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If you need help with starting a storage unit business, you can post your legal need on Up Counsel's marketplace.
Rents may not always stay high, but there's almost a guarantee of income for the long run.
Just as with any other business you might want to get into, you need to do your research.
The amount of construction of new storage unit facilities is on the low side which means there is room for new players to enter the market.
The storage unit industry started in 1958 and has been an industry that makes money for investors.
Assess all the costs so you can plan your business appropriately and maximize your chance of success.
The popularity of the self storage business is evident in just about every town.How to start a storage unit business tends to be one that requires a lot of capital to get started. But, there is one area of real estate that is not capital intensive nor is it time-consuming. People use storage units to keep their belongings secure when they can't fit it into their living quarters.A unit can be a box or a locker, containers or rooms, or even an empty lot.Lawyers on Up Counsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.Owning a storage unit can be a great business, but it's important to know all the related costs and risks so you can develop a realistic business plan before you jump in.These are known as sunk costs or the costs you have to pay to get the business started.These costs are separate from your ongoing maintenance and business costs.Ask yourself what type of facility you want to operate.Do you want a facility with: Understanding the competition is also important to your market research.Your attorney may also have information about grants and financial aid that exist for small businesses.You might be eligible for financial support from the government as you start your first storage unit facility.