Pros:
• High Demand: Self storage is a high demand business due to the ever-increasing need for space. People are always looking for more room to store their belongings, and this business can easily fill that need.
• Low Overhead Costs: Starting up a self storage facility requires very little capital, making it an attractive option for entrepreneurs with limited funds.
• Flexible Hours: As a self storage business owner, you can choose your own hours and decide when to be open for customers. You also don’t need to hire employees if you don’t want to.
Cons:
• High Competition: Self storage is a competitive industry, with many established companies vying for new customers. It can be difficult to stand out in such a crowded market.
• Regulations: There are several regulations that must be met in order to start and run a self storage facility, including fire and safety codes. This can add extra costs and paperwork to the process.
• Security Issues: Self storage facilities keep valuable items on their premises, making them a target for theft and vandalism. Security measures must be put in place to protect your customers’ belongings.