- 1). Locate The Property for your Mini Storage: You see them all the time, mini storages are typically built close to a highway or on a main thoroughfare but they don't have to be. The property that you choose for your mini storage needs to have great building potential and easy assess. So unless you want your mini storage to do it's own advertising by just being there, you can choose any property that will big large enough for building a mini storage that will contain enough units to create the income that you desire. A phone book or internet ad might cost you less than road frontage so consider all options when choosing a property. And make sure of your zoning laws, you don't want a property where you can not operate a mini storage.
- 2). Get Mini Storage Financing: Just like a hotel, a mini storage will only be able to count on a certain occupancy percentage so be sure to explore all of the options available to finance your mini storage. You may want to discuss a Small Business Administration loan with your banker and accountant. You should also consider private financing and construction loans that can be refinanced when the business is operational. Financing your mini storage with an eye on the bottom line will help you to see how profitable it can be.
- 3). Get a Great Construction Contractor for Your Mini Storage: If you have never been a construction foreman and are not licensed in your state you do not want to act as general contractor for your mini storage. You will need to select a construction firm that has great contractors or does it's own excavation, carpentry, electrical, plumbing, etc, etc. It is a huge job to build a mini storage and end up with that low maintenance high income business you want so chose wisely and don't cut costs on this step.
Build The Mini Storage Business: Marketing a mini storage is much easier than marketing a lot of other businesses. Like I stated, everyone has stuff, everyone is looking to avoid the cost of additions and pricey lease changes. You just need to get the word out and you might also want to consider a free month with a two year contract or some other opening promotion that will fill your units and build the mini storage of your dreams.
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