated 2024]

I. Executive Summary

This Section's Contents

Business Overview

Products & services provided, customer focus, management team, success factors, financial highlights.

[Company Name] is a self-storage company with [x] storage units available for rental to individuals and businesses in [location]. With multiple unit size options, all customer storage needs will be satisfied. In addition, we offer short-and long-term storage options to accommodate various customer needs.

[Company Name] will be able to provide safe and secure short- and long-term storage facilities to individuals and businesses in [location].

• Standard Self-Storage Units
• Temperature-Controlled Self-Storage Units
• Packing & Storage Supplies
• Moving Services

To better serve a variety of customers, we have multiple unit size options available to choose from:

• 5 x 5 foot storage unit
• 5 x 10 foot storage unit
• 10 x 10 foot storage unit
• 10 x 15 foot storage unit
• 10 x 20 foot storage unit
• 10 x 30 foot storage unit

[Company Name] will primarily serve residents in need of storing personal belongings. The storage units are also available for lease by business owners in need of storage for stock overflow. This is especially helpful for small business owners who run a business from their home.

[Company Name] is headed by [Founder’s Name] who graduated from [University] with a degree in Business Administration. Prior to starting [Company Name], [Founder’s Name] worked as an operations manager at a moving and storage company for [x] years where he was able to learn the ins and outs of the storage industry. His experience will be the company’s most valuable asset.

[Company Name] is uniquely qualified to succeed for the following reasons:

• [Company Name] will fill a specific market niche in the growing moving and storage industries.
• With only one existing storage facility, the need for additional self-storage space is essential in [location].
• In addition, we have surveyed the target market and received extremely positive feedback saying that they explicitly want to make use of our services when launched.
• The management team has a track record of success in the storage unit business.

[Company Name] is seeking total funding of $270,000 of debt capital to open its storage business. The capital will be used for funding capital expenditures and location build-out, hiring initial employees, marketing expenses, and working capital.

Specifically, these funds will be used as follows:

• Facility design/build: $110,000
• Working capital: $160,000 to pay for marketing, salaries, and lease costs until [Company Name] reaches break-even

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Self Storage Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan

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Self Storage Business Plan Sample

Published Jun.05, 2018

Updated Aug.16, 2024

By: Jakub Babkins

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Table of Content

Do you want to start self storage business?

Do you want to start a self storage business? A self storage company provides storage space (such as lockers, containers, rooms, outdoor space) to individuals and businesses. People use the services of self storage companies whenever they run out of space, move to a new place or simply do renovations in their homes. Businesses and companies operating in small facilities use the services of self storing companies for storing their business inventory or archives since they are unable to store these things due to limited space. And considering the economic situation of today, where people are forced to live in small homes and business are forced to operate in small offices, self storage businesses have become a need for everyone. So if you want to start this business, chances of making profits are really high. In case, you don’t know how to start your own self storage business , the first thing you must do is to prepare a comprehensive business plan which will establish the basis of your company’s future operations and decisions. To help you make your self-storage business plan, we are here providing you the business plan for a self storage business startup named ‘Houston Self Storage’

Executive Summary

2.1 the business.

Houston Self Storage is licensed and insured self storage company located in Downtown Houston. The company will provide short- and long-term self storage services by offering storage units in various sizes to accommodate all sorts of storage needs of the customers. Our storage units business model is specifically designed to fulfill the requirements of all sorts of customers.

2.2 Management

Houston Self Storage will be a joint venture owned by Jack Elisken and Mike Harvin, both of which are experienced industry professionals. Jack has been associated with storage industry while Mike has been associated with the moving industry, so both of them have the right resources and knowledge needed for starting a self storage business . This venture will be equally funded by both parties and both will have equal ownership in it.

2.3 Customers

Our target market is the residential community, institutions and organizations as well as the corporate sector based in Houston. Considering our target customers, we are based in the best possible location for opening a self storage business .

2.4 Target of the Company

We aim to become the best self storage business of Houston within next five years of our startup. Our main business targets to be achieved as milestones over the course of next three years are as follows:

• To achieve the net profit margin of $10k per month by the end of the first year, $15k per month by the end of the second year, and $25k per month by the end of the third year
• To balance the initial cost of the startup with earned profits by the end of the first year
• To start another storage center in Texas city after six years of startup

Company Summary

3.1 company owner.

Houston Self Storage will be a joint venture owned by Jack Elisken and Mike Harvin. Jack is a highly experienced industry professional and has been serving as the General Manager of New State Warehouse for the last 7 years. Mike owns a moving company, Realtime Movers. The venture will be equally funded by both parties and both will have equal ownership in it.

3.2 Why the Business is being started

Jack and Mike have decided to start self storage business for the purpose of making profits in this industry. Considering the increasing population of Houston and relatively less self storage facilities in the city, their venture has fair chances of succeeding.

3.3 How the Business will be started

Starting a self storage business is not easy since you have to considered a lot of things. In case you don’t know how to start a self storage business , you can take help from this sample self-storage feasibility study. Houston Self Storage will be located in Downton Houston, a place where it is needed the most. The facility covers an area of about 55,000 square feet and is divided into various segments of 10-by-30-foot storages, 10-by-25-foot storages, 10-by-20-foot storages, 10-by-15-foot storages, 10-by-10-foot storages, 5-by-10-foot storages, and 5-by-5-foot storages. The financial experts have forecasted following costs for expenses, assets, investment, and bank loans for the startup .

The detailed startup requirements, startup funding, startup expenses, total assets, total funding required, total liabilities, total planned investment, total capital and liabilities are given in the table below.

Services for customers

A self storage business can be immensely profitable provided that you plan it effectively and choose the right place for its startup. A self storage business profit margin depends on what services will you provide to your customers so make sure to plan your services before you think about how to start a storage unit business . Planning your services before opening a storage facility is also important because it helps you with the planning of other subsequent components.

Houston Self Storage will provide short- and long-term self storage services to its customers. We will offer storage units in various sizes to accommodate all sorts of storage needs of our customers. All storage units will be completely secure from theft and other sorts of damage. We will be open 24/7 for providing you the services you deserve. Our facilities will always be clean, well-lit and we will provide moving carts to facilitate our customers with loading and unloading of stuff. Our main services can be divided into following categories.

• Standard Self Storage Units: We will provide standard self storage units in various sizes to accommodate all your goods. Our storage units are specially designed while keeping user requirements in mind.
• Temperature-Controlled Self Storage Units: In addition to standard storage units, we will also provide climate-controlled self storage units in which constant temperature will be maintained throughout the year. These storage units are perfect for storing delicate items such as important documents, electronics, wood and furniture.
•  Packing and Storage Supplies: We will also provide a variety of packing and storage material for the convenience of our customers such as packing boxes, tapes and other important supplies.
•  Moving Services: We will also provide moving services to our customers within our storage facility by loading and unloading the goods of our customers.

Marketing Analysis of self storage business

The most important component of an effective <strong>self storage business plan</strong> is its accurate marketing analysis that’s why the company owners acquired the services of marketing experts to help them through this phase.

It is only after this stage that a good storage unit business model could have been developed. After identifying the availability of current self storage facilities and the current demand in Houston, the marketing experts and analysts also helped them to select the best site for starting a storage facility business . The success or failure of a self storage business totally depends upon its marketing strategy which can only be developed on the basis of accurate marketing analysis. Marketing analysis is a must-do thing before you even think about how to run a storage unit business . If you are starting on a smaller scale, you can do marketing analysis yourself by taking help from this self storage business plan template or other storage facility business plan samples available online. But if you are opening a storage business on a larger scale, it is always best to seek the counsel of marketing experts for developing a good storage unit business plan .

5.1 Market & Industry Trends

The first component of the marketing analysis of your storage units business plan is the feasibility analysis of the current self storage industry. Feasibility analysis dictates whether the industry has become saturated or not and helps figure out whether a startup in this industry will succeed or not. That’s why it must be catered before you start storage unit business .

The self storage industry started in 1960’s due to the increasing need for commercial and residential storage. Since its start, the industry has doubled in size each decade and the ROI have been greater as compared to other forms real estate investment. As of now, the self storage industry generates $38 billion annual revenue in just United States. The industry comprises of around 58,000 businesses and is responsible for employing more than 141,000 people across the country.

As per the growth statistics, the industry has seen a 7% growth rate from 2012 to 2017 and is also projected to increase in future. The reason behind this increase is the increasing tendency of people to live in rental house business and the increase in accumulation of leisure articles such as exercise equipment, wind-surfers, and skis etc. In short, considering the ever-increasing population, we can say that self storage industry is feasible for startups. Hence, you can open a storage unit business and can make it immensely profitable provided that you plan it successfully.

5.2 Marketing Segmentation

For developing an effective marketing strategy, it is crucial to analyze the market segmentation of the future customers of our self storage business. A successful and efficient marketing strategy can only be developed after a business completely knows its potential customers that’s why it is important to consider before starting a storage facility . Our target market is the residential community, institutions and organizations as well as the corporate sector based in Houston. Considering our target customers, we are based in the best possible location to open a storage unit business . Our experts have identified the following type of target audience which can become the future consumers of our services.

The detailed marketing segmentation of our target audience is as follows:

5.2.1 Residential Community:

Our first target group is the residential community based in Houston. The residential community comprised of people from all races and all sorts of background, most of which are financially stable. Due to economic decline, which has affected every single person in the United States, people are living in smaller houses which usually are unable to fit everything. Most people have accumulated leisure articles like exercise equipment, wind-surfers, and skis which they occasionally use, so most of the time people store such articles in self storages so as to avoid stuffing their homes. Another important aspect is about 44% of Houston population live on rent and whenever they have to move from one place to another, they use self storage services for temporarily storing their goods.

5.2.2 Local Businesses:

Our second target group is the local businesses and startups based in Houston. Many businesses in the city, such as retail outlets, often use self storage units for storing their stock on a temporary basis. Another important aspect is many startups and even some of the established businesses operate within limited space such as small offices so they need to stock their inventory and products in self storage units.

5.2.3 Institutions & Organizations:

Many institutions and organizations operating in limited space also need the services of self storage businesses to stock their inventory and products. The detailed market analysis of our potential customers is given in the following table:

5.3 Business Target

We aim to become the best self storage business of Houston within next five years of our startup. The company owners aim to start another storage center in Texas city after six years of startup. Our main business targets to be achieved as milestones over the course of next three years are as follows:

• To provide unparalleled services in the industry and set a benchmark of quality

5.4 Service Pricing

Service pricing is one of the most important factors in deciding the marketing strategy. Selecting the prices of services is difficult because startups have to attract customers while yield profit at the same time. These two things cannot be achieved at the same time and the only way out is to select a compromised trade-off between the two. After considering our competition and the market demands, we have priced our services in the similar ranges as of our competitors. The reason behind our pricing policy is to achieve MARR (minimum attractive rate of return) which would not be possible in case of offering our services in lower prices.

After identifying the market trends, the market demand, and the potential customers of the startup, the next step is to develop an ingenious sales strategy. Like marketing analysis, sales strategy is also an important component of a self storage business model and must be considered before you think about how to run a self storage business .

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6.1 Competitive Analysis

Self storage industry is a competitive one considering the fact that there are currently around 58,000 self storage businesses in the United States. However, we hope to excel our competitors due to several competitive aspects. Our first and the most important competitive advantage is our strategic location which is ideal to start a self storage business plan . We are located in Downtown which is the central hub for all local businesses and is very near to the residential zone of the city. In addition to our location, our quality services will also be one of our biggest competitive advantages. We will ensure that our storage units are clean and well-lit as well as safe and secure from theft or other sorts of damages. We will also provide moving carts to facilitate our customers with loading and unloading of stuff. Lastly, we will open round the clock, seven days of week, ensuring your access to your stuff at any time of the day.

6.2 Sales Strategy

After carrying out a detailed. our experts came up with the following brilliant ideas to advertise and sell ourselves.

• We will carry out a large-scale social media campaign for our advertisement.
• We will launch our website by which customers can know whether a storage unit with their desired requirements is vacant or not. Customers will also be allowed to make reservations through our webpage.
• We will offer customer referral awards to promote our services.

6.3 Sales Monthly

Our experts have forecasted following sales on a monthly basis which are summarized in the column charts below.

6.4 Sales Yearly

Our experts have forecasted following sales on a yearly basis which are summarized in the column charts below.

6.5 Sales Forecast

Considering the quality of our services, our sales pattern is expected to increase with years. By analyzing our market segmentation strategy, our experts have forecasted the following sales on a yearly basis which are summarized in the following column charts.

The detailed information about sales forecast, total unit sales, total sales is given in the following table.

Personnel plan

A business can succeed only if it is properly planned during its initial stages. Just like the planning of other components, you must also develop a personnel plan before you think about how to start a self storage facility . The personnel plan not only establishes what staff is required for the startup but it also gives an estimate of the costs incurred on their salaries. However, it is never easy to estimate the number and type of staff needed for a company before it is even launched therefore seek the help of HR experts before you open a self storage business .

7.1 Company Staff

Jack will act as the General Manager of the company while Mike will serve as the Chief Executive Officer of the company. Following staff has been estimated by HR experts for starting a self storage unit business .

• 2 Administrators / Accountants for maintaining financial records
• 4 Sales Executives responsible for marketing and discovering new ventures
• 20 Field Employees for operating and maintaining the storage
• 8 Movers for helping customers load and unload their stuff
• 8 Cleaners for keeping store clean at all times
• 2 Technical Assistants for managing website and social media pages
• 1 Front Desk Officer for acting as a receptionist
• 6 Security Officers

To ensure the best quality service, all employees will be selected through strict testing procedures and will be trained for a month prior to onboarding.

7.2 Average Salary of Employees

The following table shows the forecasted data about employees and their salaries for next three years.

Financial Plan

After deciding the strategy and personnel plan of the company, the next step is to develop a detailed map of the financial projections of the company. Just like the planning of other aspects, you must also prepare a financial plan before you start thinking about how to build a self storage business . The financial plan should craft a detailed map about the cost of startup, inventory, payroll, equipment, rent, utilities and how these costs will be covered with the profits. So, if you are thinking, is the self storage business a profitable business you’ll get your answer after you make a financial plan. To make an accurate financial plan, make sure to consult financial experts before you start your own storage unit business . The financial plan of Houston Self Storage is as follows.

8.1 Important Assumptions

The financial projections of the company are forecasted on the basis of following assumptions. These assumptions are conservative and can show deviation but to a limited level such that the major financial strategy of the company will not be affected.

8.2 Brake-even Analysis

 8.3 Projected Profit and Loss

8.3.1 Profit Monthly

8.3.2 Profit Yearly

8.3.3 Gross Margin Monthly

8.3.4 Gross Margin Yearly

8.4 Projected Cash Flow

8.5 Projected Balance Sheet

8.6 Business Ratios

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Home » Real Estate

How to Start a Storage Unit Business [Business Plan]

Self-storage facilities rent space on a short-term basis (often month-to-month, though options for longer-term leases are available) to individuals (usually for storing household goods) or to businesses (usually for storing excess inventory or archived records). Some facilities offer boxes, locks, and packaging supplies for sale to assist tenants in packing and safekeeping their goods, and may also offer truck rentals.

Studies show that the industry was worth $38 billion in 2018. Modern storage facilities grew slowly through the 90s, at which time demand outpaced supply and caused a rush of new self-storage developments. From 2000 to 2005, over 3,000 new facilities were built every year in America.

At year-end 2019, there were 47,539 self-storage facilities in the United States on industrial and commercial land parcels. There are more than 1.9 billion square feet of available self-storage in space in the U.S. The six largest publicly traded storage operators (four REITs, and U-Haul) own or operate approximately 18 percent of all self-storage facilities.

Steps on How to Start a Storage Business With No Money

1. conduct market research.

The first step in conducting market research for a storage business is to develop market-based research questions in line with your overall business goal and objective. In this regard, you should source information that will help you maximize your business, help you know what your potential market is looking for from a storage facility, and also help you operate your storage business with less stress, thus helping you gain a fair share of the available market in your city.

a. Who is the Target Market of Storage Business?

• Families (Homes)
• Business owners
• Merchants, Importers, and manufacturers
• Construction companies

b. Is Storage Service a Profitable Business?

Yes, the storage service business is quite profitable. Statistics show that the industry generates an average of $33 billion annually in the United States of America. Self-storage facilities can earn around $361,000 to $798,800 gross per year with the states of Maryland, Arkansas, and New York winning the highest number of sales.

It might also interest you to note that, from 2009 to 2018, self-storage facilities averaged an annual ROI of 16.9%. This number was higher than office, industrial, retail, or apartments during that time. Due to such elevated ROI, the self-storage industry is a highly sought-after form of real estate and can often be difficult to find.

c. Are There Existing Niches in the Industry?

No, there are no existing niche ideas when it comes to the storage business, but a self-storage business may also operate as a mobile storage and moving company.

d. Who are the Major Competitors?

• Public Storage
• ExtraSpace Storage
• Life Storage
• National Storage Affiliates
• StorageMart
• Prime Storage Group
• Simply Self Storage
• SmartShop Asset Management
• Metro Storage, LLC.
• Sovran Self Storage Inc.

e. Are There County or State Regulations or Zoning Laws for the Storage Business?

Yes, there are county or state regulations and zoning laws for a storage service business. In the United States, self-storage facilities can be classed as Class A, Class B, and Class C properties, and you cannot legally register a self-storage unit as your business location nor can you invite employees to work from it with you as an official office space. You can, however, run your business from a storage space by using it as a place to store your stock or tools.

f. Is There a Franchise for Storage Business?

Yes, there are franchise opportunities for the storage service business, and here are some of them;

• Go Mini’s Storage and Moving
• MyWay Mobile Storage
• Storage Authority, LLC
• Units Moving and Portable Storage
• WG Storage and Delivery
• Big Box Storage Franchising Inc.
• Zippy Shell Moving and Storage

g. What Do You Need to Start a Storage Business?

• A Feasibility Report
• Business and Marketing Plans
• Business Licenses and Permits
• A Safe Storage Facility
• Computers, Laptops, and Software Apps
• EIN (Employer Identification Number)/Federal Tax ID Number.
• A Corporate Bank Account
• Locks and Keys
• Startup Capital

Memorable Business Name ideas for Storage Service

• Safe and Sure® Storage Service, Inc.
• Douglass Road® Storage Service, LLC
• Grass House© Storage Service, Inc.
• Storage Solutions® Storage Service, Inc.
• The Safe™ Storage Service, Inc.
• Chris Morgan™ Storage Service, LLC.
• Jacinth Dean© Storage Service, LLC
• Caddy Zeal® Storage Service, Inc.
• Fred Nathan© Storage Service, Inc.
• Marcelo Ray© Storage Company, Inc.
• Japhet Edison® Storage and Moving Service, Inc.
• Leo Star® Storage and Moving Service, LLC
• Perfect Safe® Storage and Moving Service, Inc.
• Banny Darlington® Storage and Moving Service, Inc.
• Martis Mosely® Storage and Moving Service USA LLC.
• Shae Harold® Storage and Moving Service, Inc.
• Box 2 Box® Storage and Moving Service USA LLC
• Storage and More® Storage and Moving Service, LLC
• Steel Safe® Storage and Moving Service USA LLC
• Tim Woods® Storage and Moving Service USA LLC.

Register Your Business

A. what type of business structure is best for storage business.

Even though there are several options when it comes to the business structure of a storage service, the one that most players in this line of business consider is LLC. It is common to consider LLC because providers want to protect themselves from lawsuits.

Please note that an LLC will need an EIN if it has any employees or if it will be required to file any of the excise tax forms listed below. Most new single-member LLCs classified as disregarded entities will need to obtain an EIN.

b. Steps to Form an LLC

• Choose a Name for Your LLC.
• File Articles of Organization.
• Choose a registered agent.
• Decide on member vs. manager management.
• Create an LLC operating agreement.
• Comply with other tax and regulatory requirements.
• File annual reports.

c. What Type of License is Needed to Open a Storage Business?

• General Business License
• Health and Safety Permit
• Zonal Permits (Applicable in some cities)
• Signage Permit
• Operational State Facility Inspections

d. What Type of Certification is Needed to Open a Storage Business?

These are some of the certifications you can work towards achieving if you want to run a storage service business;

• The Certified Self Storage Manager (CSSM) Certification

e. What Documents are Needed to Open a Storage Business?

These are some of the basic legal documents you are expected to have if you want to legally run a storage service business in the United States of America;

• Business and liability insurance
• Federal Tax Payer’s ID
• State Permit and Building Approval
• Certificate of Incorporation
• Business License
• Fire and Safety Permit
• Business Plan
• Employment Agreement (offer letters)
• Operating Agreement for LLCs
• Insurance Policy
• Online Terms of Use
• Online Privacy Policy Document
• Contract Document
• Company Bylaws
• Memorandum of Understanding (MoU)

f. Do You Need a Trademark, Copyright, or Patent?

If you are considering starting a storage service business, you may not need to file for intellectual property protection, copyright, patent, or trademark. This is because the storage service business does not require one except on rare occasions.

Cost Analysis and Budgeting

A. how much does it cost to start a storage business.

When it comes to starting a storage service business, the startup cost will vary and it can range from $250,000 to over $1.5 million. This is because, on average, a single-story storage facility costs $25 to $45 per square foot to build, while multi-story costs $42 to $70 per square foot for construction. A high-end storage unit facility has 60,000 and 80,000 rentable square feet and costs $45 to $65 on construction per square foot as estimated by Mako Steel.

b. What are the Costs Involved in Starting a Storage Business

• The total fee for registering the business in the United States of America – $750.
• Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines, and other software) – $3,300.
• Marketing promotion expenses – $3,500, and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
• The cost for hiring a business consultant – $2,500.
• Insurance (general liability, workers’ compensation, and property-casualty) coverage at a total premium – $2,400.
• The cost for securing a facility and reconstruction of the facility – $1.2 million
• Other start-up expenses including phone and utility deposits ($2,500).
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $30,000
• The cost for storage equipment (keys, locks, boxes, crates, pallets, and safes et al): $75,000
• The cost of launching a website: $600
• Miscellaneous: $5,000

c. What Factors Determine the Cost of Opening a Storage Business?

• The size of the storage service business
• The choice of location
• The required licenses and permits
• Additional service offerings (moving and mobile storage services)
• The cost of hiring and paying a business consultant and attorney
• The cost for branding, promotion, and marketing of the storage business
• The cost for the purchase of storage equipment.
• The cost for insurance policy covers
• The cost for registering the business
• Source of your supplies and ongoing expenses
• Cost of recruiting and training your staff
• The cost for the purchase and customizing of uniforms

d. Do You Need to Build a Facility? If YES, How Much Will It Cost?

It is not compulsory to build a new facility for your storage business, but if you have the required finance, it will pay you to build your storage facility from the scratch. The truth is that building or reconstructing a storage facility will help you come up with an edifice that will conform to what is expected of a standard self-storage in your city.

e. What are the Ongoing Expenses of a Storage Business?

• Supplies such as keys and locks, crates and pallets et al
• Fueling and maintenance of equipment and utility truck
• Utility bills – (phone bills, signage, and software renewal fees et al)
• Salaries of employees

f. What is the Average Salary of your Staff?

• Chief Executive Officer (Owner) – $65,000 Per Year
• Facility Manager – $42,000 Per Year
• Sales and Marketing Executive – $28,000 Per Year
• Accountant – $32,000 Per Year
• Facility Assistants – $26,100 Per Year
• Front Desk Officer -$25,000 Per Year
• Security Guards – $24,000 Per Year

g. How Do You Get Funding to Start a Storage Business?

• Raise money from personal savings and sale of personal stocks and properties
• Raise money from investors and business partners
• Sell shares to interested investors
• Apply for a loan from your bank/banks
• Source for soft loans from your family members and your friends.

Write a Business Plan

A. executive summary.

Safe Lock® Self – Storage and Warehouse, LLC is a licensed and secured self–storage facility that will be located in a growing community in Asheville – North Carolina. Our basic aim of setting up the business is to make available self–storage space for our clients who are resided in Asheville and neighboring cities.

We have been able to secure a standard facility in a central location in Asheville. Our self–storage facility has a Five-by-5-foot storage space, Five-by-10-foot storage spaces, 10-by-10-foot storage spaces, 10-by-15-foot storage spaces, 10-by-20-foot storage spaces, 10-by-25-foot storage spaces, and 10-by-30-foot storage spaces available for rental or short–term leasing.

b. Products and Service

• Leasing or rental of self-storage units
• Rental of coin-operated lockers
• U-lock storage
• Other facility operation

c. Mission Statement

Our mission for establishing Safe Lock® Self – Storage and Warehouse, LLC is to build a standard facility that can favorably compete in the industry in the United States of America.

Vision Statement

Our Vision of starting Safe Lock® Self – Storage and Warehouse, LLC is to build a brand that will become one of the top choices of residents and businesses in the whole of Ashville – North Carolina. Our vision reflects our values: integrity, service, excellence, and teamwork.

d. Goals and Objectives

The goals and objectives of the storage service business are to provide a space on a short-term basis (often month-to-month, though options for longer-term leases are available) to individuals or businesses who want to store their household goods or goods meant for sale et al).

e. Organizational Structure

• Chief Executive Officer (Owner)
• Facility Manager
• Sales and Marketing Executive
• Facility Assistants
• Front Desk Officer
• Security Guards

Marketing Plan

A. swot analysis.

One of the obvious strength that will stand as a plus for Safe Lock® Self – Storage and Warehouse, LLC is the fact that our facility is centrally located in a densely populated residential area in Asheville – North Carolina; our location and high level of security is our major strength.

We equally have a team that can give our clients value for their money; a team that is trained and equipped to pay attention to details and to deliver excellent services. Lastly, our rental package is one of the best that anybody living in Asheville – North Carolina can get; it is cheap and affordable.

We critically looked into our business model and we were able to identify two major weaknesses. One is the fact that we are a new business and the second is the fact that we may not have the financial resources required to match up with existing and well-established self–storage companies when it comes to acquiring large facilities in choice areas.

Opportunities:

We are centrally located in one of the busiest and densely populated areas in Ashville – North Carolina and we are open to all the opportunities that the city has to offer. We will be open 24 hours a day during weekends (Fridays to Sundays) and from 6:00 am to 12 midnight from Mondays to Thursdays giving us the advantage to leverage any available opportunity.

Some of the threats that are likely going to confront Safe Lock® Self – Storage and Warehouse, LLC are unfavorable government policies, demographic/social factors, the downturn in the economy which is likely going to affect consumer spending, and lastly, the emergence of new competitors within the same location where our self-storage and warehouse facility is located.

b. How Do Storage Service Business Make Money?

Storage service businesses make money by providing space for businesses, organizations, and individuals to rent and store their personal or business belongings.

Payment Options

• Payment via bank transfer
• Payment via credit cards
• Payment via online bank transfer
• Payment via check
• Payment via mobile money transfer
• Payment via bank draft

c. Sales & Advertising Strategies

• Open your self–storage and warehouse facility with a big party.
• Advertise your self–storage and warehouse facility on community-based newspapers, local TV, and radio stations
• Promote your self–storage and warehouse facility online via your official website and all available social media platforms
• Introduce your self–storage and warehouse facility by sending introductory letters alongside your brochure to businesses, sports clubs, schools, corporate organizations, households, and key stakeholders in your city
• Print out fliers and business cards and strategically drop them in offices, libraries, public facilities, and train stations et al.
• Make use of attractive handbills to create awareness and also to give direction to your self–storage and warehouse facility
• Adopt a direct mailing coupon marketing approach
• Position your signage/Flexi banners at strategic places in and around your city
• Create a loyalty plan that will enable us to reward loyal clients especially those that refer their family members and friends to us

Financial Projection

A. how much should you charge for your product/service.

We will charge based on storage unit sizes and average monthly cost and they are as follow;

• Small (5×5–5×10 ft.) – $90 (per month)
• Medium (5×15–10×15 ft.) – $160 (per month)
• Large (10×20–10×30 ft.) – $290 (per month)

b. How Much Profit Do Storage Business Owners Make a Year?

It depends, but typically, a self-storage facility still makes a profit at 60 percent to 70 percent of full occupancy. Currently, the industry average occupancy stands near 90 percent, according to Statista. Many self-storage owners run family operations. However, those not interested in hands-on management simply hire a qualified manager.

c. What Factors Determine the Amount of Profit to Be Made?

• The capacity of the storage service business
• The location the storage service business is covering
• The management style of the storage service business
• The business approach of the storage service business
• The advertising and marketing strategies adopted by the storage service business.
• The number of years the storage service is in business

d. What is the Profit Margin of a Storage Business?

The profit margin of a storage service business is not fixed; to a large extent, it will depend on some factors that are unique to your location. But on average self-storage units earn up to 11 percent return on investment per year.

e. What is the Sales Forecast?

Below is the sales forecast for a Storage service business based on the location of the business and other factors as it relates to such startups in the United States;

• First Fiscal Year (FY1): $360,000
• Second Fiscal Year (FY2): $480,000
• Third Fiscal Year (FY3): $650,000

Set Up your Office

A. how do you choose a perfect location for a storage business.

• The demography of the location
• The demand for the services offered by storage service businesses in the location
• The purchasing power of businesses and residents of the location
• Accessibility of the location
• The number of storage service facilities in the location
• The local laws and regulations in the community/state
• Traffic, parking and security et al

b. What State and City are Best to Open a Storage Business?

• Little Rock, Arkansas
• Los Angeles, California
• Chicago, Illinois
• New York City, New York
• Las Vegas, Nevada
• Phoenix, Arizona
• Baltimore, Maryland
• Portland, Oregon
• Richmond, Virginia
• Green Bay, Wisconsin
• Dallas, Texas

c. What Equipment is Needed to Operate a Storage Business?

You should be prepared to purchase different types of locks and keys, crates, boxes and pallets et al and also forklifts. You will also need computers and laptops, internet facility, a telephone, a fax machine, and office furniture (chairs, tables, and shelves), and all these can be gotten fairly used.

Hire Employees

When it comes to hiring employees for a standard storage service business, you should make plans to hire a competent chief executive officer (owner), facility manager, sales and marketing executive, accountant, facility assistants, front desk officer, and security guards.

Launch the Business Proper

It is the norm for new businesses to organize a grand opening party to officially launch their business. You can choose to do a soft opening if you are operating on a low budget or you can go for a grand opening party.

The bottom line is that with a proper launching of the storage service business, you will be able to officially inform people in your city that your storage service is open for business.

a. What Makes a Storage Business Successful?

• Having an innovative business idea
• Following a clear vision
• Creating a solid business plan
• Developing missing skills
• Finding the right talent and network
• Being financially prepared
• Building a strong company culture
• Maintaining excellent customer service and outreach
• Analyzing your competitors
• Being open to change
• Security consciousness
• Accepting and learning from feedback

b. What Happens During a Typical Day at a Storage Business?

• The business is open for the day’s work
• The to-do list is reviewed
• Employees go straight to their job description (customers are attended to and in some cases, their goods are stored and they are charged appropriately or they come to collect their goods or belongings that are stored in the facility)
• On some occasions, goods stored are delivered as requested.
• The business is closed for the day.

c. What Skills and Experience Do You Need to Build a Storage Business?

• Good managerial and human development skills
• Facility information and technology management.
• Excellent communication and negotiation skills.
• Organizational skills.
• A strong understanding of the self-storage industry
• Attention to detail and the ability to inspect goods
• The ability to analyze quality or performance.
• Good supervisory skills
• Familiarity with all aspects of self-storage trends
• Experience in working as a facility or warehouse manager
• Experience in managing people
• Experience in business administration

More on Real Estate

Self Storage Business Plan

Many people tend to want to find a place where they can store anything, may it be cold food items, grain, or even household items they may not have space to store at home. Even when it means that the production or the work they do can be stored somewhere else, they will find a way for that. It goes without saying to be able to do this as a form of business venture, you have to at least be prepared for anything. As they will always say it is best to have all your plans from A to Z. It is no secret that having a place to store the things you want and need is quite helpful as well. But before you are going to do that, do you have a business plan to back up the reason for having a self-storage business? You know you need one. So here are examples you can download for such use. 

8+ Self-Storage Business Plan Examples

1. free self-storage business plan template.

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2. Self-Storage Business Marketing Plan Template

3. Cold-Chain Self Storage Business Plan

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6. Sample Self-Storage Business Plan

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9. Self-Storage Facility Development Business Plan

Size: 11 MB

What Is a Self-Storage Business Plan?

We know that a business plan is a helpful tool used wherein a summary of your strategies is going to be written. A self-storage business plan is a kind of business plan that shows the strategic, comprehensive, and simplest ways to write down what you want to happen for your self-storage business. A management plan. The contents of your business plan will show you the big picture of how your business will grow in the future or at a specific time. In addition to that, a self-storage business plan also helps you write down your goals, objectives, and strategies and how you are going to achieve them. Milestones are also written in order to see how far you have achieved. For a self-storage business owner, a self-storage business plan is a tool they need in order to attain this goal.

How to Construct a Self-Storage Business Plan

Making a self-storage business plan is useful. You may already have heard of that reason before, but it is true. Working on any kind of business plan for your business is useful. Now, you may also already have an idea set in mind for making that self-storage business plan of yours. But it won’t hurt to take a look at these other guidelines to set it up.

1. Draft and Outline Your Self Storage Business Plan

Making a draft and outlining your business plan will be a great help for you. It is also going to be easier if you do this step first before going through the final output. Drafting out your business plan does not mean you are wasting time on it, it simply means that you are meticulous with what you want to happen. To make it even better while you draft it out, use the SMART method for your business plan.

2. List the Tools and the Strategies

Make a checklist or list down the tools and the strategies you are going to be doing for your self-storage business. Making a checklist for the tools is going to be easier for you to list down the necessary things you may need and the right tools to make it work as well. As for the strategies, your strategies must be doable and can help you make your storage business a success. This is why when you think about your strategies, think about how they can make your business a success.

3. Define Your Goals and Objectives

Define the goals and objectives in your business plan. When in doubt, remember the SMART method for your business plan. The goal of your business plan has to be what your self-storage is about. The same goes for your objectives. It should be doable, possible, and well-rounded objectives.

4. Set Up Milestones for Your Business Plan

Milestones for your business plan help maintain where you are in the business plan. It also helps you in a way that gives you a bigger picture of how well the business plan is going. In addition to that, the milestone is also going to be the stepping stone for making your self-storage business flourish.

What is a self-storage business plan?

A self-storage business plan is a kind of business plan that provides an outline of a strategic tool to make your business flourish. It is a roadmap to do your self-storage business without having to go through a lot of risks that go with the job.

Why is it always important to have a business plan?

The reason why a lot of business owners use a business plan is to help them avoid risks that go with the business. It also helps them by giving them a guide to what works and what does not. Without a business plan, most businesses may not be as successful as those with business plans.

What should not be in a self-storage business plan?

What should not be in a self-storage business plan is strategies that are too impossible to do. Strategies should be doable. These strategies help you with your business.

A self-storage business is like any other kind of business. It will need a business plan that will help it flourish. When you have no idea as to how to start one, you can always outline and draft. Define your goals and objectives; you must know what you want to expect in your business plan and go from there.

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This means that you’re going to need something that will tell you just what it is that you need to in order for your business to become a success. Which is why this article is going to teach you all that you need to know about how you can create a self-storage business plan that should be able to do just that.

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What Is a Self-Storage Business?

How to make a self-storage business plan, 1. write down both your mission and vision statement for your business, 2. know who your target audience should be, 3. state how your storage spaces should be used, 4. point how much you’re going to need to start and run your business, 5. come up with the marketing plan for your self-storage business, 6. write down your executive summary, more in plan templates.

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Self-Storage Sample Business Plan

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Self-Storage Business Plan

Executive summary.

This storage business plan describes a proposed self-storage facility to be established in Westbury, New York involving the conversion of an existing building. Total project costs are estimated at $1,054,487 including purchase price, conversion costs, and pre-opening expenses (see section on Start-up Summary). Based on current and projected strong demand for self-storage units, rental revenue is projected to grow rapidly as units fill up from the first year’s target of $320,000 to $684,000 by year three.

After achieving experience and success in their present self-storage facility in Plainview, New York the principals of this proposed project plan to take advantage of the strong demand in the self-storage industry to achieve a major presence in Westbury. The ownership connection with Stote Moving will assist in gaining full occupancy quickly. Goals have been set to rent 50% of the proposed 300 unit spaces within the first six months of Year 1. An additional 25% will be rented in the second half of Year 1, with the remainder to be filled in Year 2.

The mission of the principals is to serve the Long Island community’s local residential and commercial storage and moving needs.

Keys to Success

The keys to success in the self-storage business are:

• To provide dry, secure, and clean facilities with convenient access.
• To have good connections in the moving industry to direct customers needing temporary storage space.
• To be able to adapt as storage and market needs change.

Company Summary

Westbury Storage is a start-up project to be located in Westbury. The owners are experienced in the moving and storage field, owning a well-established moving company (Stote Movers) and a successful self-storage facility in nearby Plainview (Plainview Storage). The building to be purchased for this project is a large brick building originally constructed as a bleachers around 1910. This building as well as surrounding buildings, were connected with the now dying leather industry which flourished a few decades ago. A large building of similar size located next door and connected by a walk bridge has already been converted successfully and is operating well. The Westbury Storage building contains three floors of heavy-duty wood and steel beam construction ideally suited to the planned purpose of self-storage units. The building is heated by oil. One of the two elevator shafts will be the home for a new over-sized passenger elevator suitable for transporting storage contents from the ground level to the units on the second and third floors. A large separate parking lot area comes with the building but will not be needed for this project. This lot could be sold or could be the site of additional future storage units to be set up using one of several one-story steel storage systems.

It is estimated that, with purchase of the building taking place in June of this year, the conversion into storage units could be completed and ready for occupancy by the end of the year. Demand for the units is strong, as evidenced by the market survey of existing self-storage facilities. Bank financing for 70% of the project costs is expected with the remainder supplied by shareholder equity. Company Ownership

The company will be incorporated as an S Corporation, and will be owned by three individuals: Roger Black, Sebastian Stote and Daley Thompson. Each will own 1/3 of the stock. Roger Black and Sebastian Stote are 50-50 owners of Plainview Storage which is a 110 unit self-storage facility converted in 1993 from a former piano factory. All units are fully rented. Sebastian Stote is owner of Stote Movers, which is a family business providing residential and commercial moving since 1917. In addition to being the source of many of the rentals at Plainview Storage, Stote Movers has 52 filled 45-foot trailers located in Roslyn-by-the-Sea. These trailers contain customers’ stored goods pending delivery at a new location.

Company Locations and Facilities

Westbury Storage will be located in Westbury, in a central location about 1/2 mile from the monument in the center of Westbury. The owners’ present self-storage facilities are located at in Plainview with further storage capacity in 52 trailers in Roslyn.

Start-up Summary

Advertising and promotion will rely heavily ads in the Yellow Pages, as well as initial local newspaper ads at the time of opening. We are assuming three directories for Yellow Pages ads with 1/8th page ads costing $165/month each. The ads in the local papers (Springfield News and community newspapers) are estimated to cost $300 monthly for the first year only. They will be reduced in the second year to half this amount and eliminated in the third year.

Property taxes ($11,946) are projected at the actual rate of the last tax year. Significant increases are not expected.

Building maintenance is normally a very substantial item on a building of this size built in 1910. However, the roof has been completely redone fairly recently and the basic structure of the building is very robust. The start-up costs reflect adequate amounts to ready the building for opening in good order. Also, it should be noted that expenditures for building maintenance would need to be larger if the building were being used for offices rather than storage. We assume an annual amount for maintenance equal to 5% of the purchase price which works out to $27,500.

Westbury Storage will provide short- and long-term self-storage services in the North Shore community. The company owners have extensive experience in the storage business as well as the good connections in the moving business. The later will help utilize the storage space at the maximum capacity. Westbury Storage will provide about 45,000 square feet of well maintained self-storage units that will be offered for both residential and small business renters.

Market Analysis Summary

In a similar split experienced by management’s existing storage facilities, Westbury Storage is expecting to rent 70% of its available units to non-commercial renters and the remaining 30% to the commercial sector of the market. A total of 300 self-storage units of various sizes will be created and offered for rent by Westbury Storage in a central location in downtown Westbury. The present supply of these units is insufficient to meet the demand as evidenced by a survey of all self-storage facilities within easy reach of Westbury residents. The price realized by these existing units is more than double the national average.

Market Segmentation

Self-storage units are needed by residential customers for storage of personal items as well as by commercial customers for storage of stock. It is envisaged that 70% of the planned self-storage units will be taken up by the residential segment of the market and the remaining 30% will be directed toward the commercial segment. This split is expected based on the existing customers of management’s present self-storage facilities in Plainview. The commercial segment are small businesses, many of which are run out of people’s homes such as an interior designer who needs space to store hundreds of expensive sample fabric books, or a retail shop with inadequate on premises storage.

The market research shows that the annual market potential for the commercial self-storage service in the Westbury area is about 10,000 customers. As stated above, these are mostly small businesses. The residential segment potential is substantially higher at 150,000 customers per year and is based on the Self Storage Association’s assumption that 40% to 55% of population has used self-storage facilities. This estimate includes individuals who need storage facilities due to moving arrangements or to store excess household property. Both of the market segments are expected to grow at a 5% annual rate.

Target Market Segment Strategy

Since the demand for local self-storage services substantially exceeds the local supply, Westbury Storage will simultaneously market its services to the two major customer segments–residential customers and small business customers. The company will not pursue large business segment due to the limited service scope it can provide to such customers at the existing facilities.

The market analysis shows that local self-storage rates are substantially higher than the national averages. Westbury Storage will position itself to the both customer segments as a conveniently located and affordable quality self-storage facility. Both customer segments will be effectively reached via the local Yellow Pages ads and through the referrals of Stote Movers owned by one of the Westbury Storage’s co-owners.

Market Needs

Customer needs in the self-storage industry have certain similarity across different market segments. The underlying need is for a reliable, safe, dry and accessible self-storage facility. Due to the overwhelming demand, customers are less price sensitive and consider convenient location as the major buying decision criterion.

Residential customers use self-storage facilities to temporarily store their property while moving to a new location. This need originates in the mobility of the American population and the affordability of rental accommodations. Such customers usually rent 25 to 100 square feet depending on the size of their household and they rent on a weekly or monthly basis. The other cluster of residential customers rents self-storage facilities for longer periods to keep their oversize property like boats or other equipment that either does not fit in their garages or is not used on a constant basis.

Small business customer segment requires self-storage facilities to temporarily store their stock or merchandise. These customers may use the storage facilities more often than residential customers and they benefit from convenient loading areas, extended operating hours and better equiped storage units of bigger size.

Service Business Analysis

According to an article in the November 15th issue of Inside Self-storage the national industry average rental income generated by self-storage units is $6.00 per square foot per year, or $.50/sq. ft. per month. In the market to be served by Westbury Storage the average storage rate (see section on Competitive Comparison) is more than double this amount. Washington Storage in Westbury is a typical example. They charge $50/month for an 8X6 ft unit which works out to $12.50 per sq. ft. per year. A 9X9 unit on the second floor also rents for this same amount only because there is no elevator. All of their units are fully rented! All units within the area were surveyed. The average rate is $1.20/sq. ft. per month ($14.40 per year) and the mean was closer to $1.40/sq. ft. per month ($16.80 per year). The story concerning availability was uniform. Either the facility was full or only had one or two available units to chose from. E-Z Mini Storage in S. Centreport said, “There’s some turn-over at the end of every month. Leave your name and we will call you when one becomes vacant.” Extra Space Storage in Springfield said, “We need one week advanced notice.” North Shore Self-Storage said, “We have nothing available on the ground floor.” U-Haul reported, “We have one small unit available, otherwise we are all full.”

The self-storage industry really only started in the late 1960’s when a few far-sighted people recognized the growing need for residential and commercial storage. The industry has doubled in size each decade. Returns on investment have been very impressive–often twice that of other forms of real estate investment. The reasons for this have been the mobile society, the tendency to live in rental apartments, and the general increase in the accumulation of property, especially leisure articles such as skis, wind-surfers, exercise equipment, etc.

The industry lends itself relatively easily to financial modelling. The magazine article mentioned earlier explains the economics of an average self-storage project which is of similar size to the proposed Westbury Storage project. The total building square footage in the model is 41,000 (Westbury Storage is approximately 45,000 after deducting the office space portion of 9,600 sq. ft.). The model shows total gross income based on $6.00/sq. ft. or $240,000 annually. (Westbury Storage’s gross revenues will be more than double that.) Total project costs for the model come to over $1,150,000 versus $1,054,500 for Westbury Storage. The loan amounts are virtually the same as well as the interest rates used (8.5%). Normal operating costs generally come to about $2.00 per sq. ft. Westbury Storage’s operating costs are projected at nearly twice this amount due to generous provisions for maintenance and payroll. However, the model’s net operating income is slightly less than $4/sq. ft. versus Westbury Storage’s $11.40/sq. ft.

It could be argued that the higher than national average rates enjoyed by local self-storage facilities may not continue indefinitely, but there is no indication of any downward pressure at this time. It should also be pointed out that during an economic down-turn the self-storage industry does not suffer to the extent that other industries suffer.

Should the supply of self-storage units begin to outstrip demand, Westbury Storage should be well positioned to deal with the competition due to its ability to offer heated units (nearly all competing units are unheated) and its ability to supply electric outlets to individual units (for hobby/workshop purposes).

Business Participants

Although there are a few nation-wide players in the self-storage market, the industry is still fairly dispersed in which many small companies take part. (See the section on Competitive Analysis for a complete listing.)

Competition and Buying Patterns

Convenience is probably the single most import factor in the decision of where to rent a self-storage unit. For example, Hicksville and Huntington have no self-storage facilities. Residents choose to rent one in a nearby town probably based on proximity to the route taken by the renter to and from work. If no units are available nearby, then renters will travel further afield. Units on the ground floor are favored, especially if no elevator is available.

Main Competitors

See the section on Competitive Comparison for names of competitors. In the present market situation, competition plays a very weak role.

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FREE 6+ Self Storage Business Plan Samples in MS Word | Pages | Google Docs | PDF

Do you want to start your own self-storage business? A well-presented facility in a good location should turn your potential business into success. But, what do you need to work on so you can go beyond the usual business?  So, you need to create an effective business plan to guide you in your goals and aspirations. Also, you need to focus on the sales and marketing aspect of your business.  Read this article as we share relevant steps that can assist you establish your self-storage business. Plus, we have some templates that you can download freely. 

Self Storage Business Plan

Free 6+ self storage business plan samples, 1. self storage business plan template, 2. self storage marketing plan template, 3. business plan guidelines template, 4. blank business plan template, 5. sample self-storage business plan, 6. self-storage business plan, 7. self storage marketing plan sample, what is a self storage business plan, how to create a self storage business plan  , 1. create the first draft, 2. conduct a research, 3. include a company summary , 4. edit and revise, is a self storage business profitable, how do i start my own self storage business, is owning a storage facility a good investment, can i run a business out of a storage unit.

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The book “ How to Invest in Self-Storage ” explains that the customer base for self-storage facilities is remarkably diverse, being one of the reasons that the self-storage industry has continued to thrive in growth and profitability. It entices a similarly diverse audience of people interested in investment opportunities for development, operations and self-storage ownership.

A business plan serves as your guide as it provides the essential steps that specifically align with your goals and objectives in an orderly manner. Using this tool can help you accomplish your priorities in building a self-storage business. 

Most people think developing a business plan is a very complicated and time-consuming task. But if you’re aware about the fundamentals of opening a successful business, a plan is necessary so that you are aware about the things you need to work on. 

In this section, we suggest that you follow the steps below:

Austin Kleon said: “It doesn’t matter if it’s good right now, it just needs to exist.” His statement truly proves that you need to come up with an idea, or something even though it’s not that great in the first place. The important thing is that you initiate your first draft. Writing your first draft enables you to brainstorm and think carefully about your business. 

Making a thorough research on your environment, target market, potential clients, sales and marketing, and other factors that involve in your self-storage business is very important. In this way, you can examine the needs and preferences of the people around you and determine the steps you need to do to attract them to use your services. 

After performing an in-depth research, you need to include a brief summary of your company . Write your business goals, objectives, mission and vision statements, purpose, products or services, and many more.

As you finalize your business plan , carefully review your whole plan and  check if you need to edit some parts or sections in your document. Then, you can make some necessary revisions if you notice some errors.

Yes. A self-storage facility generates a profit at 60% to 70% of full occupancy. According to Statista, the industry average occupancy stands near 90% these days.

You need to have the investor support to be able to finance the land purchase and the construction expenses.

Yes. A self-storage is a compelling asset class because it has large income potential with low overhead, lesser construction costs than other commercial real estate sectors, and almost low management .

Yes. An article explained that extra space storage provides some ways for businesses to operate from their locations. Storage units are often used to store inventory or parts, equipment, and materials.

Therefore, a compelling business plan for your self-storage business can help you to attract potential investors and assist you in fostering the growth of your company. Keep these words in mind by Theodore Roosevelt: “Far and away the best prize that life offers is the chance to work hard at work worth doing.”  So, you should always work your 100% in your business. Continue to be inspired and keep looking forward. Download our business plan template in this article so that you can start your business now!

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