The idea of owning a business entailing self storage facilities can be lucrative. It is your responsibility to care for the customer’s property and items therefore before embarking on such a business, you should understand the obligations, risks and responsibilities that come with it. The best way to gain some knowledge about the industry, as with any other business is to do some thorough research and planning before starting the business. Below are some key pointers to look in to initially.
Plan your business
The industry of self storage services in Singapore is a fast growing industry in the small business and real estate sectors and can bring in a lot of revenue if done right. So, in order to have the best possible outcomes of your effort and the money that have been invested, you must have a strong understanding of the business. This can be done by excessive research online, through paper listings and through local businesses. You can get an idea of the prices they charge and how the size of their facilities changes. Then you will also have to get some insights in to the market size and the locations of demand for this particular service. Trade journals and some websites that specifically cater to such industry specifics are excellent sources of information.
Goal setting and costing
Once the basic background research has been done, decide the storage space rental costs and draw out some initial figures for the estimated prices that seeking affordable solutions. Start up costs will be different from the daily maintenance costs therefore it is important that the start up costs can be funded with certainty. These may include rental costs, website costs or promotional expenses that are used to launch the business.
Writing the business plan
A business plan will help you identify many areas of the business, market and competitors if it is written down and is one of the crucial documents when starting up. If the business is going to be funded externally, a clear, concise and credible plan is fundamental to securing funding.
Another essential item in the business planning process is the marketing strategy that will be used. There is no single best method and highly depends on the external market environment therefore, this can be sought after careful understanding and research. You could opt for market penetration, communications strategy or growth strategy to name a few strategies or you can use a combination of various strategies that best apply to your style of conduct as per your business and location.