Crush The Competition, The Good, The Bad, The Ugly

Crush The Competition, The Good, The Bad, The Ugly

The Good

Your success and your dreams are up to you.

You have the knowledge for a very successful and profitable self storage business.  By now you realize the competition does not have to have any impact on your business.  Most self storage businesses and in fact most businesses rarely do enough to satisfy, much less delight their customers.

The bottom line is you can’t change what the neighboring self storage business is doing, but you can realize your biggest competition is yourself and all those negative thoughts in your head. And you can crush all those negative thoughts with actions. You are the magic.

Remember self storage is an acquired taste, like wine or beer.  You questioned what was the big deal after your first sip, but now that you’ve acquired the taste you can’t’ live without it.  Give your potential clients what they need or want and you will find out you have an unlimited client base and they will make you wealthy.  Keep asking yourself what do people love, share your story everyday and the future is yours. Remember the side effect of making people happy is they will open their wallets.

Enjoy the journey.

Just decide & the facts don't count. It can be yours!

The Bad

Your success and your dreams are up to you.

I have so often heard people saying, “I understand” and then I see them doing the exact opposite of what they thought they had understood.  It is only when you put into practice what you have understood that you can really say that you truly understand.  Several ideas have been repeated in this book and even repeated more than once to help you truly understand. Don’t wait! Get started today!  Actions will give you all the results and belief you will ever need.

The Ugly

Your success and your dreams are up to you.

Unfortunately we have to admit that perseverance is not the most human trait.  People often refuse the truth because it is inconvenient. Accepting average or status quo is the enemy of great success. Don’t wait!  Get started today.  Action will give you the results and belief you need.

Make A Decision

Now you have the rocks you need to load your snowballs to make the profits you deserve. All you have to do is start and make the choice to be better every day!  Now you no longer have to take a leap of faith.  Now you can take action and reap the reward of your actions.

For maximum results share this book with everyone in your organization. Read it twice. Read it every year.  Have potential new hires read the book prior to the second interview.

I have one more very important thing to share with you.  I could tell you it is a big secret but it’s not (or maybe it is?). But it is reality.  Do your marketing and non marketing tasks alike with passion and belief.  Success will comes ten times faster with passion and belief!

It really is up to you - it does not matter who else plays!

Personal Story

Before I even finished construction on my first self storage facility I had well over 100 people tell me they were planning on building a self storage facility as well.  Since that time, I have had many many more friends, co workers, contractors, acquaintances and even some strangers tell me that I “beat them to the punch”.  Now, a few years later, not a one of them has even started to build one and I have built and own three.  Why?  It is simple.  If you have a dream and take action, the facts don’t count.  Make a decision and Catch Your Dreams.

I hope your self storage business is extremely successful and that I have been a small part of that success.  If you have any questions I might help you out with please email me at SelfStorageMarc@gmail.com.

 

To Success!

Marc Goodin

Should You Take Care Of Your (#SelfStorage) Destiny?

I’ve been asked what is my self storage book Crush Your Competition about?  What are some of the best marketing tips.  Below is part of the pre introduction to the book.  The real goal of the book is not to feed you another fish but to teach you how to fish.  Yes there are hundreds of specific tips and ideas but in the end you learn the real competition is your own thoughts and limitations you put on yourself and your clients.  Remove your barriers and the sky is the limit!

Enjoy

Marc

Should You Take Control Of Your Destiny?

The entrepreneur, the professional, the self storage owner, the self storage manager – anyone in the self storage industry who wants to control their destiny will value the message in this book.  It will provide a simple plan that you can use to make your dreams come true, all you need do is make the choice to succeed.

In this book, there are 102 weeks of magical marketing practices that have been designed to help you crush (leave in the dust) your competition and make more profits.  The practices are designed to be completed over the next 52 weeks.  Implement one per week for the next year and you will succeed.

Within each practice is a wealth of simple tasks to be learned and performed.  You don’t need to hire a marketing professional or clear your calendar because each task is designed to be implemented within your everyday life schedule.

You can think of making Exceptional Self Storage Profits similar to keeping yourself in good shape.  First, we know diets rarely work.  What works is 20 minutes of exercise a day and eating the right foods.  If you are willing to create new habits and spend 25 – 45 minutes a day on marketing to maximize your profits, this book is for you. Without exercise (marketing) things tend to stay the same as they are. Remember if you are coasting you are going down hill.

Relax, enjoy a glass of wine and your journey and all the success you can dream of!

If you implement just one new marketing project every week for the next 52 weeks you will watch your rentals and your profits increase.  However just like with any diet regimen, if you miss a week, you are likely to lose momentum and it will take significantly longer to reach your goals.

If you have already purchased this book, you are already ahead of the pack and you should have no difficulty implementing (or improving upon) two marketing ideas every week.  Many of the tasks are very simple.  It is easy to complete two marketing tasks a week by implement one simple task along with your principle task for that week.

If however you want to get on the go-getter fast track we recommend:  You read through the book in the next week.  Then implement (or improve on) 3 practices per week.  In 3 months you will have implemented 96 ideas and will start to see an improvement in your bottom line. Now make marketing a habit and you will be on your way to huge profits.

If you don’t want to follow the 102 magical practices consecutively, you can also use them in other ways.  You can use specific practice to fill in your existing marketing plan. Or you can choose one or several practices that address important components missing in your current marketing plan.  Or you can simply choose the practices that connect with you and implement them when the need and time arises.  However as with any diet, the less you exercise and the more you cheat, you will find it longer to get into tip top shape.

Winter Car Storage in August for an extra $2800 This Week! – Have tenants when you open phase 2

Christmas in August!  Its simple.   Rent 4 – 10 x 20’s for a 6 month car storage for Nov. 1 – April 30.

No Garage No Problem Rent Ours

All you have to do is:

Advertise:   Winter Car Storage Special – fantastic price – (35-40% off street rates)  – only 4 units available at this great price – call now!

Conditions:   Must pre pay in full now & complete lease.   Only good Nov. 1 – April 30

By limiting it to 4 customers it lets people know this is a  great one time offer that is not going to be around long plus, you want to rent the next four at a higher price.

Of course you must be confident you are going to have open 10 x 20 units over the winter because once rented you must keep the units available.   If not this strategy is not for your facility.  Often this only happens for new construction or when an additional phase is being  built.

We are doing this for the month of August – Oct. with the goal of renting 4 prepaid car storage units each month for  a total of 12 units before we go to full street rents, minus a $50 savings for 6 month prepayment.  This works for us since we just started construction of phase two so by Nov. 1 we will have open units.   Each month the discount will be reduced.  As you get closer to the time of use the more likely someone is ready to pay full price.

Yesterday we started our August prepay winter car storage special by a single post to our Facebook page.  Within 2 hours we had rented 2 spaces.  My review of the two customers leads me to believe these new customers would not have rented from us in november for a couple of reasons, so we did not “lose a full price customers”

By the end of November we will have lots of happy customers using phase 2 units and an extra $25,000 to help pay for phase 2.

Here is Week 46 – Winter Car Storage Special from my Book Crush Your Competition.  You will find over another 100 simple marketing tips and ideas in this book to help you rent more units at higher prices!  Maybe a great Chrsitmas present in August for your employees or yourself.   🙂

Winter car storage in August!

Week 46

Winter Car Storage Special

“War talk by men who have been in a war is always interesting; whereas moon talk by a poet who has not been to the moon is likely to be dull.”

Mark Twain 1835-1910

We offer a six month special – for the next XX customers–prepay for 5 months in advance and get the sixth month free,  or while supplies last.  We let everyone know about the special including:

Facebook promotion

Winter Car Storage banner over our sign

Post cards handed out to the community

Signs inside the office

Phone calls, post cards or emails to all of last years winter car storage clients – if we have ample 10 x 20’s left.

Ads in the local paper

Cross promotions with local auto dealers

Craig’s list

Pinterest

Web site special

Once we sell a predetermined number of units using the promotion we raise the price back to the regular price.

Personal Story

By using this promotion in November and December, I find that I don’t have to save to pay my January property taxes.   We rent nearly all our 10’ x 20’ units for car storage in the months of November & December and pay for our taxes with this car storage bonus money.

With some great marketing you can stop worrying about your property taxes and sell out your 10’ x 20’s every winter.  If you are already sold out of 10’ x 20’s before the car storage season raise your rates and eliminate the free month!

I love winter car storage and you should too.

To Success!

Marc

ps don’t forget to join us on the linkedIn group “Self Storage Marketing In Action”  for lots of free great marketing ideas.

Order your banner now!

 

 

 Please use the COMMENTS area below to share your specific summer marketing ideas and how they made money for you.

Ready Set Build – 5 construction contract tips

My mind has been on self storage construction because I am trying to start and build two new self storage additions before the snow is here.  Typically most people planning construction today are now planning for next spring.  With winter just around the corner it is so tempting to cut corners to get started.  BUT DON’T!  It will only cause delays later and  problems later.

When the concrete is poured you get the fist big sense its real. Most people watching you do not realize how much work and planning was done to get to this point.

Here are 5 very important items that make a big difference you don’t want to cut corners on.

1)  In addition to have construction plans it is important to have specifications to go with the plans for both bidding and construction.  If you do not have specifications the least you can do is put together a list the major items to be included in the contractors estimates.  For example you could give your foundation plans to a contractor and he could give you an estimates $$$ to build per plans.  But did the plans clearly outline the – saw cuts every 10 feet in both directions – rebar & wire mesh- single pour foundation – foundation seal -concrete psi- remove lip forms same day as pour to inspect/repair step.  And even if they were included some where on the plans did the contractor see them and include them in his proposal?  These may seam like small or obvious things but are easily over looked and can lead to cost over runs and delays.  For example saw cuts are over a $1 a foot and can be over $1.000 for a 30′ x 200′ foot building.

2) Everything should be in writing.  Especially plan changes and associated fee changes.  This helps insure there are no surprises plus it helps remind the contractor of the changes when construction is under way.  It is also wise to remind the guys in the field of plan changes and to confirm they are working off the latest plans and specifications – things don’t always make it down to the guy with the impact hammer in his hand.

3)  The contractors payment schedule should be included in each proposal.  Any hold backs should also be included.  Remember you often have a bank inspection before release for bank funds – so the contractor may bill you at certain milestones or monthly with payments to be made in approximately 45 – 60 days after the bill is received.  You either have to have the cash for deposits or get the contractor to accept bank payments as you go.

3" of paving in two courses is typical

4)  All contracts should state the contractor shall review and accept any existing work related to his work prior to starting.   If the site contractor foundation prep is off by 1 inch and it can easily cost a couple of extra thousand in concrete costs.  If you do not have the experience or time to check the work as it proceeds it may be worth it to have an engineer or surveyed check critical items.

5)  Include a 15% construction contingency in your overall estimate.  This is typical of all construction not just self storage.  Not only should you include it in your construction estimate but make sure you have the money because you will need it, especially if this is your first project.  There are so many things that can be forgotten, overlooked or unforeseen construction issues.

My Your Self Storage Planning-Site Location-Desing – Constructionbook will give you many insights on getting started.  And you can down load it now for less than 10 bucks.  If its not worth every penny – I will give you a 100% refund no questions asked.  And If you have any question during the development process you can email me at marcgoodin@gmail and I will be happy to help out.

Get off to a great start with design & construction tips from the trenches.

To Success!

Marc

With good planning construction will go smoothly. Without good planning it can be disastrous.

 

 

 

 

Looking to build – here is a chance for you to get a head start!

BETCO Inc.

This Fall you can
Learn the Basics of Self Storage Business for FREE!!
What better way to start your business??
Greetings!
Are you interested in Getting Started in the Self Storage Industry?  BETCO, one of the leading manufacturer’s of Self Storage Buildings along with other Industry Experts, will be holding a FREE  Seminar just for you.  It will be held October 17, 2013 in Durham, NC.  We hope to see you there!!  

Premium Series

Industry Experts to answer your Questions – 
We will have Bankers, Feasibility Experts, Property Managers, Building Manufacturers, Developers  Real Estate Brokers and General Contractors.

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FREE LUNCH / ROUND TABLE DISCUSSIONS
After our Free Lunch you will have the opportunity to sit in round table discussions with the experts above to ask questions about getting into the Self Storage Business or Expanding your Existing Self Storage Business.
 

QUICK LINKS


Join our Mailing List
Your Self Storage Building Specialist…
Sincerely,

BETCO INC.

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Martin Self Storage
 
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HBJ Final
 

What Is Self Storage Marketing?

Successful Marketing Is NOT

 

Is Not about spending more money.

Is Not another boring advertisement

How many post cards with triple saving from the cable company did you read last  month? None.

Is Not bigger expensive yellow page adds

How many times did you use the yellow pages last month? Zero!

The day after the yellow page book came out!

Is Not about making more cold calls or sending more emails.

How many times did you buy something from a cold caller or from a random  e mail? None!

Is Not about being average – no one raves about average.

Is Not what the self storage down the street is doing. Not about competing with your neighboring self storages (Or about Crushing Your Competition)  Your negative thoughts are your only competition.

Is Not Competing on price.  Competing on price is very difficult.

 

 We need to embrace the New Face of Marketing.

50% environment & 50 % customer service

Find ways to make people immensely obligated by your kindness.

Just right feeling

Being remarkable – as it implies you are so special people talk about you.

Your customers are more persuasive and more credible than you are!

Surprise  & do the Unexpected  – do the outrages

Surprise & wow your clients with a free daffodil

Random acts of kindness. It is not about the dollar value but the personal touch

 Telling your story – making people feel special

We are different let us show you how!

The side effect of making people happy is they open their wallets

How much does the (Super) manager get paid?

I am often asked how much does a self storage manager make.  The answer is it depends.  Weather you own a self storage or thinking about buying or building one the more important questions is what does a Super Manager make? Who wants to be average?   And of course what is a Super Manager? (or Super Owner).

To answer the first question a self storage manager makes between $10/hr to $25 depending on what part of the country and their results.  Sadly most managers report their incomes are in the lower end around $12hr.

Most managers have to do it all.  Of course how well they do it all depends on their attitude, knowledge and experience.  There are many opportunities to be way above average, even for the brand new manager.

First I warn you that being a real “Super Manager” may not be for everyone.  How does the saying go – Before you get paid more than you are worth you  work for less than you are worth.  According to Malcom Gladwell in his book Outliers you have to practice for 10,000 hours to become and expert.  For 10 years I worked 65+ hours a week as a civil engineer and was paid for 40 hours.  The next 20 years I worked a lot but I was more than compensated for the first 10 years and the next 20 years.

It takes practice to be an expert.

It was not only about the hours worked but about how many extra clients I personally brought in.  The key word is Extra.  A self storage manager is expected to market, provide great customer service and rent units.  But if you go above and beyond and rent an extra four extra units a month that is around $100,000 additional income for the business and of course the manager should be paid exceptional well. So what are we talking about to be a Super Manager or Super Owner?

First to be a super anything is a lifestyle.  You have to enjoy work and incorporate work into your everyday life. You have to constantly be learning and taking action.  The Self Storage  Super Manager may include many of the following activities:

– Belong to two civic organizations/commission – like Rotary & Zoning Commission

– Donate time regularly to charity monthly if not weekly. – 4 hours a month minimum

-Regularly attend local business functions – chamber of conference etc.

– Your involved with people – maybe coach little league or ???

– Continuous learning about self storage customer service and marketing.

-Regularly trying new marketing ideas.

– Organize an site marketing event every month vs. 1 a year (car wash – tag sale- hot dogs at lunch)

-Organize or participate in one or 2 off site marketing events a month vs. 1 a year.

– In addition to the yearly marketing calendar, a weekly list of marketing is prepared for the following week.

In addition to your regular marketing you implement a couple of new marketing items every week.

-You start everyday with “what can I do better today to help our clients & to let our clients know about us.

– You regularly bring new marketing ideas to the table.

-You follow through on contacts and find ways to track your marketing.

– Everyday you have to think out loud “good attitude”. It does not happen by accident.  For example after you do something extra for the client you could say “No problem” or you could say “It is my pleasure to help you.  Is there anything else I can help you with.”  A big difference!

You understand the new marketing is client service and you regularly:

Find ways to make people immensely obligated by your kindness.

Provide that Just right feeling

Find more ways to be remarkable – as it implies you and your facility are so special people talk about you.

Surprise clients & do the Unexpected for clients  – do the outrages

Constantly do random acts of kindness. It is not about the dollar value but the personal touch.

Make  people feel special.

Show people we are different.

It is not easy to be a super star at anything.  But the good news is if you do half of these things your will be one heck of a great manager and bring in extra renters making you a star in my book!

To Success!

Marc

ps   Super Managers start at least double the average manager or owner.

I loved it!

Now is a great time to get started in the Self Storage Business!

Now is a great time to get started in the self storage business!  Here are just seven reasons why:

1  For the last 4 years new self storage construction has been at a stand still compared to the boom years 2000-2005 where at least 2000 new facilities were added each year with a peak of 3,665 facilities added in 2005.  We saw new construction bottom out at 496 new facilities in 2009.  The significant drop in construction has permitted the demand to slowly outpace the available self storage units available.

Thats me last fall. It is a rewarding day when the concrete is poured. A great feeling! A floating slab for non climate control buildings is the way to go to save money and time.

2  The economy has stabilized and is no longer falling.  While the economy is not improving as rapidly as we would like many fears such as loosing your job have been eased, leading to more unit rentals.  I can personally  attest to this.  At all three of my facilities very high spring rentals were un expected and exceptional compared to the past several years.

3  I have read several self storage finacial articles since January of this year.  They all point out self storage out performed the other real estate business during the past economy down turn  and continue to lead in profits.  And that profits are starting to increase again.   Again I can personally confirm this as I have more renters and have been able to increase my rental rates.

4  While money is always a sticking point for any new business banks are starting to loan money again if you have a solid written business plan and you invest the first 30%.  If you meet these qualifications you may want to contact  Joseph Weiner at  Evolve Bank & Trust.  210-820-2650  or jweiner@getinvolved.com    And the rates are much better than in the past which of course means more profits for you.   Phasing a project is typically a sound requirement for new facilities to reduce the financial start up costs.

5  During the boom days many Towns frowned upon self storage and often required significant design changes requiring a larger investment.  Or even worse denied the application.  While self storage may still not be the preferred development many Towns are happy to see any new development.  I still recommend you are fully prepared with your information and picture guns loaded when you apply.

6  Now you can still get contractors and buildings at reasonable prices.  I built one of my facilities in 2005 and had to pay premiums for everything and everything took much longer to get built.  Check out www.Betcoinc.com for quality self storage building options and a head start on your planning.

Attend a Betco Seminar for great start up info!

7  Now the internet is more prevalent and there are are more social marketing networks to help you rent up your facility before you complete construction.  This takes a lot of work but imagine if you have 50 renters before you open your doors. The average renter pays $100 plus a month at a premium facility and stays for 10 months plus, so thats $50,000 in your pocket!  As you can see this must be an important step in your marketing plan.  If you have any questions on this email me.  MarcGoodin@gmail.com

Now this improved outlook is not a license to build in an area that has to much storage already or in an out of the way location.  It is not a license to do a poor design job, not having a clear marketing plan in action or be underfunded.  First you need to find a suitable location, typically on a main state road with 20,000 cars a day passing by. Then do your own initial feasibility study before you start spending money.  If it is not abundantly clear the location is great  and or if you need/want confirmation you can have a feasibility study  done by an expert.  I recommend Ben Burkhart.  804-598-8742.  www.storagestudy.com

Keep Checking back for more Construction blogs.  In the mean time check out my Getting Started In Self Storage FAQ’s  and come join our new Linkedin group “Self Storage Under Construction”  where you will regularly find great self storage planning, desin and construction tips and can get your questions answered by experts.
The days of “Build it and they will come”  are long gone.  But if you  “Plan it well, Build it well and Market it well, they will come”  Victory will be yours!
Don’t be like most people and  think I missed the boat – we have a raising tide!
To Success!
Marc

 

Market it right and they will come much faster.

 

Why you need your management program to automatically update CC information!

In the end its the many many little things that count.   I copied this from the Sarasoft Blog because I could not have said it better.

Syrasoft provides the  best Self Storage Management Solution program.  I have been using them since I opened my first self storage facility in 2004!

www.syrasoft.com

To Success!

Marc

Apr. 29, 2013 – Increasing your Bottom Line – Automate Payments

My friend Garo Darian of Glenmont Self Storage near Albany New York shared a story with me of a tenant who stopped in regularly to chat and have a cup of free coffee that Garo provides for his customers.  The customer who had downsized a unit to a 5 x 10 without fail mentioned during each visit how he had to “get that crap out of there.”

This routine continued without variation for five months until one day Garo needed to call him to update his credit card information which was expiring that month.  “I’ll be down to get that stuff out today!” was the reply.  And that day due to an event that brought his monthly payment to his attention the tenant moved out.

The program now offered by PayPros™ and recently renamed Decline Minimizer™ will automatically update credit card information on customer’s accounts when their card expires or is lost or stolen.  Given that the industry agrees that customers using credit cards to pay their monthly rent stay up to 40% longer it makes sense that the longer the rental payment remains “under the radar” the more advantage there is for the self-storage owner to maintain that tenancy.

These are the types of innovations that quietly help your business improve its bottom line.  Allowing automation to make it easy for your tenant to “do nothing” except of course pay his or her monthly credit card statement.

Posted by Tom Garden – Tom is the owner of Syrasoft and has 8 years experience owning and operating multiple storage facilites. Contact him at Tom@syrasoft.com

I use Syrasoft

Marc Note:  If your just now planning your self storage now is also the time to think about your management program.  It important for many reasons.  First you want to insure your management program integrates with your gates system, security system and credit card system.  Syrasoft does a great job doing that plus so much more.   Give Alison a call early on. 1-800-817-7706 x108.

Just Getting Started – Betco is a premiere storage manufacturer.

I finished my last Betco building last fall and could not be happier with the results.  If you are just getting started these guys can help.  Give them a call and they will put you in touch with the rep from your area who not only knows self storage but knows whats happening in your area as well.  The following is from their web site www.Betcoinc.com.   Check it out!

To Success!

Marc

 

My First Choice!

How to Start a Storage Business

Self-Storage as a viable business for the novice.

Few business offer the opportunity to participate without being an expert. You may have spent your career in another unrelated business category, but see self-storage as a good investment with a good return. All you need is a single-source manufacturer like BETCO that has the knowledge and experience to help guide you through the process.

Getting Started

There is no magic formula and there are no short cuts in getting started. If you follow our advice and do your homework, you will be successful in developing your facility.

First, you need professional advice from those who understand self-storage. It doesn’t matter what size facility you plan. It can be a single building, but you need professional assistance – a team that will guide you through the process. There are a number of people you should contact including attorneys, real estate agents, building suppliers, contractors, architects, engineers, just to name a few, but if you want to start with the one source that will have the most overall knowledge of how to get you started, it should be a top quality building manufanufacturer, such as BETCO. Why? Because we are a single-source manufacturer. This means you can get everything you need from a single source. This precludes you having to contact a variety of suppliers. The fewer people you need to deal with the better. Think about it. The more products and services you can get from one source, the fewer headaches you’ll have – and if you have questions or concerns, the “buck stops” with a single company – BETCO.

Certain economies can also be realized by dealing with a single source. There are no duplications of costs. If you can get your building design, engineering, manufacturing of components, shipping, and building construction from a single company, think of the time and expense you’re saving.

Site Selection

Next, you must make a decision on site selection, or if you already own a piece of property, whether it is in a good location for self-storage. If you find a site that seems suitable, you may want to put an “option to buy” on it , in case it ends up being a suitable location. It’s smart to tie-up the property while you’re going through the other stages of the process.

Now come the tough questions that need to be answered about site selection. You must determine if it is the right size and configuration to accommodate a storage building or buildings, if it has good visibility on a major thoroughfare with a high traffic count, and is it easily accessible. After all, self-storage is a retail business and must be conveniently located and highly visible for potential customers in your market.

This calls for a market analysis, which will provide you with the necessary information to decide whether you should proceed further with your site selection or whether you should stop and consider another location.

For example, you will learn that self-storage is a local business, limited to a very specific area surrounding your facility site.

Market Analysis

A market analysis will reveal what type of people live and work in your market – demographic information – like their age and income, how many are renters and how many are homeowners, who is married and who is single, what percentage of rooftops are residential or business. If your site is located in a college town or near a military base, it will tell you what percentage of students and military personnel are in your market. In fact, the demographic profile of a market will determine much about how you run your business and how you should market it to your customers. Further, it will identify where your competition is, and give you an indication of what kind of demand for your services exists in your market. So, a market analysis is vital if you are to be successful.

Feasibility Study

As you move through the decision process, you will discover that a feasibility study makes a lot of sense. This kind of study is more like a business plan, covering very specific information concerning development costs, financial analyses, such as projected costs and anticipated returns, more detailed information on traffic flow, competition, demographic reports, zoning, permitting, unit mix, and final recommendations of whether to “go” or “no go” on the project.

By the way, a market analysis and feasibility study are important pieces of information you should have when you apply for your financing.

To generate this kind of information, you should contact someone who does self-storage feasibility studies or get in touch with BETCO.  We will be glad to suggest names of these kinds of consultants, as well as additional insights into the business.

The feasibility study will ultimately reveal whether you should proceed with your plans. If the answer is yes, you need to make a final commitment to the site you have chosen. If you have optioned the property you will need to finalize items such as soils testing, zoning, permitting, and title.

Financing

This brings up the issue of financing. Where do you find it? Generally speaking, if you know a local lender or a community bank, you should start there. But be aware that there are national lenders who specialize in self-storage development loans. Again, your BETCO sales consultant may be able to help.

 

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