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According to the non-profit trade group, Self Storage Association, the storage industry generated more than $22 billion in annual U.S. revenues last year. Within the commercial real estate paradigm, it is the fastest growing segment over the last few decades, with more than 48,500 facilities nationwide making up approximately 81.5 percent of the aggregate self-storage industry worldwide.
The self-storage industry contributes well over $3 billion in annual taxes at the state and local level across the U.S., and for good reason. The industry's comparative resilience is a result of its cost-effective model, short-term commitment with added perks and, something many crave considerably in this day and age, peace of mind.
Even during strong economic times, the most cost-effective approach is usually the best route to pursue. Self storage can provide your business with warehousing options that are economically savvy, says Tracy McEvoy, who has several years of experience in the industry. "Rents are very reasonable and are on a gross basis, so security, utilities, property taxes and maintenance are all included. When you have limited cash flow, this is appreciated."
In addition, if you use a third-party storage manager, you can bundle your unit lease payments into a single invoice-ideal for users with multiple due dates. Furthermore, you may find that consistent reevaluation of your storage needs will be much easier with the help of a professional storage manager.
Business arrangements with self-storage facilities come with short-term contracts and associated perks, so cost and convenience doesn't mean making a long-term commitment or suffering a lack of options.
Business arrangements with self-storage facilities are flexible. They come with short-term contracts and associated perks, so cost and convenience doesn't mean making a long-term commitment or suffering a lack of options. Typically, business storage is month-to-month, with commercial space leases starting at six month terms.
Short rental terms, commonly month-to-month, for a relatively inexpensive price provides you with flexibility as your needs fluctuate. And with no long-term leases, the amount of space you pay for can be adjusted virtually on a daily basis. A third-party storage facility and its management team can assist in creating the most cost-effective setup.
Managers can also assist with designing an agreement that ensures you have available capital to go with your essential storage needs. Planning for the shorter term provides ample opportunity to fine tune a program and adjust as needed, with industry experts to assist you.
Additionally, an important benefit of self storage some may not consider is access to various warehouse amenities, some of which you might otherwise pay thousands of dollars in maintenance costs just to keep functioning. This is in addition to the cost of rent and property tax for the plot of land you're on. A third-party storage facility is equipped so you don't have to be.
McEvoy says that, "Modern self-storage facilities are built with climate-controlled, hospital-sized elevators and big retail showrooms." In addition, "More cameras, sophisticated access control systems, covered loading and music in the hallways are standard. Some even offer conference rooms and wi-fi access for impromptu business use."
"The security features and on-site managers will provide you with the peace of mind you need to focus on your business," says McEvoy. Adding self storage is an economical, convenient and clean way to protect your inventory or business records.
Most self-storage facilities, like Uncle Bob's Self Storage, accept deliveries as well. This means you don't need to pay someone to wait around for an order to arrive because your self-storage site will do that for you. They will even store it in your space without you having to be there if you provide prior authorization.
Of the self-storage facility owners surveyed in the Self Storage Outlook questionnaire for 2013, two-thirds of respondents claimed they made gross revenue gains anywhere from five to 10 percent or more. The business model evidently works. This is because there is demand for space and the space doesn't come at a premium to users.
Industry insider Mel Holsinger says the future of the industry is promising as a younger and quite innovative workforce enters the industry.
"Self Storage Association: Fact Sheet", Self Storage Association - http://www.selfstorage.org/ssa/Content/NavigationMenu/AboutSSA/FactSheet/default.htm
"SSA: About Us", Self Storage Association - http://www.selfstorage.org/SSA/AM/ContentManagerNet/Default.aspx?Section=About_SSA&Template=/TaggedPage/TaggedPageDisplay.cfm&TPLID=3&ContentID=4952
"How Self Storage Can Save Your Business Time and Money", RapidTimeNews.com - http://rapidtimenews.com/2011/09/22/how-self-storage-can-save-your-business-time-and-money/
"2013 Economic Survey", SelfStorage.com - http://owners.selfstorage.com/survey/2013survey/surveyresults.asp