Studies show household clutter makes you more likely to overeat, be stressed out, and isolate.
Many households are discovering their need to get rid of stuff, which is one of the reasons storage units are growing in popularity. Are you looking for a profitable opportunity that can also help people lead happier lives? Then you see what storage unit jobs have to offer.
Whether you’re interested in starting as a manager, or you want to open up your facility, we have some great tips for you. So take a look!
By the time you’re done reading this article, you’ll finally know how much you can make running or owning a storage unit.
Storage Unit Jobs and Salaries
Exactly how much can a storage property manager make? It’s going to depend on where you live. Typically, the salary range falls between $45,000 to $70,000.
Other factors will impact the amount of money you’re offered. For instance, education, additional skills, certifications, and experience can help you negotiate higher pay. If you can prove to the storage unit owners that you know what you’re doing, they’ll probably be willing to pay you a lot more.
However, even if you’re completely new to the industry, you can still negotiate a sizable salary. You’ll need to look at your past work experience and find relevant skills that can translate over into property management.
For instance, do you have experience working as a manager in another industry? The supervisory skills you learned managing elsewhere could easily translate into the storage unit business.
Benefits of Becoming a Storage Unit Owner
Instead of looking for storage unit jobs, you could explore becoming a storage unit owner. What type of return on investment can you expect within the first few years?
Again, the amount of money you can potentially make will depend on where you live. A few of the states that will be the best for owning a storage unit will include Arkansas, new york, and Maryland.
The market is different from one state to the next, so there isn’t a one-size-fits-all answer. However, it is safe to say that operating in a self-storage facility is much safer and more profitable than many other startup businesses.
Depending on the size of your operation and how efficiently you run it, you could earn close to $1 million dollars in gross revenue each year. You could still make well over $300,000 annually on the lower end of things. Gross revenue means the money your unit brings in, before subtracting out operating expenses.
How to Open a Storage Unit
Whenever you get ready to start any business, you have to make sure you have enough capital. The capital is the money you will invest to get things up and running.
One of the great things about the self-storage industry is that it requires a lot less capital than other real estate opportunities. If you need lending, you’ll find that it’s easy to find lenders who want to work with you.
Many lenders enjoy helping people who want to start self-storage businesses because they know how successful they can be. As far as the down payments go, plan on spending at least 25% for a conventional business loan.
However, if you shop around, you could find a business loan that only requires 10% down. It’s all going to depend on the type of lender that you decide to borrow from.
Another one of the reasons the storage unit business is so successful has to do with its straightforward approach. You won’t need a lot of experience, and any training you need is readily available. There are all sorts of operational training guides online and online communities where other owners give each other advice.
You’ll also be able to own the majority of the business rather than share it with partners. The Storage Agency can help you set up a marketing plan to bring in new customers once you’re ready. If you don’t want to be a sole owner, you could look into a self-storage franchise opportunity instead.
For a franchise opportunity, the main company will handle all marketing, and you can focus on operations. The downside to franchises is that you’ll have to pay royalties to use the company’s system and name.
Start Your Business Plan
Every entrepreneur needs a business plan before getting their company up and running. Your plan will help propel your business towards great success while also helping you realize any issues that might arise along the way.
Since many lenders are going to want to see a business plan before extending an offer, we suggest that you write one up today. You can use online templates to create your plan or start from scratch.
Are you making a business plan for an existing storage facility? If yes, it’ll look a lot other than a business plan being drawn up for a facility that doesn’t exist yet.
As you create the plan, please make sure you customize it to fit your needs. The plan should consist of a mission and vision statement. You’ll also want to create an ownership structure and competitive market analysis.
The ownership structure refers to how you’ll be labeling and operating the company. Will it be a limited liability corporation (LLC), or will you be a sole proprietor? Financial advisors will be able to help guide you in choosing the right business entity.
Live the Life You’ve Always Wanted
It’s clear to see storage unit jobs are full of potential. Since location plays a big role in your potential gains, you’ll want to do a little bit of market research and analysis.
Find out how competitive the storage unit businesses are in your local area. Then you can begin to draw up a business plan. When your plan’s ready, you can start looking for lenders.
Before you know it, you could quickly be making a quarter of a million dollars a year or more Since you’re already on your way to paving a bright future, why stop here? Read another article for more money-making tips.