How to start your own Self Storage Business?
The different start-up stages Starting a mini storage business requires some preparation in order to know well the market in question, competition, and obligations related to this type of trade. Some preparatory steps are essential:
- Market research;
- Planning;
- The business plan;
- Financing;
- The startup
Obviously, if you acquire a franchise, the start-up process will be easier. Contact the franchisor.
1. Market research
You must know the major trends in your industry. Market research helps you determine the needs of your future customers while evaluating the services offered by your competitors and their prices. You will be able to better target your customers and find the best location to start a mini-storage business.
2. Planning
A schedule of achievements allows you to plan the start-up of your mini-storage business and thus move on to action faster. Here are some important steps:
- Find one or more potential sites
- Confirm the market;
- Determine the number of storage units to be built and the possibility of future development;
- Evaluate your personal needs
- Choose the appropriate legal form for your business;
- Make your personal balance sheet and get the necessary funding;
- Get the required permits (construction, municipal zoning, etc.);
- Open a business bank account;
- Get your business number, your tax numbers, your employer number and other government obligations;
- Determine your insurance needs;
- Develop your marketing strategy.
3. The Business Plan
- This step involves writing down your ideas, telling who you are and knowing where you want to go.
- This plan must be clear, clear and accurate, based on verifiable data. This allows you to analyze strengths and weaknesses and demonstrate the feasibility and cost-effectiveness of your project.
- This document also serves as a business card to obtain funding and gives credibility to your project.
4. Financing
Well equipped with a market research, schedule of achievements and a business plan, you will be able to apply for financial assistance at your financial institution. Your personal balance sheet (assets and liabilities) and your financial participation in the project can be decisive in obtaining financing.
5. Startup
You are now ready to start your mini storage in Singapore and you will be able to start advertising your project through various media (newspapers, websites, launch, etc.), and to prepare the rental leases For your future customers.
6. What are the needs of the clientele?
It’s good, you chose a place? Also, evaluate your target clientele before establishing yourself to choose the type of services to offer and build a mini-warehouse that suits their needs.
- Do they want 24-hour access with the automated entry?
- Do they prefer personalized service, with a constant presence on the site?
- What is the area they need?
- Do you plan to build a mobile mini-warehouse to include it in your range of services?
What services would you like to offer?
If your warehouse is multi-storey, you will need to provide the required tools: hoists, devils, etc. The level of security may vary.
Do you have a system of surveillance cameras and fire protection?
Do you provide insurance or do you require insurance from clients?
Are your mini-warehouses semi-open or completely closed?
As in any field, it is possible to choose a type of services that ranges from low-end to high-end, with appropriate costs and revenues. Surf the needs of your customers before you even start building a mini-warehouse.