Ever since the first Kennards Self Storage was opened in 1973, the storage unit industry has been booming in Australia. There are now more than 1,000 storage facilities across that country. As a result, more residents are using a storage unit business to store personal property, office items, vehicles, and other items they don’t need on a regular basis.
Of course, due to the increasing demand for these services, there is still room for more growth. However, if you’re thinking of starting a storage unit business, here are some important things to keep in mind.
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The Location of Your Storage Unit Business
Finding the ideal location for your storage unit business is crucial to your success. The best storage facilities are successful because they are slightly out of the way. However, they are still easily accessible and close to important roads or major highways.
Traditionally, many storage unit companies have set up shop in converted former warehouses. However, if you have the capital, you can also choose to build your storage unit facility from scratch once you buy or lease the land.
But first, make sure you’re shopping for locations in commercial zones that are approved for storage facilities.
Service Contracts for Your Storage Unit Business
Every storage unit rental facility has a rental agreement or service agreement for customers who utilize their storage services. You will need to draw up this contract before you open your business. This agreement should include details on all terms and conditions of leasing and using a storage space at your facility.
Additionally, make sure the agreement includes the payment terms, rental term, liability waivers, and any confidentiality or other expectations you have of your customers. Often, these agreements are what make or break a storage unit company.
Setting Up Your Business Structure
The storage unit industry is competitive right now. Therefore, it is imperative that you set your business up effectively.
To this end, consider whether you will start your storage unit business as a sole proprietorship, a partnership, or another type of incorporated business.
It is important that you seek legal and financial counsel to assist you with this issue as well as with other items related to starting your storage unit business. This is because attorneys and accountants will often know which structures are best for you, based on the type of business and your situation. Additionally, this will save you the hassle of trying to figure it out on your own, quite possibly making critical mistakes along the way.
Wrapping Things Up
Opening a storage unit business isn’t a difficult task, so long as you’re prepared. That’s why your first three priorities are all about getting things in order.
To read more about starting and running a business, please be sure to browse our blog.