By Garrett Byrd
Before we get into what it looks like if you choose not to develop your self-storage facility, convert a big box retail store to self-storage or add on to a smaller facility.
Let me share with you the top three (3) motivators or drivers that I have heard from our Storage Authority Franchise owners over the years who decided to move forward.
1.) Replace their Income: All of our owners are sophisticated and savvy busy professionals who have been extremely successful in their businesses or careers. Developing self-storage will give them an additional six-figure revenue stream once their facility is mature. (*Leased up)
2.) Retirement Goals: Developing and owning a self-storage real estate asset creates a huge nest egg for retirement. Often your facility will be worth 75%-100% more than the cost to build once the facility is leased up. Depending on how big of facility is built our owners have options to work less or not at all.
3.) Generational Wealth: Owning s multi-million dollar real estate asset also gives you the ability to pass it down to your heirs. It's not just a smart investment; it's building a financial legacy for future generations.
Opting not to develop self-storage may present certain challenges and drawbacks, depending on your business context and strategic objectives:
Here are three (3) potential outcomes if you choose not to develop self-storage:
Missed Revenue Opportunities: Self-storage facilities can generate steady rental income streams and provide a source of recurring revenue for property owners. Choosing not to develop self-storage means potentially missing out on these revenue opportunities, especially in markets with high demand for storage space.
Limited Diversification: Self-storage development offers an opportunity to diversify your portfolio and reduce exposure to market volatility in other sectors. By forgoing your self-storage project, you may have a less diversified investment portfolio, which could increase risk exposure to economic fluctuations and industry-specific challenges.
Long-Term Growth Constraints: Self-storage facilities can serve as long-term income-generating assets with potential for capital appreciation over time. By opting out of self-storage development, you may limit your ability to capitalize on long-term growth opportunities and maximize returns on investment.
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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