By Grace Bailey, Guest Blogger
Running a business takes careful planning and execution, so the more one moves into the planning phase, the more important it is to set aside some time to create a good business plan. Your chosen financial institution will definitely require a good business plan before giving you the green light of approval for any finances. Having a plan of that sort will also help with the details around your project, allowing you to take care of everything ahead of time. Here are some tips you may wish to follow:
Decide on when to build
When it comes to storage, the most busy times of the year are around spring, mostly summer and fall. You should make sure your storage facilities are available for rent at least by May so you can maximize the time you have on your hands. If you don’t have your facility read by at least November, you will have a very slow business season, and that will be extremely bad for a starting point.
Prepare a financial projection
If you want to succeed with a good analysis on your financial feasibility, you will need to do so with a good worksheet. If you want to do so, you will have to work with soliciting bids from subcontractors which are based on the completed site plan. You must put all your costs within said worksheet so you can analyze your financial projection. You will likely need professional help while doing that, unless you have had some prior experience in such matters.
Ensure a safe finance
Self-storage services and their facilities usually get financed through the local banks. There is a lot of decent information concerning success rates of such companies for bank analysis, so you will have a lot of relevant information, should you seek loans through such a bank. In some cases banks will even have special teams who follow such tasks closely.
Insurance is something your budding company will not be able to live without. There are two ways you can handle this: One is to insure the buildings and liability for all people on your property. The other way is to do a tenant insurance, which you may offer to tenants who have no homeowner’s or renter’s insurance.
Decide on how you’ll manage
Self-storage has many ways to deal with management, but that largely depends on how you want to handle your business involvement. You can do this the following ways:
- Manage from an onsite apartment, allowing you to oversee the facility close by. You can hire part-time help for days off or maybe a few people to help you out in the process.
- Manage from an onsite office, giving you and your staff a chance to work during work hours with a chance to oversee the premises. Installing a security system will keep things secure when you are off-site.
- Managing via another business, allowing you to use your original staff to work on the new business as well. This may or may not work so well, since it largely depends on the nature of the original business.
Grace is an expert in the field of relocation and storage. Learn more tips by visiting TW9 moving website.
This is a guest post. The thoughts and ideas expressed in this post do not necessarily reflect those of USstoragesearch.com.