By Marc Goodin, CEO of Storage Authority Franchise, the only self storage franchise in the US.
1. Start looking for land today! Don’t wait until you are a land expert. This day may never come. 2 hours a day = 14 hours a week = 728 hours a year. This is the number one key to finding land. Storage Authority Franchise owners have the advantage of being connected with a finding land pro with answers on day one so they can get off to a fast start.
2. Learn Learn, Learn self-storage. There are great books, magazines, state and national conferences, seminars, and mentors to learn from. Storage Authority has three platforms and experts in each one to let you learn the business in a rapid fashion. The platforms are: 1) Finding Land & Development; 2) Operations; 3) Sales & Marketing.
3. Visit one storage a week. This is critical so you learn about the competition and their pricing. This will give you the confidence and understanding of why you can charge more than the competition with a great sales & marketing plan and team. Keep a list of physical things you like and dislike to discuss with your architect & engineer. Always record the price of a 10 x 10, non cc, and how long the rate is good to guide for your future proforma. Don’t forget to see if you can determine how full they are. Storage Authority provides a long list of site plan items and building items to include in your project design to make your project stand out. And how to do a proforma.
4. Determine how much loan deposit cash you have and the total loan this will allow you to obtain. Many lenders want 30% down +_ and SBA loans typically allow for 10% down if you are borrowing less than $5MM and 15% down for loans over $5MM. It’s good to call lenders at this point.
5. One Deposit Example: single story, 6 acres land (cost = $1MM) 80,000 gross sf. All in to break even = $9,600,000; SBA loan @ 15% down =$1,440,000 cash deposit. Often the project can be built in 2 phases to reduce phase 1 cash requirements. Storage Authority provides many ways to reduce construction and increase income which both can reduce the required deposit.
You are not going to find any team better than Storage Authority who is going to understand you and self storage. And provide you with the detailed information, guidance, Development, Operations, Sales, and Marketing systems you need to crush the competition.
Do you want to know if you qualify for a Storage Authority Franchise?
If you fill out the application (apply icon on our website) you will have your answer in 2-3 days.
Or we can have a 10-minute call today and not only will you know if you qualify, you will learn the basics of what is involved in developing and operating a self-storage business. Give me a call or let me know a couple of good times to call you. (Let me know the time zone - I am Eastern Standard Time)
Or better yet let’s meet up in Sarasota, FL for a day!
Marc@storageauthority.com or 860-830-6764
Marc Goodin is the President of Storage Authority Franchising. www.StorageAuthorityFranchise.com The only self-storage franchise. He owns 3 self-storages he designed, built, and manages. He has been helping others in the self-storage industry for over 30 years. He can be reached at marc@StorageAuthority.com or directly at 860-830-6764 to answer your franchising, development, marketing, sales, and operations questions. His best-selling self-storage books are available on Amazon.
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