Owning your own business has its challenges along with its rewards. This guide will teach you how to start a self storage business.
Do you want to be the person people come to when they’re ready to store their personal belongings? If so, we understand why you’d want to start a self-storage company.
But, before you can open the doors to your business you might be wondering, ‘how to start a self-storage business?’ There’s no reason to start worrying because we’re going to provide you with a comprehensive guide that will help anyone that thinks investing in self-storage companies is a good idea.
Create a Business Plan
The first thing you need to do is create a solid business plan that can be presented to investors you want to provide you capital to cover your business costs. In this business plan, you need to detail what the startup and daily cost will be as well as how you plan to pay back the initial investment.
You need to also take time to document who your ideal customer is and the cost of selling your products and services.
Become a Legal LLC
There are several types of business structures you can establish your company as including:
- Sole proprietorship
- Limited Liability Company
W recommend you think hard and do your research before selecting your business structure. You’ll want to choose one that works for the business environment you’re in as well as one that will protect your business no matter what.
Take Care of Tax Paperwork
93% of all money collected by the government is paid by businesses. Before you can begin operating as one of the many self-storage companies you need to ensure you fill out your tax paperwork.
One of the things you’ll need is an EIN, which is an employer identification number. This is the number the government will identify your company under when you file your business taxes each year.
Get Your Accounts in Order
Once you start earning money you’re going to need a place to put it. Before you open your self-storage business we recommend you visit your nearest bank and open a business account.
You must separate your business account from your personal account because mixing the two can make filing your taxes challenging. Also, if something occurs legally and your business is sued you don’t want it to affect your personal finances.
You Need Insurance
Don’t forget you need insurance to run your business. Insurance is going to cover your business in the event anything happens where you’d need legal help.
While you’re getting your insurance don’t forget other types of licensure you need to run your business. Things like a certificate of occupancy are needed before you can open your doors and start receiving clients.
How to Start a Self-Storage Business?
The answer to ‘how to start a self-storage business’ has been answered above. Don’t forget to create a business plan so potential investors understand what they’re investing in and you’ll need some solid insurance to cover your business on all fronts.
Are you ready to start investing in the storage industry? If so, the next step you need to make is contacting Kingdom Storage Partners.