By Garrett Byrd
Drum roll, please...Choosing the wrong location!
This critical error encompasses several key aspects:
Location and Market Analysis Failures
Site Selection Challenges
Developers often make fundamental mistakes when selecting a location, including:
Not understanding local market conditions
Assuming planned housing developments will materialize
Overlooking critical infrastructure requirements
Failing to conduct a thorough market feasibility study
Key Location-Related Pitfalls
Market Condition Misunderstandings
Developers frequently purchase or build facilities based on current market conditions without considering long-term economic trends.
This can be catastrophic, especially if:
A major local employer is planning to shut down
The local economy is unstable
Projected housing developments never come to fruition
Infrastructure and Utility Considerations
A critical aspect of location selection involves evaluating utility capacity and infrastructure. Developers must:
Understand existing electric, water, and sewer infrastructure
Recognize that bringing utilities to a site can be time-consuming and expensive
Consult with local and state planning officials about infrastructure improvements
Practical Implications
Choosing the wrong location can lead to:
Prolonged vacancy
Reduced occupancy rates
Significant financial losses
Inability to attract tenants
Storage Authority Franchise approaches location selection with our franchise owners conservatively, to avoid this mistake:
Discounting potential demand by up to 20 percent and ensuring their business plan works with existing market conditions.
Be overly conservative with their expenses, rents, occupancy, and revenue growth projections.
Conduct thorough market research and feasibility studies to get realistic projections.
Storage Authority Franchising is all about owning your own local self-storage business, supported by professional systems and expertise. We like to say, "You're in business for yourself but not by yourself." If self-storage is on your mind, don't hesitate to reach out to me, Garrett Byrd at Direct: 941-928-1354 or Garrett@StorageAuthority.com to learn more about the Storage Authority Franchise opportunity.
If you would like to learn more and start your journey to self-storage ownership click the link here: http://www.storageauthorityfranchise.com/opportunity2
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