When was the last time that you had to move from one building to the next? Did you have to incorporate a storage unit into your plans? Storage units provide access to safe, secured, and comfortable storage for the possessions that matter most to us. According to the U.S. Bureau of Labor Statistics, the Warehousing and Storage sector looks primed for continued growth with employment and earnings numbers rising for four quarters straight.
With the economy opening back up again, self-starting professionals might be interested in getting in on the storage industry themselves. Today, we are going to take a look at why you should go about starting your own storage unit company like SecurCare Self Storage. Are you ready to build your next business? Let’s begin!
1) You Can Create Passive Income
One of the best things about running your own self-storage business is that you can create a passive income stream for yourself. Consider an average rental fee of $100/month. Now multiply that number by the number of storage units on your property. It is easy to see why passive income streams are such a big deal to savvy investors.
Passive income is also typically a stress-free way to continue building your business empire. The income that you generate passively can be put toward other endeavors. There is a reason that so many people invest in storage companies!
2) There Are Undersaturated Markets
The housing industry is always going to be an important part of our nation’s economy. As a result, there are always going to be places where increased storage demands need to be met.
Movers (both home and business owners) will require storage several times in their lives and it is up to savvy entrepreneurs to find those clients in undersaturated markets. We can look at how Ohio has turned into a haven for self-storage businesses as an example of a market and its needs being met.
Take some time to analyze the number of self-storage units in your vicinity. Now expand your search until you find somewhere that is underserved. Storage solutions are affordable and easy to sell because people from every background will need them.
3) There Will Always Be a Market
Finding a great location means that you will always have a market for potential clients at your self-storage business. Between relocating jobs, college students heading home, and families transitioning into a new home, storage units are always going to be helpful.
Because storage units have low-maintenance requirements and high odds of generating positive passive income, savvy investors who find the right location will enjoy a market that should remain relatively consistent.
With that being said, self-storage units are not turnkey businesses. They require a proper understanding of the economy, your surrounding markets, and the various legalities involved in hosting the possessions of others. Starting a self-storage business is just a new wrinkle in an old industry, real estate. Are you ready to start your next storage business?