5 Ways to Grow Your Self-Storage Business
The self storage business continues to grow. How can your business grow with it? Here are five ways that you can generate additional revenue from your self storage business.
#1 Add Capacity to Your Existing Single Story Self Storage Buildings with DOUBLE UP!
Do you own a successful single-story self storage business with nowhere to grow? If you have a thriving business that is near capacity – but you are land locked, how can you grow your current self storage business? If you can’t build OUT, build UP.
Mako Steel has announced Double Up, a mezzanine structural concept that enables single-story self-storage businesses to build up without impacting your current storage capacity.
It is no longer necessary to tear down your existing self-storage buildings in order to add capacity. Mako Steel creates additional square footage on an established self storage site by designing a Rigid Frame Mezzanine that can span two existing single-story self storage buildings. We then construct another self storage building on top of them. The result is additional rentable space for the self storage operator without the need to tear down the existing buildings. Read more about the Double Up! Concept…
#2 – Develop Additional Property – Now Is The Time To Invest In Self Storage
As the housing bubble burst in 2008-2009 and housing rates fell, consumers relied on self storage facilities to store their possessions. The industry saw a 3.9% increase in 2011 and is expected to experience escalating growth over the next five years.
So what happens when the economy recovers? Self storage revenue continues to soar, according to the financial experts at the RMA Journal. Demand for self storage will increase as consumers' disposable income grows. Storage becomes less of a luxury for home owners with many possessions. Demand from small business that needs additional storage space will also drive revenue. As the market recovers, downstream demand will strengthen, funneling more dollars into self storage facilities.
The self storage industry is characterized by high profitability. Because operational costs are low, operators and investors benefit from a high percentage of profit to revenue. Because of their strong cost structure, business model and growth opportunities, the self storage building market remains a great investment. So find some additional land and develop before your competition does.
To learn more about why self storage continues to be a great investment, download a recent RMA journal article.
#3 - Add Climate Controlled Units to Attract New Clientele
If your self storage business is in a part of the country that reaches temperatures above 90 degrees Fahrenheit, air conditioning is needed to protect items from problems like rotting or yellowing. Self storage units located in areas that fall below 32 degrees Fahrenheit may need to be heated to prevent cracking or warping. Places with both extremes will need humidity protection. Any self storage business, no matter where you are located, can benefit by adding climate controlled storage units.
Customers who have items of value or plan to store their belongings for more than a few months will look for Self Storage Businesses that can offer protection for their valuables with Climate Control Self Storage. At Mako Steel, we have found that the additional cost of adding Climate Control Self Storage Units is easily outweighed by the additional business you will attract and the rates you can charge. Read more about Climate Controlled Self Storage…
#4 – Add Boat and RV Storage Amenities to Provide New Income Opportunities
In the past Boat and RV Storage was little more than a fenced and graveled yard. Today, Boat and RV Storage is morphing into an industry that is becoming architecturally more interesting and can stand on its own merit.
Many ways that developers are finding additional income opportunities is by “tapping” into the mindset of a typical Boat and RV renter and providing amenities that add value. Here we see an RV Storage unit with a work bench and electrical outlets.
Whether it is Wash Bays or Dump Stations or Mezzanines or Outlets in every unit, amenities are essentially conveniences, and convenience is a big component of the Self Storage Business.
Some Boat and RV Storage Owners offer such a wide range of amenities and perks that they are able to draw customers across state lines.
#5 – Go Green and Save
If you are in the market to remodel, expand or update your facility, solar panels can easily be installed on rooftops of self storage facilities and boat/RV carports. Government rebates and tax credits may be available in your area to help offset the cost of solar technology.
In addition, a few simple changes to your facility will save you money and help you attract clients who want to rent from an eco-friendly business.
Start off by replacing standard light bulbs to CFLs (compact fluorescent light bulbs). CFLs emit the same amount of light but use less power and last longer.
Next, surround your facility with drought-tolerant native plants. This type of landscape requires little maintenance. If you want even LESS maintenance, consider installing a rock landscape.
Sealing windows and doors can prevent heating and cooling from escaping through cracks. Additionally, installing insulation will help maintain the temperature inside the building.
Read more about how you can profit from going green.
Mako Steel is the leader in Self Storage Construction and Engineering. Build it right. Build it on time. Build it on budget. Build it with Mako Steel. Over 70% of our business comes from happy customers and referrals. Let us help you design your next Self-Storage Building project.