Expanding Your Current Self-Storage Building to Increase Profits
The self-storage industry is booming in the United States and shows no sign of slowing down. By providing an important service to Americans who need a safe, secure location to store their belongings, especially those with sentimental or financial value.
When it comes to maximizing the potential of your self-storage building, there are several routes that can be taken depending on your location, preferences, and needs. Storage Building Central specializes in steel self-storage buildings and the expansion thereof, effectively bringing custom strategies to each unique situation, including yours.
Read on to discover how Storage Building Central can help you increase your profits by expanding your existing self-storage building.
Things to Consider Before Your Expansion Plans
There must be an appropriate strategy before you begin expanding your building. This means examining your current situation and developing a suitable plan. In order to do so, there are several considerations to make, including the following.
Evaluating the condition of your current building is an excellent starting point. It must be in good condition and meet any codes and regulations before any expansion can take place.
Adding to your building sometimes involves more stories. In order for this type of expansion to be viable, the current foundation must be of suitable strength.
Clearing the site for the expansion, installing new utilities, preparing proper drainage, and so forth are all necessary considerations when expanding your self-storage building.
Planning for Self-Storage Building Expansion
Once you have evaluated the viability of a building expansion, including the availability of space, you’re ready to craft your self-storage structure expansion. This includes determining the type of expansion you plan to utilize. Some of the possibilities are as follows.
Expanding outward is a common practice. This involves adding to the ground floor of your self-storage building and requires enough room on the property to do so. If your property is spacious enough to facilitate such an expansion, this is a common route to take.
When space is limited, expanding upward can be a fantastic solution. You must ensure that your foundation and framework are strong enough for this option and that expanding upward is approved by local authorities.
Sometimes, all you need to do to expand your building is to rethink the design. Being more efficient with your existing space can lead to what is effectively an expansion without developing a larger space.
Expanding your self-storage building through the addition of climate control is an effective way to increase your potential customer base, especially those with temperature-sensitive items.
Boat and RV Storage
Another manner of expanding by appealing to more potential customers is by adding boat and RV storage. This is also a great way to utilize unused property space in a cost-effective manner.
More space equals more possible rentals. By adding rental space, you effectively expand your self-storage business whether you increase the size of your building or not.
More and more, customers are interested in the social responsibility of the companies they do business with. By going green, you can attract new customers while also saving money on your energy consumption.
The Best Time for Expansion
There is no one-size-fits-all answer to the question of when to expand your self-storage building business. However, there are several key factors to keep an eye on and consider. We’ve highlighted a few of these below.
You’re Almost at Capacity
Rather than waiting until your building is full and you’re having to turn customers away, consider expansion when you reach 80% capacity or more.
When larger, newer competitors challenge your hold on the market, you may need to expand and upgrade to retain your customers and continue to find success.
Growing with Storage Building Central
The best option for all things related to prefab storage buildings is Storage Building Central. As the go-to provider of storage buildings in the United States, Storage Building Central is experienced and knowledgeable when it comes to self-storage buildings and the expansion thereof.
If you are considering expanding your current self-storage building or are simply looking for more information on the topic, give Storage Building Central a call. Experienced experts are ready to help you in any way possible, so call today on +1 (844) 315-3151.