self storage business revenue

According to the Wall Street Journal, the self-storage industry is now worth an estimated $64 billion.

Which might make it all the more frustrating if you’re not doing as well as your competitors. Don’t worry, you can turn your self-storage business around in a matter of time! All you need is the right tips.

Keep reading to find out how you can reverse the curse and grow your storage company!

1. Evaluate Your Current Storage Offerings and Make Improvements

To better understand where you want to go, you have to understand where you are. That means taking a look at your current operations and seeing where you’re falling short.

Once you’ve pointed out a few areas that need improvement, come up with concrete plans to correct these mistakes or address these pain points.

Examples might include a need for better security, more affordable rates, or climate-controlled facilities.

Whatever the case, always strive to improve.

2. Create a Marketing Plan to Attract New Customers and Increase Awareness of Your Self-Storage Business

Next, take the data from the previous step and use it to create a new business plan for a self-storage facility. The more data you have, the more informed your business plan will be, so make sure you have plenty.

Your self-storage business plan should include information on:

  • Industry performance
  • Your earnings
  • Marketing strategies
  • Your annual budget

All this information should be as specific and milestone-oriented as possible. Give yourself specific deadlines.

3. Keep Your Pricing Competitive

When push comes to shove, there’s nothing more important to your bottom line than your pricing. If you keep your rates too low, you’ll never make any money…but swing too far in the other direction, and you’ll lose customers.

Again, this is why you’ll need information on your competitors. Knowing their rates can help you decide on a fair price for your storage units.

4. Participate in Local Events and Networking Opportunities to Get Your Business Name Out There

A small business owner should treat every local event as a means to meet the community.

More importantly, it’s a business opportunity. By participating in local events, you can advertise your self-storage business in person and form connections with fellow business owners that can often end in partnerships.

Imagine partnering with someone in the moving industry. You recommend their services, they recommend yours; it’s a mutual win!

But it’s the kind of connection that only comes about through the power of networking. So make sure to get out there and stay active.

5. Make Use of Online Marketing Tools to Increase Your Visibility

Your customers are already online, so why aren’t you doing everything you can to reach them?

Don’t just create pages, either. Fill them with great content and use these resources to redirect your audience back to your website.

You don’t have to build a web presence alone, either. You can outsource your marketing if you’re not sure you can handle everything yourself or with your team.

Plus, you don’t have to outsource everything. You can pick and choose the services your business needs! You can learn about how an SEO firm can help by searching for one online.

Increase Your Revenue With These Tips

Now that you know how to boost revenue for your self-storage business, it’s time to put these tips into practice.

Create a strong business plan, keep your rates competitive, and always look to form connections.

For more tips on how you can elevate your brand, check out the rest of our content!

We hope you found this blog post How to Store Your Belongings useful. Be sure to check out our post Different Kinds of Self-storage: Which One Suits Your Needs Best? for more great tips!

How to Store Your Belongings

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