This storage business plan details a self-storage facility proposed to be set up in Westbury. The conversion of an old building is required. The total project costs include purchase price, conversion cost, and pre-opening expenses. See the Start-up Summary section. Rental revenue is expected to rise rapidly based on the current and projected strong demand of self-storage units.
Objectives
After success at their current self storage facility in Plainview in New York, the principals behind this project plan to capitalise on the demand for self-storage in Westbury. Stote Moving’s ownership will help to quickly gain full occupancy. In the first six month of Year 1, the goal was to rent 50% of 300 spaces. Additional 25% of the 300 units will be rented during the second half year, with the remaining spaces to be occupied in Year 2.
Mission
The mission of the principals includes serving the Long Island community’s local residential, commercial storage, and moving needs.
Keys for Success
Success in self-storage is possible by following these key steps:
- To offer dry, secure, and well-maintained facilities that are easy to access.
- To have good connections in the moving industry to direct customers needing temporary storage space.
- To be able and flexible to change with storage and market requirements.