What is the American Dream? It used to consist of landing a full-time job you could work for 40 or more years until you retired. But why spend nearly 90,000 hours of your life building someone else’s empire?
Instead, you should consider working for yourself, creating your own empire, and building a passive income. You’ll have more money, more time, and a better life. Is this really possible?
Yes. If you get into the right business, it’s more than possible. Let’s talk about how to invest in self-storage and get you headed in the right direction.
1. Gain a Passive Income
One of the biggest reasons to invest in self-storage is that it provides a passive income. Sure, it will take time to get your business set up and build your clientele. However, once you do, you’ll have dozens of renters (or more) paying you for space to store their possessions every month.
Obviously, you’ll need to put in time managing the business and marketing your services, but it won’t be like working a full-time job for an hourly wage. Furthermore, if your business is successful enough, you’ll eventually be able to delegate those duties to someone else.
2. Build a Low-Maintenance Business
Aside from being a passive income, a self-storage investment also comes with very little required maintenance. It’s not like owning a residential property. People aren’t living there, you don’t have to provide maintenance on things like plumbing, electrical, HVAC systems, and so on.
The biggest thing you’ll have to worry about is assigning new customers a storage unit and occasionally helping people who’ve lost their keys.
3. Invest in a Business Virtually Immune to Recessions
Did you know that nearly 50% of small businesses fail by their fifth year of operation? That’s because people choose things they’re passionate about like being personal trainers and providing niche clothing and accessories. These are great business ideas, but they’re not recession-proof.
As soon as the economy starts to drop, people start cutting unnecessary expenses out of their lives. Impulse shopping and personal trainers are luxuries, not necessities. Few people, however, would be willing to abandon their storage unit, and thus, their personal possessions, to save a little money during hard times.
4. Provide a Service in High Demand
When you invest in self-storage, you’re investing in an industry with a wide target audience. The people who need your services don’t belong in a niche demographic. Your customers can be people from any tax bracket, any (adult) age, any gender, and so on.
Simply put, your services will be in high demand because they apply to everyone.
5. Give Yourself Options
When investing in self-storage facilities, you have the unique ability to gauge your investment level. Not all storage facilities are the same. They vary in the size of units, the number of units, location, and options (climate-controlled, electricity, etc.).
You can choose how to invest in self-storage based on your budgetary restraints, location, and overall goals. If you want to start small to assess the market, you can do that.
Are You Ready to Invest in Self-Storage?
If you’re ready to quit working for an hourly wage and build a business that will provide you with a passive income, I can help.
Ready to get started? Fill out our investor application to join our community and gain access to incredible investor opportunities. We’ll provide you with the information and education you need to make wise investment decisions.
We look forward to working with you.
