The Benefits of Building a Mini Storage Business
All across the United States, entrepreneurs are talking about the steel mini storage buildings business. The word is out that investing in the steel mini storage business can be very profitable. And it's not just the experienced investors that have their eye on this opportunity. With lower building and management costs than virtually all other real estate investments and a failure rate of around 7 percent, the steel mini storage buildings industry is drawing first-time business owners and investors alike.
The advantages are obvious, easy start up, ease of maintenance, low risk, but what's the catch? Can it really be that easy? There is no catch but it does require work. An investment in the steel mini storage business has a lot of potential, but it is an investment and not a hobby. One needs to be prepared to devote time, resources and of course, capital to a mini storage buildings business. So when you decide you're ready to commit to investing, there are a few things to consider before moving forward:
Build it and they will come
Before you invest in the steel mini storage business, you will need to do some research into the market in which you desire to buy or build. You could certainly benefit by hiring an industry consultant to perform a feasibility study on the project to determine if the project will be a success. Even if you have experience in real estate or the steel mini storage buildings industry, an unbiased opinion is invaluable when considering development of your steel storage project. However, the most important factors for feasibility can be learned by talking to existing steel mini storage business in your intended market area. Rental pricing, most popular unit sizes, levels of occupancy and popular amenity requests are all relevant information that most steel mini storage business operators will readily share over a friendly phone conversation.
Location, Location, Location
Those three words ring true for all facets of real estate investing and the steel storage business is no different. Many investors have tried to build on a piece of land they already own, or buy the lowest priced property they could find. You should never sacrifice a prime location for price. An ideal site is one that has a high traffic count and is highly visible.
So what type of building should you build, pole barn style, all steel, split block or convert an old building? The unit mix of your site can have a direct correlation to the success of the business. A developer must also plan for driveway space, unit size and placement of the individual doors, lighting, and percentages of temperature controlled units and security. Choosing a builder with experience in the steel mini storage buildings business who can advise you in all facets of the construction or conversion process is strongly recommended. The right steel mini storage building plan will improve your occupancy rate and help you avoid costly renovations.
The next aspect to consider is financing. Construction loans are dramatically different and at times can be a bit more difficult to navigate than other forms of permanent commercial real estate financing. Before meeting with your lender, one might want to do some phone work to learn more about the size and scope of loans they are able to make and if they offer unique loans for the steel mini storage buildings business.
Marketing the Business
Advertising, staffing, and the day to day maintenance of your new self storage site should not be afterthoughts. In addition, some attention should be spent on developing a marketing plan. A simple listing in the yellow pages and a big sign out front will often keep your steel self storage units full. However, additional inexpensive marketing efforts can expedite and optimize your occupancy rate.
Start a Business with the Experts
If you are interested in successful steel mini storage investment, seek out a reputable company like Patriot Steel Buildings. Even though steel prices are determined by the industry and fluctuate periodically, Patriot Steel Buildings have extremely competitive pricing on both traditional mini storage buildings and climate controlled self storage units. They offer even greater discount on pre-designed layouts. The company’s multiple ship points across the United States guarantees the lowest freight costs.
Patriot Steel Buildings are designed for superior quality. Every metal mini storage building is engineered to meet or exceed even the most stringent building code requirements. Visit, patriotsteelbuildings.
1300golimo - About Author:
Patriot Steel Buildings provides superior quality self storage builders, mini storage buildings, self storage steel units, public self storage and mini steel storage buildings. For more information, please visit www.patriotsteelbuildings.us.
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