How to Operate a Self Storage Business and Make a Profit

How to Operate a Self Storage Business and Make a Profit

The question that haunts most, if not all, of the self storage business owners, both past and present, is the one about profiteering. The self storage industry requires intelligence, patience, personality, mathematical ability, and above all, a good sense of salesmanship or sales womanship. See, that example right there is what it is all about, equality and equitable sales acumen. The answer to how to make a profit in the self-storage business is not so complex that it cannot be either learned or expanded upon. There is always room for improvement, always.

Basics are Important

In order to make a profit and a very sizable one at that, one needs to be able to understand the basics of what makes a great business. The foundation that has sent sole proprietorships into franchise heaven is the same across the board in the self-storage business atmosphere. Good business plan, sound financials, great customer service, fantastic sales figures, and a winning attitude are all points of light for the business that makes a big splash. The amount of effort that is placed into an efficient self storage business is immense and never ending. The big boys in the industry, such as U-Store It and Bob’s self-storage both have that winning edge and retain the market share by never letting up. There is no time or reason for that as this race is run in an oval track and the laps are as numerous as the amount of competitors pitching for a piece of that market share. Never-ending.

The Operation of the Self Storage Business

The self-storage unit business is an efficiently operated well-oiled machine that can virtually run itself. This is the feeling that should radiate throughout both the office and the storage unit area. The feeling should be all about winning and all about retaining and accumulating new and existing customers, perpetually. The office environment should be clean and professional at all times with no signs of neglect or mismanagement. These signs are easily picked up by the foot traffic and the existing customer base as they come into this area to pay the rental, update customer information, or refer a friend or family member. Recall that every instance when a customer or a person inquiring about a unit, comes into the office, this is the moment that must be treasured. It is the most important part of office-operational standards, the sale is the boss, and everything else follows its lead. This can be argued by those that will say that customer service should be first, and the answer to that is without sales, the need for customer anything, is a moot point.

Outside the Office

The office area is an important facet of any self-storage establishment yet there is another region that shares in the load and that is the outside area. This involves everything that is not inside the confines of the nice and clean and pleasant self-storage office. The units, the landscape, the trees, the gate, the lighting, everything that is outside, is the exterior region of the self-storage business. This is the area of the greatest importance for the entering or passing by ‘customer to be base’. This is the total package and both inside and out should be run professionally and proficiently in order to make a great profit in the self-storage business.