How to Write a Self Storage Business Plan
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How to Write a Self Storage Business Plan
Introduction
From the untrained eye, success in the self storage business seems to require an empty building and a basic security system. Your interest in a self storage business requires an effective plan that addresses advertising, employee wages and dozens of other factors for sustainability. You need to write a self storage business plan in order to land startup funding and provide guidance for your employees.
Instructions
Difficulty: Moderate
Construct an Effective Plan for Your Self Storage Company
Steps
1
Step One
Familiarize yourself with the self storage industry before you write a business plan. There are publications like Inside Self Storage Magazine that focus on trends in the industry and provide in depth analysis of successful self storage companies (see Resources below).
2
Step Two
Distinguish your self storage company from competitors when you write a business plan. In order to receive startup funds, your investors need to know that your approach to business is unique. Provide details of moving services, equipment rental and other ways in which your business can bring in more customers.
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Step Three
List off all sources of initial funding in your business plan. This list will help you determine your financial needs while helping investors determine the cost of a potential investment. Personal loans, savings accounts and the proceeds from past businesses should be itemized to ensure full transparency.
4
Step Four
Outline your self storage facility requirements in your business plan. You should have a specific square footage in mind for the entire facility as well as the number of storage units you will need. You also need to provide a sketch of the equipment and exterior design that you want your self storage business to possess.
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Step Five
Sketch out the advertising campaign you envision for your self storage company. You should write out specific media resources, such as newspapers or websites, that you want to use in the initial phase of your business. This preliminary sketch should include advertising costs and the duration of each stage of advertising.
6
Step Six
Set benchmarks for the progress of your self storage business in your initial plan. These benchmarks should cover financial, marketing and customer relations goals over the first five years of the business. You should use a combination of line graphs and brief paragraphs to shed light on your company's goals.
Overall Tips & Warnings
- Provide details of your company's security methods in order to satisfy investors. A self storage business without security cameras, fences and building attendants cannot provide good service to its customers. Investors who agree with your approach to securing storage units will likely provide sufficient funds to meet these goals.
Overall Things You'll Need
- List of initial funding sources
- Outline of facility requirements
- Solid benchmarks
- Preliminary advertising campaign
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