Jack Ma built Alibaba Group from scratch into a $23 billion enterprise. You could also generate enormous wealth like this China’s corporate giant through the self-storage business.
Self-storage in past couple of years turned up as one of the hottest ways to invest in the real estate industry. According to IBISWorld, annual self-storage revenue in 2016 was estimated to be around $32.7 billion and this figure is expected to grow by 3.5% per annum over the next 5 years. This is the reason investors and entrepreneurs smell humungous opportunities in self-storage industry today. For instance, B. Wayne Hughes who’s Forbes 400 member, successfully built his $2.4 billion fortune on self-storage.
To build a tech-savvy startup in the property class, you need to come up with innovative practices to fit in the established markets and win a big share such as what public storage Houston is doing.
Jumpstart with the Assets you have:
Start with on-hand assets and supplies. This will not only save your initial cost, but time and energy as well because you would be in a great position to start offering your services right away. In monetary assets, all you need is to figure out your expense on a business license and print adverts (in case you need).
Setup your Office Space at Home:
Set up a functional home office to run your business. At the outset, you might only need a desk and chair stuffed into a small room or spare corner in your house where you can organize your schedule and telecommute, or meet the clients occasionally. This will reduce your investment cost.
Network Marketing:
Finding the clients is the most important aspect of any business and network marketing happens to be a great tool in this regard. Networking marketing will help you to turn the ice-cold prospects into hot consumers. So, start building your network through close, personal contacts that will work as a great marketing tool to get references and create a reasonable consumer base. Get your friends and colleagues on board who can voluntarily spread a voice about your self-storage business in their circles, and hence creating a marketing loop for your business.
Consult a Business Analyst:
Commercial properties like self-storage facilities do not have a sensual appeal like ritzy cooperate offices or gleaming shopping malls. There is a need to develop a keen business expertise in the industry and learn the ins and outs of this business. Business means potential clients that bring you revenue, and a successful business refers to the exponential growth of loyal clients. For this, you need to be digitally mature and know how to take advantage of technology. You can consult an msnbc business analyst to assess your business model and guide you with its integration with technology.
Be Different and Committed
The self-storage market is getting competitive by every passing day because customers are looking for more than a single, square storage facility to keep their extra stuff. U.S alone has more than 50,000 self-storage facilities. So, you have to be different and committed. You need to compete on the price and quality of services you are providing. For this, you need an extensive market research and a well-rounded planning to ensure your self-storage business has an effective launch and continues to progress.
Remember, if you fail to plan then you plan to fail; be strong, quirky and devoted.
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