Running your own storage facility is a great thing – people will always need safe temporary or long-term storage solutions, so you will never run of clients. However, owning a storage facility is no small investment – here are the factors that will influence your costs.
The Geographical Location
The location of the facility will largely influence its value – storage facilities are forms of real estate, so their value is influenced by factors very similar to the factors that determine real estate prices in general. These factors include the type of settlement where the facility is situated – the facilities in smaller towns are usually cheaper than the ones in large cities. The facility’s location within the settlement is also important – downtown facilities are more expensive than the ones located in the suburbs or in industrial areas.
The Construction Process
Your ownership costs will also be determined by the construction process that you choose. Buying plot and building your storage Fort Smith AR facility can be a cheaper solution, but only if you have the time and the resources for the process. You can also choose to buy property that has been used as a storage facility or property on which there is a building than can be transformed into a storage facility, both decisions having cost-related implications.
The size of your storage Fort Smith AR building will also influence the costs – single-storey buildings are cheaper to build than complex, multi-storey construction.
The Level of Equipment Provided
Setting up a storage Fort Smith AR facility that offers only outdoor storage units is the cheapest option, but outdoor units are the cheapest to rent, so your income will probably be lower, too. Indoor storage facilities usually offer two types of units: temperature-controlled units and climate-controlled units. Temperature-controlled facilities provide stable temperature inside the facility, usually in the 55-85 degrees Fahrenheit range, while climatized units offer humidity control as well. Climate control requires more complex equipment that includes multiple sensors, humidifiers, filters and advanced ventilation, therefore the units in such facilities are more expensive that the units available in temperature-controlled units.
The Services Provided
The additional services that you provide to your clients will allow you to increase your rates, but in most cases, they will also increase your costs, too. Facilities monitored with security cameras, surrounded with electric fencing or other type of reliable fencing, fitted with advanced alarm systems and facilities that offer insurance solutions for the items stored in their units inspire more trust and convince clients to pay more, but such advanced equipment is not cheap, so the installation will increase your costs, even if it can be considered investment.
Operating your own Fort Smith storage facility is a great, profitable business, but you will need to assess and analyse all aspects of the set-up process and to calculate the necessary budget with all these aspects in mind. The process will probably require the participation of various experts, such as real estate agents, lawyers, architects, building contractors and architects, who all work for fees that increase your costs, so make sure to include expert fees when you calculate your overall costs.