How to Create a Storage Unit Business Plan for the Best Storage Management in Toronto
Are you interested in owning the best self storage facility in the Greater Toronto Area? Do you have big dreams of making a great living renting fabulous Toronto storage units to people in the city? Great! You’re in the right place. However, before you’re able to offer the best storage management in Toronto, you’ll have to create a storage unit business plan. If you are wondering where to start with your business plan, Bluebird Self Storage is here to help!
What is a Business Plan?
Business plans are documents that lay out a company’s objectives and how the company plans to achieve those objectives. Goals in various realms, such as the marketing and operational dimensions are commonly covered in many basic business plans. If you have already started a self storage company but don’t have a solidified business plan, they are a valuable strategizing tool that can be used to improve practices you already have in place and create focus for your storage company.
Why Create a Storage Unit Business Plan?
Business plans go a long way to keeping a company moving forward while staying focused on long-term goals. It’s rarely going to be wise to progress without creating a business plan because they’re often not only useful but are also necessary to the success of a company. Here are a few ways that storage unit business plans can be beneficial:
They’re Key to Receiving Capital
If you are planning to turn to potential investors to help fund your storage company and self storage facilities, they will expect and rely on these plans to assess the viability of your business. An individual or financial institution considering putting money into a business, as a loan or an investment, typically won’t move forward without looking at a detailed business plan.
They Act as a Blueprint and Keep Businesses on Track
Business plans help companies think ahead by discussing how resources like capital and time can be mapped out and thought through before action is taken. This is a key to ensuring that your storage company is successful.
When potential obstacles arise, business plans are a great tool to help companies work through problems and keep their objectives in mind. They offer a reference for the ultimate goals of the business. They also are helpful in ensuring that everyone is on the same page and that future actions don’t deviate from the company’s mission.
What are the Key Parts of a Smart Business Plan for Self Storage in Toronto?
Business plans vary. After all, no two companies are the same – even if they both offer similar services like self storage units. Not every storage company business plan is going to have the exact same components as another because not every self storage company owner is the same.
That being said, there are certain sections that do tend to be featured in most plans. Companies that offer storage services often have business plans that include:
1. An Executive Summary
This is the introduction to the business plan. It offers an overview of the entire document and familiarizes the reader with the company and its goals. In this segment of the plan, you may include information such as:
Business Status
Are you the owner of a new self storage company, or are you looking to expand an existing storage unit business?
Business Details
Where in Toronto are your storage spaces located? Who are the key figures managing and running the company?
Outline of Future Sections
What can the reader expect to learn from this storage unit business plan? What
are the key takeaways? How will you provide the best storage management in Toronto? successful storage management in Toronto.
2. An Understanding of the Company
Here you are able to give an in-depth explanation of the business as a whole. This should include details about the:
Company History
When and why did you get into the self storage industry? What has been accomplished thus far?
Type of Storage Offered
Will you offer climate-controlled units? Can you create heated units? Is there an option to add drive up units? What about vehicle storage? Be detailed about the storage services that you provide and try to meet a variety of storage needs.
3. An Analysis of the Industry
Your business isn’t the first to offer self storage in Toronto. Before you do anything else, make sure you investigate what the business climate is in the area, and explain how your brand fits in. You should focus on illustrating the unique value of your company. Things to address in this section are:
The Current State of the Market
How is the health of self storage in Toronto? What is impacting it? Is it growing or declining?
Your Competiton
How many companies are providing self storage in Toronto already? Who are they? How are they doing overall? What opportunities are not being seized?
What Makes Your Company Stand Out
Do you offer storage solutions that distinguish you from the other storage facilities? Are your rates competitive? Are your facilities nicer? Do you offer top of the line security features? How do you stand out? Why are your self storage units the best?
Projected Market Share
How many customers do you think you can claim in the Toronto self storage space? What is the realistic percentage of the existing market that you expect to take from competitors?
4. An Examination of Your Customer Base
Being a major metropolis with millions of people, there is a definite need for self storage units in Toronto. In this section, you should focus on who you want to rent your self storage units and patronize your storage facilities. Some key things to focus on are:
Customer Demographics
Who will utilize self storage in Toronto? Is there a specific subset of this population that you will be targeting? Will you focus on students, families, young professionals, etc.?
Customer Psychology
What do your potential self storage customers need? What opportunities does this present you with? Do they value exceptional customer service? Are they searching for affordable options or a high end experience? Do they want short-term or long-term storage leases?
5. An Outline of Your Marketing Plan
After addressing who your target audience is, your next step is to explain how you will
approach them. This should offer insight into your overall branding strategy as well as specific marketing tactics that will be used. In this section, be sure to talk about:
What You Offer Customers
What type of self storage do you provide customers with, and how does this meet their needs? How much will it cost?
Your Brand Voice
What kind of tone and language will you use to connect with your target audience? How does this convey the overall experience you will be providing?
How You Reach Customers
What methods of advertising will you use? Will you use physical marketing, like billboards and flyers, or run commercials on television and radio? If you use social media, what platforms will you focus on? How will these tactics help you reach your specific audience?
6. A Look at the Financials
Now it is time for the money to come into play. New companies can discuss their estimated earnings in this part of their storage company business plan. If you already own storage facilities, you can cover your bank statements and information on your financial health here. This section should cover:
Your Income
How much money do you have coming in? What are your costs? If you already own a storage company, are you turning a profit?
Your Assets and Liabilities
Have you taken out loans? What assets are you holding?
Your Targets and Projections
What is your realistic revenue goal? How much do you expect to earn in the first quarter? In one year? In five years?
Your Budget
How much will you spend on staffing? On real estate? What will your other expenses be?
7. An Overview of How You Will Operate
A storage unit business plan should also explain how your facility will function day-to-day. From policies to staffing, you should make it clear how you will run your self storage business to ensure that all goals are met. Some things to include are:
Your Departmental Processes
How will security be handled? What about maintenance? What kind of customer service will you offer?
Your Team
Who do you have on staff? What are their strengths? What can be improved? How will you address any deficiencies with future hirings? Who will manage the day to day operations?
Let Bluebird Storage Management Help Unlock Your Full Potential
Thinking about every little detail of your potential or existing storage company can be daunting, but creating a comprehensive business plan will help you focus now and remain so in the future. Fortunately, you don’t have to do everything alone. Bluebird Storage Management has a team of experts and the Bluebird Platform to help you successfully execute your business plan and grow your self storage company.
Contact us to discuss a potential partnership! If you already own storage facilities, request a free store review, and we’ll provide valuable industry insight into your facility’s current revenue and occupancy levels, and help strategize your facility’s long-term success. For more helpful information on self storage ownership, review our free guide, Why Running A Self Storage Facility Doesn’t Have to Run Your Life.
