Business in Storage
Self-storage is originally defined as self-service mini-storage. The definition has somehow evolved. From the original concept of a temporary storage facility for students' belongings such as books and a few clothing articles, it has expanded to accommodate larger items to include anything and everything from whole households such as cabinets, large trunks and cardboard boxes, beds and even cars, and also open for long-term storage. It has boomed into a very profitable business that ranges from a few small "private rooms" to large building complexes resembling commercial warehouses, with one thing in common: the lessee has exclusive access to the rented facility, using his own set of locks and keys. Not even the employees of the storage facility may enter the rented premises.
If you have what it takes, you can also profitably operate one such business. A simple feasibility study which can be developed into a full-blown business plan has to be done in order for you to determine commercial viability. Here are some guide questions/points for the feasibility study:
A. Marketing Aspect
1) Can you determine the number of possible users of such facility in your chosen geographic area?
2) How many storage facilities are already operating within the area? What is the approximate capacity of each facility?
3) Is there a supply or service provision gap? If so, is it sufficiently large as a business potential for you?
4) How much of the supply gap will you be able to serve?
B. Technical Aspect
1) Do you have sufficient technical know-how and skills in running a storage facility? If none, is acquiring them easily accessible? A training-seminar or webinar can help you with these needed technical know-how and skills.
2) Is the technology of running a storage facility available in your area? If none, where and how can you easily access it at the lowest cost possible?
3) Do you have access to equipment, materials, supplies and tools necessary for its operation? Your type of equipment as well as raw material availability should match your projected service supply provision or capacity.
C. Organization and Management Aspect
1) Given the type of market (or customers) you have defined, human resource availability (based on HR requirements) and the financial capital structure, which form of organisation will best manage and operate your storage facility, a sole proprietorship, partnership or corporation?
2) Who will specifically handle which positions, tasks and responsibilities? How is the salary rate situation in your area?
D. Financial Aspect
1) How much capital can you immediately come up with? How much is needed? If not sufficient for the storage facility size you have in mind, where and how do you plan to access the balance?
2) If you plan to borrow from a financing institution, how much is the interest rate in your area?
These guide questions are just an initial push if you are determined to push through with a storage facility business project. Plan well. Failing to plan is planning to fail.
Questions and Answers
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