This storage business plan details a self-storage facility proposed to be set up in Westbury. The conversion of an old building is required. Total project costs are $1,054,487. This includes conversion costs and purchase price. (See section on Start up Summary). Based on current and projected strong demand for self-storage units, rental revenue is projected to grow rapidly as units fill up from the first year’s target of $320,000 to $684,000 by year three.
After achieving experience and success in their present self-storage facility in Plainview, New York the principals of this proposed project plan to take advantage of the strong demand in the self-storage industry to achieve a major presence in Westbury. Stote Moving has an ownership connection that will enable full occupancy to be achieved quickly. In the first six month of Year 1, the goal was to rent 50% of 300 spaces. A further 25% of units will be rented in Year 1. The remainder will be occupied by Year 2.
The principals have one mission: to meet the Long Island community’s residential and commercial storage and moving requirements.
Keys to Success
These are the keys to success in self-storage:
- To provide safe, clean, and accessible facilities.
- To make connections within the moving industry that will help you direct customers in need of temporary storage.
- To be able change as market and storage requirements change.