In a recent article, the Inquirer mentions Self-Storage ownership as one of the best small business ideas of 2019. There are several factors that make self-storage a good investment. While there is a busy season for self-storage, most owners know that business is sustainable year-round. It’s a lucrative business when you do it right, and a great industry to get into. There will always be opposition and choices that make one self-storage facility more profitable than the next.
Profitability in any business comes down to money in vs money out. And while self-storage facilities have a significant investment, there are multiple opportunities for building cash flow. Aside from the rent which should include it’s own profit margins (And be adjusted periodically according to the market value), you can sell moving services or products (or partner with a moving company), and other add-ons based on your target market’s interests.
One of the easiest ways you can improve your profit margin is to offer Tenant Property Protection plans at your facility. Just check our comparison form and see the kind of profits your facility could be making!