There are empty commercial spaces and warehouses in every city and town.
These vacant buildings could turn into a very profitable self-storage business.
The rising popularity of online shopping means that fewer people are going to physical stores and more are shopping online. These virtual shops need somewhere to store goods and fulfill orders. The answer is self-storage buildings.
Investing in storage space could turn out to be a neat business, but where do you start?
Continue reading to find out how to turn an old warehouse into usable storage with FLEX storage units.
Why Change Existing Buildings Into Self-Storage Buildings?
Converting an existing building will save you a lot of money and time. Going back and forth with planning permission and building something from scratch can be a headache.
The existing building, especially if empty for many years, will be devaluing the neighborhood. Converting an existing building will brighten the area and turn a run-down, derelict building into a cool, urban storage facility.
Existing properties that were once booming stores probably have existing parking lots, again saving you time and money. If you don’t need all that space for parking, then there is room for extending the building for more storage.
It’s easier to get planning permission on an existing building than a brand-new one.
Where Do You Start?
Converting an old building into a modern storage facility is no easy task. It won’t be cheap either. Make smart decisions and do your research thoroughly before laying down cash.
A professional self-storage supplies business that manufacturers and fits the units will be the best to use for this type of project. Fitting storage units within state building codes can only be done by professionals.
This very obvious but necessary first step must get completed. Find some vacant buildings and take a look at their location, size, and price. Compare this with other cities and towns in your area.
The location within a town could make or break your self-storage business. Advertising and marketing costs will be significantly more expensive if your building is in an industrial estate or on a road with little traffic. The ideal site would be on the main road, where passers-by can see exactly where you are and what you do.
Once you have found your building and location, think about if there is a need for a storage facility.
Research other storage businesses in the area. Go visit them, experience their customer service, and not exactly what you do and don’t like about their operation.
Are there many in the area? Are they successful? What makes their business stand out?
The most important question of all… is there room in the market for your storage business?
The Sensible Stuff
Have you decided that you have found the perfect building in the perfect area to ensure profitability? Then ensure the building you are investing in was built correctly.
Have an architect and contractor come out and inspect the property to ensure it is structurally sound and conversion is feasible.
This upfront cost will be well worth it in the long run. An architect will be able to help you make the best use of your space while following building codes. The contractor will keep your crazy design ideas grounded with what is (and isn’t) realistic for the existing building.
Add Up Your Costs
After you have everything else organized, add up all the costs and estimated cash flow to see if investing in the building is really worth your time and money.
Costs include legal fees, the property, conversion costs, advertising, repairs and updating, and more. Being prepared with your finances will ensure a successful business from the start.
Well done, you made it!
Now it’s time to fit your new purchase with storage units to turn the old building into a modern storage dream.
FLEX building systems designs, engineers, and manufactures custom storage units for your building. They are extremely durable units and come with a 10-year warranty. The storage system is unique as no maintenance is necessary and they are easily assembled on site.
The process looks like this:
- Feasibility — demand for the service, rental rates, and cash flow forecast
- Financing — seeking a loan from a bank or credit provider
- Construction — design options to fit the warehouse and overcoming any hurdles
And finally, fitting your building with FLEX storage units!
We work with the US military to meet their storage needs. The units can get disassembled and moved to another location if required, making the storage forever flexible.
The installation process is simple. It can get done in a matter of hours.
We offer onsite assembly, or we can train your staff. The benefit of training your staff means that if your storage needs change, your staff knows how to do it. This training can be really useful for small businesses or businesses that require flexibility at any time.
Along with storage units, we can create whole buildings for your site needs. These buildings are perfect for temporary projects.
The buildings can be financed through a finance company to suit your needs. Read here about the case study that made a whopping $537,600!
If you’ve taken in all the information and think that investing in a self-storage building is right for you, then get in touch.
We can help you design the perfect self-storage building to meet your business needs and goals. Whether you require a full building with storage units or want to retrofit units to an old building, we have you covered.
Get a quote and see how much extra money you can make from self-storage buildings!