It’s a crazy world out there. The economy is uncertain, real estate costs and rent prices keep going up, and wages aren’t increasing at the same rate. These factors combined lead to a couple of different truths: First, many people are downsizing. They may realize they need a smaller square foot house than they’ve been living in. But then, what do they do with belongings they don’t want to part with? Second, a lot of other people are looking for ways to bring in more income and increase their cash flow. The more passive that income is, the better.
One idea? An independently owned self-storage business. Seems like a great idea, right? Fill a need for all the folks downsizing and start making money without many operating expenses beyond the development cost. Especially if you already own property (meaning you don’t have any additional up-front land costs to contend with), a collection of storage units sounds like a pretty great idea.
Still, no small business venture or construction project should kick off without thorough research. If you’re wondering about the average cost to build a mini storage building and turn your property into a mini self-storage facility, Worldwide Steel Buildings is here to get you started:
Assess the Situation
At first glance, the self-storage business may seem like a simple endeavor. After all, unlike most other businesses, there is no product ordering, no inventory tracking or storage, no spoilage or obsolescence issues, staffing and scheduling are minimal, and consumables and product liability are virtually nonexistent. But beware: silent waters often run very deep. Jumping head-first into the self-storage business because it looks easy may cause a bigger splash than you may be prepared to handle.
Make sure you’re educated on zoning restrictions for your property, prepared to handle climate control for your business’s buildings, and are thoroughly versed in occupancy regulations (after all, desperate times call for desperate measures, and the cost of living continues to increase …).
Consider your Budget
Starting a self-storage building business can certainly be cost-effective up front and lucrative beyond that. Done correctly, it can also be pretty simple. We recommend starting modestly, with a limited, easy-to-handle number of single-story self-storage units in a couple of different unit sizes. When your business plan eventually calls for expansion, it will be easy to do so: especially if you choose a metal building kit for your self storage construction.
The building costs of a mini storage facility can vary greatly, but the cost of building a mini storage facility does not need to break the bank. A prefab metal mini storage kit has proven to be among the most economical (not least because its DIY nature will require almost zero additional construction budget), and offers some of the most durable storage building systems around.
Then, once you’ve determined your initial investment (the building kit itself plus limited construction costs), think about what you’ll need to set aside for maintenance and climate control. From there, you can begin to determine market rental rates and how many renters you’ll need to make your storage space business profitable.
Choose the Right Contractor
Worldwide Steel Buildings offers the highest quality storage unit kits at the lowest possible prices. We offer a variety of shapes, sizes and finish options, designed specifically to maximize the use of your individual area.
Make your self-storage project your own by choosing your colors, door types and roof pitches to suit the environment in your area and the storage needs of your potential customers.
Worldwide Steel Buildings works with customers in all fifty states, offering the best steel building solutions for every individual climate and elemental conditions, at the lowest possible mini storage building cost offered by anyone, anywhere! We can handle just about any storage need from private to commercial applications in the most economical fashion available, including open storage units for boat and recreational vehicle storage.
Plus, our metal building kits come with industry-leading, 50-year structural warranties, so you can feel confident your Worldwide Steel Building is a sound investment for today, tomorrow, and many years to come.
Ready to start your new business and get that increased cash flow rolling?