Top 12 Mistakes That Self-Storage Developers Make That You Need To Avoid
Self-Storage means a lot to self-storage developers these days. This is because this concept of commercial property development has become extremely popular with people who don’t have enough space in their homes for keeping their belongings.
The need for an online portal that deals with the booking and renting of self-storage units is being felt by businesses in recent times. For example, if you are a business owner, then you would want to get into the world of Self Storage Facilities as they come across as one of the easiest ways to make more money while providing convenience to your customers. However, it is not easy finding good Self Storage Facilities since there are many players in this industry and each makes tall claims about how much better they are than its competitors.
The self-storage industry has grown tremendously over the years. It is now one of the most profitable industries in the world. But just like any other industry, there are certain mistakes that self-storage developers make which can lead to big problems. Here are 12 of the most common mistakes that you need to avoid.
1. Not Understanding the Self-Storage Business
If you want to be successful in the self-storage business then you must understand how the industry works. You should research how this industry operates and learn more about your competitors.
When self-storage operators are looking at potential sites, they should consider the utility capacity in the region as part of their due diligence procedure. Bringing these services to a location where they don’t currently exist can be a time-consuming and expensive process that necessitates coordination with utility providers and frequently other property owners and authorities.
2. Not Getting Permits and Licenses from the Government
Some of the permits that you need are zoning approvals, building permits, and fire safety inspections. Make sure that you do everything by the book so that you don’t have to deal with any problems later on.
3. Ignoring Security Needs
Never ignore the importance of security because a lot of self-storage facilities have been targeted by criminals over the years. There are various things that you can do to make your facility more secure such as getting quality doors and installing cameras and proper lighting systems.
Another common mistake that self-storage developers make is that they don’t build strong storage units. A sturdy unit will be able to withstand harsh weather conditions and it will help deter criminals from breaking in.
4. Developing the Wrong Storage Unit Mix
When designing your facility, you need to make sure that you develop the right storage unit mix. This means having a good mix of small, medium, and large units to cater to the needs of different customers.
6. Not Creating a Professional Business Plan
A lot of self-storage developers make the mistake of not creating a professional business plan. This document should include all the important aspects of your business such as your marketing plan, your operating costs, and your financial projections.
7. Not Paying Attention to Location
Location is crucial for any business and the self-storage industry is no exception. You need to choose a location that will have enough demand for your facility and one that has good visibility from the road or nearby shopping centers.
8. Choosing Poor Quality Construction Materials
Construction materials play an important role in determining the longevity of your storage units so you need to make sure that you choose high-quality materials such as metal doors and steel walls. These materials will help protect your property and keep it safe from theft or any other type of damage.
9. Not Planning Properly for the Future
When designing your facility, you need to think about your plans as well. If you plan on expanding in the future then make sure that you build a larger parking lot or additional security features so that you can accommodate any future demand for your facility.
11. Not Hiring Experienced Employees
If you want to run a successful self-storage facility then you need to have experienced employees who know how to deal with various situations such as customer complaints, vandalism, and theft. Make sure that all of your employees are knowledgeable, friendly, and courteous.
12. Not Providing Good Customer Service
Good customer service is crucial for the success of any business, including self-storage facilities. Make sure that your employees are friendly, professional, and knowledgeable so that you can build positive relationships with your clients.
Self-storage development is a lucrative but challenging business to be in. By avoiding these common mistakes and addressing potential issues early on in the process, you can overcome any hurdles and successfully develop a self-storage facility that will bring you long-term financial returns.
Many things can go wrong when developing a self-storage facility, such as not understanding the industry or neglecting security needs. To avoid making these mistakes, it’s important to do your research, create a professional business plan, and hire experienced employees. Good customer service is also crucial for the success of your facility. By following these tips, you can develop a successful self-storage business.