Self-storage is a business that’s been booming for decades. And with good reason — because it fills a need. Self-storage is an affordable, safe and secure way to store belongings when you don’t have the space or can’t house them at home. It’s a win-win for anyone who needs extra space temporarily — but not permanently. Did you know there are self-storage secrets for businesses that want to thrive in this industry? Many self-storage businesses fail because they underestimate the specifics of their business, location and customers. But if you know these secrets and implement them into your own self-storage business, you can succeed in ways you never imagined!
Self-Storage Location Selection Is Critical
A potential customer will first ask, “Where is your self-storage facility located?” If you don’t have a suitable or convenient location, you’ll turn away many customers — even if your prices are great and your marketing is compelling. You might even have the best prices in town and the most persuasive marketing materials, but your business will suffer if no one can get there. So how do you find the best self-storage location? First, you need to research and figure out where your ideal customers are. You can find them by asking current customers where they’re located, looking at demographics and doing some research on the internet.
You Should Have a Unique Selling Proposition
Your unique selling proposition, or USP, sets you apart from your competition. It helps potential customers understand why your business is better than the others. If you don’t have a USP, you’ll be lost in the shuffle with every other company. There are many ways to come up with your USP, but one of the best ways to do it is to start with a mission statement. Your mission statement should convey what you want your self-storage business to be. Once you know what you want your business to be, start brainstorming ways to make it better than the competition. Your USP should be easy to remember and convey why you’re better than the next guy.
Competitive Pricing Is Also Critical
Yes, your prices need to be competitive, but they also need to be consistent. You won’t gain a loyal customer base if you have a great deal on one week and a lousy deal on the next. You’ll drive customers away with your inconsistency. You want to test the waters with different price points and marketing campaigns, but you need to be consistent with your price. The best way to do this is to determine a target profit margin for each item in your self-storage business. Then, you can choose the best price to meet that profit margin. Once you have your price set, don’t deviate from it. If you do, your customers won’t know what to expect from you.
Security Is an Absolute Must
Customers don’t just want privacy; they want security. If you don’t have security measures to protect your customers’ valuables, you won’t make any money. If anything, you’ll be hit with lawsuits for not protecting customers’ valuables. The best way to protect your customers is to do thorough background checks on all employees, install security cameras, follow strict security protocols and lock up the facility at night. In addition, you can find out what state laws require from your local government. Self-storage associations also require strict security measures — so make sure you follow their guidelines.
Summing up
If you want to succeed in the self-storage business, you must pay attention to the details. What are the best locations? What are the best price points? What are the best marketing campaigns? What security measures must be taken to protect valuables? These things must be considered before diving head first into this industry. However, self-storage is a booming industry that meets a need of many people. If you follow the self-storage secrets outlined above, you can succeed in this industry.