My friend is considering about purchasing a storage business. What are the pros and cons of owning a storage business? Any advice?
2007-10-23 08:25:51 · 3 answers · asked by RetroBunny69 5 in Business & Finance ➔ Small Business
Yes, rat/mice will be a problem as well as cockroaches. Especially as you don't know what people will be storing that may attract them.
Check up on how to vacate an area where someone has fallen 2 months behind in payments (most do auctions of the stored stuff that's unclaimed and unpaid for) - it varies per state.
Have a good all purpose janitor/jack of all trades, to fix roofing, door slides, windows, fencing, etc. Also a locksmith on call.
2007-10-23 12:22:34 · answer #1 · answered by Elaine M 7 · 0⤊ 0⤋
Pros:
very little labor costs
excellent tax benefits
very few disgruntled customers
steady monthly cash flow
Cons:
High initial cost
very little barrier to entry (other businesses can relatively easily open up and compete against you)
All in all, the pros outweigh the cons. This is not a bad investment if you can buy it for a reasonable price.
2007-10-23 19:21:01 · answer #2 · answered by Anonymous · 0⤊ 0⤋
make sure you have a good accountant, sponsor a little league baseball team, and spray for bugs.
2007-10-23 15:30:16 · answer #3 · answered by el.tuco 5 · 0⤊ 0⤋