Floor plan "D" suggests a way to partition an area ft. There are several software packages and numerous resources available to assist you in preparing a business plan.
Either the facility was full or only had one or two available units to chose from. What Do You Really Need? As an investment or as a new business venture, Self Storage is a winner. Collateral and source s of repayment g. If no units are available nearby, then renters will travel further afield.
Costs to Build Self Storage To give you even ballpark costs, we will need to know if you are planning to build a single story or a multi-story facility.
Work with professionals in the Self Storage industry to insure your success. Land costs and site improvements will also impact your initial investment. You may find that the effort involved in adapting a template is more work than writing a plan from scratch.
A 9X9 unit on the second floor also rents for this same amount only because there is no elevator. Amount of Funds Requested 3. Building maintenance is normally a very substantial item on a building of this size built in The magazine article mentioned earlier explains the economics of an average self-storage project which is of similar size to the proposed Westbury Storage project.
We will discuss these elements in the pages that follow.
Of course, any business requires a business license and any required local permits. Below is a sample outline of a loan proposal and business plan. The total building square footage in the model is 41, Westbury Storage is approximately 45, after deducting the office space portion of 9, sq.
A large separate parking lot area comes with the building but will not be needed for this project. Marketing and Sales Executive Identify, prioritize, and reach out to new partners, and business opportunities et al Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of relevant projects.
Without overhead in inventory, staffing, or a lot of operational equipment, Self Storage has a relatively low barrier to entry. A good plan is professional, grammatically correct, free from spelling errors, logically organized, and most importantly, thorough.
The industry lends itself relatively easily to financial modelling. Prices paid for self-storage units reflect this strong market demand.
If your locale is rife with new development, you may have an opportunity to establish a storage company and obtain a large part of the new market.
The Self Storage Organization offers a legal network to help you handle such issues. Purpose of the loan d. Projected Financial Statement 2. Then present your plan to banks and investors to obtain capital. The question is whether or not you can either compete with existing companies or find a hole within the market that your business can fill.
Every facility has a conversion cost. The market research shows that the annual market potential for the commercial self-storage service in the Westbury area is about 10, customers.But Self Storage is a business, and must be evaluated in the same way you would evaluate any other business.
Fortunately, self storage development is not complicated.
Follow the steps outlined below and you will be able to access the potential for your market and plan for your new venture. Westbury Storage, Inc. self-storage business plan company summary. Westbury Storage will be a self-storage facility located in Westbury, New York. This lot could be sold or could be the site of additional future storage units to be set up using one of several one-story steel storage systems/5(27).
Business ratios for Westbury for the years of this plan are shown below. Industry profile ratios based on the Standard Industrial Classification (SIC) codeGeneral Warehousing and Storage, are shown for comparison.
This storage business plan describes a proposed self-storage facility to be established in Westbury, New York involving the conversion of an existing building. Total project costs are estimated at $1, including purchase price, conversion costs, and pre-opening expenses (see section on Start-up Summary).
True commercial development of self storage began in the late s by the pioneers of the self storage business, who recognized a growing demand for residential and commercial storage.
There will always be a demand for self-storage units. The question is whether or not you can either compete with existing companies or find a hole within the market that your business can fill.Download