Where can I get info on starting a storage unit business?

Answer 1

You may want to start your research with the Self Storage Association at http://www.selfstorage.org . They have produced several must-read publications on the self storage industry that any would-be entrant in this field should read. These studies include Financial & Operational Characteristics of Self Storage Facilities; Self Storage Demand Study; The Best of The Self Storage Legal Network: Answers to the 75 Most Frequently Asked Legal Questions; among others. The prices of the publication may be a bit steep but it is always better to know more about the market before you enter it, especially for a business that will require significant initial outlay.

Another important resource is Inside Self Storage’s http://www.insideselfstorage.com publication called Inside Self Storage Factbook that is published on an annual basis. The Factbook contains information on wide ranking issues affecting the self storage business from construction, insurance, security and access, management, marketing, among others.

You may also want to check out the following books:

Market Analysis and Valuation of Self-Storage Facilities (Paperback) by Richard R. Correll
How to Invest in Self-Storage (Paperback) by Scott Duffy; RK Kliebenstein Book:

I have also included links below to a sample business plan that you can study and even adapt, as well as an overview of the self storage business from a subsidiary of SBA.

Self Storage Industry: http://sbdcnet.utsa.edu/E-Newsletters/news3.htm
Sample Business Plan: http://www.bplans.com/spv/3303/2.cfm
Ministorage.com Messenger http://www.ministoragemessenger.com/associations/

Answer 2

Go to http://www.score.org/ to find the nearest SCORE chapter. In the upper left hand corner is a box to enter your zip code. Your nearest SCORE chapter will be on the next screen. Contact them to arrange for a free one on one meeting with a SCORE counselor about starting a storage unit business.

SCORE is a nonprofit organization. They provide a public service by offering small business advice and training. .

SCORE's 10,500 volunteers have more than 600 business skills. Volunteers share their wisdom and lessons learned in business. The volunteers are working/retired business owners, executives and corporate leaders.

Answer 3

You first get pre-qualified by the lenders. This is a basic review of your finances. This will look like a basic credit app. To get pre-approved, a lender will actually do the follow-up detailed checking on your finances and history. Getting prequalifed is good to know what you can afford, but you should get pre-approved before making an offer. It makes you much more attractive as a buyer.