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Self-Storage Business Plan
Start your own self-storage business plan
Westbury Storage, Inc.
Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.
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 be able to adapt as storage and market needs change.
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Self Storage Business Plan Template
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 your Self Storage 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 detailed self storage business plan 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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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.
What Is a Business Plan?
Download our Ultimate Business Plan Template here >
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
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.
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 self storage 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
In your industry analysis, you need to provide an overview of the self storage facility.
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 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
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a storage business, your marketing plan should include the following:
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.
In developing your income statement, you need to devise assumptions. For example, will you average 75% occupancy or 95%? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
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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Self Storage Business Plan FAQs
What is the easiest way to complete my self storage business plan.
Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Self Storage Business Plan.
What is the Goal of a Business Plan's Executive Summary?
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 multiple self storage businesses.
Other Helpful Business Plan Articles & Templates
How to Create a Self-Storage Business Plan [Plus a Free Template!]
By the end of 2020, roughly 4.35 million hopeful individuals had filed new business applications .
Perhaps the motivation was the loss of jobs or that people were fed up with the traditional 9-5 gig. Whatever the case, entrepreneurship has been a popular theme lately.
Many new business owners opted to pursue a real estate investment, specifically a self-storage business. For those of you on this path, let’s discuss creating a self-storage business plan and how a few purposeful decisions can catapult your business to the forefront.
It starts with a solid self-storage business plan.
Developing a business plan
Before you can start creating your business plan, you need to do some market research first. Start by relying on others’ history and experience. Do lots of market research. Network and learn from other marketing strategies. Attend an industry trade show. Diligently learn the ins and outs of running a small business.
Start to hone in on the details as you begin to formulate your plan. For example, , are you building or renovating your own potential storage space? You’ll need to consider the zoning in your chosen area, and contemplate the land cost and interest rate from a lender or two. In terms of marketing strategies, will construction costs or developmental costs be worth the initial investment? Thinking through these aspects with some “back of the napkin” math early on will help you as you start to formalize your business plan
Self-storage business plan template
Putting the vision for your self-storage business to paper is important. Not only will it help you develop a roadmap for all the things you need to do to make your business dreams a reality, but it will allow you to easily share your vision with others. This is necessary if you want to bring in funding partners or borrow money for a lender.
Download a business plan template and start drafting your own self-storage business plan. Dive deep into a recent market analysis to determine any possible cash flow outcomes. Understand that your first year as a startup might be your most challenging. Read various feasibility studies, and talk to your peers in the industry.
Your business plan should look at least two years out into the future. Plan for different scenarios in regards to your return on investment projections. Consider your returns under a best case scenario and a worst case scenario, as well as a conservative median projection.
Components of a self-storage business plan
Aside from the initial planning phase, remember to consider the operational logistics it will take to run this business. Fortunately, self-storage business investments are desirable because of the traditionally low operating expenses.
Make sure your business plan includes these components:
Executive summary
Business description, market research and strategy, management and personnel, financial reporting documents.
An executive summary is a brief overview of your business. Think of it as the first thing you would tell someone about your business in a conversation. For example, an executive summary for a self-storage business might start something like this:
“The purpose of this business is to develop and operate a 100-unit facility on a parcel of land outside of Colorado Springs, Colorado.”
Or, like this:
“This venture seeks to find and acquire value-add self-storage facilities in secondary markets in the Southeast. The business will modernize and update the facilities with the latest technologies to increase their profitability over the next two years.”
An executive summary should go on to summarize and highlight key elements from your business plan, such as total costs and projected revenue.
Everything You Need to Know About How to Start a Self-Storage Business
What kind of business will you be: sole proprietor, LLC, C- or S-corporation?
Here, you can describe the details of how your self-storage business will operate. Beyond your legal status, cover the operational details of your business such as branding, services offered and projected expenses.
Businesses are more tech-enabled than ever before, with easy-to-navigate websites , advanced phone systems, user-friendly apps and online payment services . Of course, these things aren’t always necessary to achieve success; however, having a few tech-powered options will put you ahead of the game. Consider how you will use these technologies sooner, rather than later.
Also consider things like your hiring plans, insurance needs , and maintenance procedures. Include additional revenue sources besides self-storage rents, such as sales of tenant insurance or moving supplies.
Remember all that market research you did on the self-storage industry? Lay out your most relevant findings and how they support your self-storage business idea in this part of your business plan. Examine the demographics and supply and demand story of your target market. For example, if individuals need RV storage, consider offering that option. Decide how you will make money and attract new renters (i.e., social media , content marketing, etc.).
Like any industry, the self-storage industry has a unique ebb and flow to it. Knowing these trends will help you execute a more successful self-storage project.
This is the who’s who of your self-storage business. Discuss the experience, qualifications and duties of the executive team, as well as additional employees that you have or need to hire to execute your plan.
Is your self-storage business plan financially feasible? Here is where you demonstrate that it is, by laying out details of your financial situation. What are your assets and liabilities? Will you have debt service?
This section should include the projected profit and loss, balance sheet and cash flow for your business for the next two to three years.
Expect the unexpected
Once your business is up and running, you will no doubt encounter challenges and situations that your plan did not anticipate. However, a strong business plan will greatly increase your chances that your business will succeed. If you are looking to do more with your business, Storable offers a host of technology solutions to help your self-storage operation thrive in a competitive environment.
Financing Options for Self-Storage Businesses
Resolve your questions about how to get financing for your self storage business. Keep Reading
Is a Self-Storage Business Profitable?
Is owning a self-storage business profitable? Find out how an investment in a self storage facility can turn into a lucrative business for you. Keep Reading
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
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Self Storage Business Plan
Are you thinking of starting a self storage business We have prepared a solid self storage business plan sample that guides you on every stage of your business plan writing
Minimalism has become the way of life these days, people are going small with the space they use, moving into mobile homes to travel around, and so on.
But at the same time, it is also true that they can’t simply get rid of all the stuff they have. So, they decide to store it.
Here’s where self-storage comes into the picture. They store people’s stuff and keep it safe by charging some amount of rent for it.
If you are planning to start a new self-storage or warehouse business, the first thing you will need is a business plan. Use our sample Maxwell Warehouse – Self Storage Business Plan to start writing your business plan in no time.
Before you start writing your business plan for your new self-storage business, spend as much time as you can reading through some examples of real estate or warehouse-related business plans.
Industry Overview
The global self-storage market stood at an astonishing value of 48.02 billion dollars in 2020 and continues to grow at a rapid pace.
The major reason behind the growth of this market is due to the increasing number of people opting for work from home and putting their office furniture in storage to avoid rent.
People also put their RV’s, important stuff if they are moving into smaller spaces and so on in storage to manage space and keep their things safe.
Things to Consider Before Writing a Self-Storage Business Plan
Your work doesn’t end at acquiring customers but begins there. You have to give constant evidence of reliability and quality service to retain and get customers .
Hence, having a maintenance routine chalked up before you begin is essential.
Have security and safety checks often to ensure protect your customer’s property.
Chalking Out your Business Plan
Owning storage does not require a lot of skills and is profitable at the same time.
But the only thing that differentiates a successful storage business from an unsuccessful one is a storage business plan.
Reading sample business plans will give you a good idea of what you’re aiming for and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.
We have created this sample Maxwell Warehouse – Self Storage Business Plan for you to get a good idea about how a perfect self-storage business plan should look like and what details you will need to include in your stunning business plan.
Self Storage Business Plan Outline
This is the standard self-storage business plan outline which will cover all important sections that you should include in your business plan.
- Keys to Success
- Mission Statement
- Vision Statement
- 3 Year profit forecast
- Business Structure
- Startup cost
- Products and Services
- Market Trends
- Target Market
- Marketing Segmentation
- SWOT Analysis
- Sales Strategy
- Advertising Strategy
- Pricing Strategy
- Important Assumptions
- Brake-even Analysis
- Profit Yearly
- Gross Margin Yearly
- Projected Cash Flow
- Projected Balance Sheet
- Business Ratios
After getting started with Upmetrics , you can copy this sample business plan into your business plan and modify the required information and download your self-storage business plan pdf or doc file.
It’s the fastest and easiest way to start writing your business plan.
Business Planning Resources
We have plenty of free business planning resources available to help you with your planning. You can download our resources to learn all about business planning.
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Self Storage Business Plan Template [Updated 2023]
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, 3+ sample self storage business plan, what is a self storage business plan, self storage business plan: what do you need to consider, how to make a self storage business plan, what is a self storage business plan, is it difficult to plan a self storage business, is it good to invest in a self storage business.
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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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Self Storage Business Plan Sample
JUN.05, 2018
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 business plan. 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 self storage business plan 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 » Business Plans » Real Estate Sector
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
Table of Content
1. Industry Overview
3. our products and services, 4. our mission and vision statement, 5. job roles and responsibilities, 6. swot analysis, 8. our target market, 9. sales and marketing strategy, 10. sales forecast, 11. publicity and advertising strategy, 12. our pricing strategy, 14. sustainability and expansion strategy.
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.
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
- 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
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.
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.
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.
- 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;
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.
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.
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.
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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If you are planning to start a new self-storage or warehouse business, the first thing you will need is a business plan. Use our sample Maxwell Warehouse
[Company Name] is a self-storage company with [x] storage units available for rental to individuals and businesses in [location]. With multiple
How to Make a Self Storage Business Plan · Step 1: Write Down your Company's Mission and Vision · Step 2: Have a Transparent Management Structure · Step 3: Create
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.
The financial plan should craft a detailed map about the cost of startup, inventory, payroll, equipment, rent, utilities and how these costs
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