Self-Storage Business Plan Leave a comment

This storage business plan describes the proposed establishment of a self-storage facility in Westbury, New York. It involves the conversion and use of an existing building. The total project cost is estimated at $1054,487, including conversion costs and purchase price (see the section on Start-up Summary). According to current and projected high demand for self-storage units in the future, rental revenue will grow quickly as units fill up from $320,000 to $684,000 by the third year.

Objectives

The principals of this project have gained experience and success with their self-storage facility at Plainview, New York. They plan to capitalize on the high demand for self-storage to establish a significant presence in Westbury. Stote Moving is the owner, which will allow for quick occupancy. It is a goal to rent 50% the 300 units in the first six months. Additional 25% of the 300 units will be rented during the second half year, with the remaining spaces to be occupied in Year 2.

Mission

Principals are committed to serving Long Island’s commercial and residential storage and moving needs.

Keys to Success

The key to success in the self storage business are:

1. To provide convenient access to dry, secure, and clean facilities.

2. To build strong relationships with the moving industry in order to provide temporary storage space for customers.

3. To be able to adapt as storage and market needs change.