Becoming an entrepreneur is a dream come true for many people across the world. There’s something incredibly fulfilling about being your own boss, growing a concept into a true powerhouse of a company. Owning a business can also mean more security in an uncertain world, as you will never be at the whims of someone else’s decisions: your success will be your own.
If you love the idea of helping people store their precious memories or have a smoother move, you may have considered opening your own storage company, but balked when you realized just how difficult it can be to begin a business from scratch. However, that’s not the only way to becoming a business owner, nor is it even the best one: there’s a far better option out there, and it involves purchasing an established business from an owner who would like to divest.
Today, we’ll discuss why the storage unit business is an excellent option for those looking to become business owners, how buying a pre-established storage unit company will ease your process into the entrepreneurial lifestyle, and how you can find these opportunities.
Storage units are a booming business, and this industry will only heat up in the years to come
When you started thinking about owning a business, you may have considered more obvious options, such as opening a restaurant or shop. While these are certainly great options, they are often quite precarious industries, especially for fledgling businesses without a well-established clientele and a strong network of fellow entrepreneurs to lean on. There’s another option for those who want to open businesses, though, and that’s the highly underappreciated – but very lucrative – storage business.
Let’s put it simply: Americans and Canadians have a lot of stuff, often more than they can actually fit in their own home. This generates an ever-growing need for storage space, making it the perfect opportunity for those looking for a stable, recession-proof business with a low cost of entry and a relatively easy learning curve. Research suggests that the self-storage industry will grow by 8.2% from 2020 to 2029, which is far faster than many other industries, like retail or professional services.
There are other benefits to getting into the storage industry as well. Self-storage units have few overhead costs other than security systems and lighting; some storage facilities are climate-controlled, which requires a bit more of an investment but is still relatively inexpensive compared to investments in other industries. Storage units also generate consistent monthly income for a relatively low cost, and they usually require only a few employees, so you needn’t worry about an enormous staff with their resulting wages.
Even starting out on a new storage business can be relatively simple, but it gets even easier for you when you consider purchasing a pre-established storage unit company.
Purchasing a pre-established company takes much of the guesswork out of business ownership
Starting a new business is incredibly daunting. You need to be an absolute ace at business finances, great at negotiating with vendors and contractors, and have an amazing network of fellow entrepreneurs to lean on. It’s a tall order, and it can make you feel quite nervous about even considering taking that step. However, that’s the hard way to do it: if you want to work smarter rather than harder, you should consider purchasing a business in the storage industry.
There are innumerable advantages to purchasing a business in any industry, but in the storage industry, it dramatically lessens the risk of failure. You will already have the infrastructure – the units – built, in a location which you know will generate business. The storage facility will come with many vendors, such as security and general contractors, as references, so you can easily maintain the smooth functioning of the facility as you step in. More than that, you will likely have some contracts from the previous owner roll over, meaning you’ll have steady income immediately to help recoup the cost of the purchase.
Use a marketplace to find these amazing opportunities in the storage industry
If you’re getting excited about the opportunity to be your own boss in the storage industry, you might wonder how you can possibly find storage units for sale in your area. The answer is simple: by searching marketplace sites for companies that meet your needs.
Real estate marketplaces are websites that list available businesses for sale, quite similar to real estate websites that help home buyers find their perfect property. On a marketplace site, you can search by industry and by location to find the exact right business for you, then contact the seller to learn more about the history of their business. You’ll have assurance that this company has a proven track record of success, and also that it will continue to perform well under your leadership.
The storage industry is an underappreciated but highly lucrative opportunity for those who want to own their own business – and it’s even easier to enter this industry by purchasing a pre-established facility through a broker. Let this year be the one where you finally take that leap and become a business owner: check out a real estate marketplace today.