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How To Become A Successful Self Storage Owner

Self, Storage, Owners

Self storage owners are experiencing the adverse effects of the economic crisis. The self storage industry is closely linked to the real estate industry. The sub-prime crisis and the resultant collapse of property prices have severely affected the real estate business. Its reverberations have been felt in the self storage industry also. But how can a business person tide over the crisis and the resultant problems? The sad thing is that while the country is passing through one of its worst financial crises in recent history, there may not be ready-made solutions to several problems.

Tips For Becoming A Successful Self Storage Owner

Here is a brief introduction about the industry. Self storage is the business of renting out warehouses of various sizes to people and business organizations to keep non-perishable and non-toxic items. If you take a self storage for rent, you can keep most of your personal, household, and office-related items in the unit. You cannot keep living things such as pets, easily perishable commodities such as food items, and inflammable and toxic substances. The important aspect is that you can keep the keys. The firms that provide this service make elaborate security arrangements such as providing security guards, maintaining electronic surveillance, installing closed circuit television, etc.

The self storage industry was first established in the early 1970s. In the initial stages the growth was modest. The peak years of this industry were 2004 and 2005. After that, the business began to slow down. In the last two years, the business has been dull because of the slowing down of customers’ interest and the competition among the service providers. It is estimated that today, one out of ten households in the USA provides space for self storage industry.

But for becoming a successful self storage owner, one needs to find ways to cut costs. You cannot compromise on security facilities and infrastructural arrangements such as air-conditioners. It will reduce the quality of service significantly. Also diluting the intensity of security measures is a sure way of inviting problems like accidents. If the security measures are not tight enough, you will have to bear the brunt.

However, what’s good news is that one can make use of the recession in the housing sector to find low-cost storage units. Even though acquisitions of such storage units may be unwelcome expenditure right now, it may become a big asset in the future.

Self storage owners need to create innovative business packages to attract or keep their customers. If you own a number of unoccupied storage units, you can give some storage unit as free along with every new business as part of your offer. You have to provide good publicity for such offers.

Another way of cost-cutting is getting rid of excess staff from your pay roll. But sacking an employee may cause dissatisfaction among other employees. You can restructure the team to put more people in the marketing front. You can also fix an incentive pay for them based on the business they get you. Another way of cost cutting for self storage owners is to bring in more computer related changes in areas like accounting.

Cost cutting plays an important role in becoming the successful href="http://www.selfstorageowner.com/podcast/self_storage_owner_podcast.php">self storage owner. Visit www.selfstorageowner.com for more information on self storage owner.
Published: 2009-01-23
Author: beck

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