Manage Your Business Like a Boss in 2021!

Did you recently build a storage site, takeover the management of one or are you completely new to the industry?

If you really want to know this industry you’ll need to ensure that you are you are serious about your business from the start. If you want to take an active approach to managing and getting it right from the start see the below tips:

1. Know Your Competitors:

It doesn’t matter whether you are simply researching the industry before getting started or you own one small facility in a regional or metropolitan area or own more than one. Your market insights should never stop.

What will be your point of difference? You’ll need to have something different to set you apart from your competitors. Will it be better security, top notch customer service, free move in trucks/trailers or 24 hour access? Whatever your point of difference is, ensure that you continue to highlight this, evolve in the industry and find a way to compete.

2. Occupancy Rates:

Aim High!! watch the occupancy rates in your area and study the fees and stay competitive. Aim for approximately 85%- 90% minimum occupancy. There is certainly a place in the market for specials and discounts and while they can help you fill your units at your facility, after a period of time you should start looking at opportunities to increase your profits. A thorough analysis of your occupancy rates, can provide you with more revenue on your existing lettable space.

3. Access Support

If you are looking to enter the self storage industry, seek the assistance of an experienced mentor. A mentor on your side can help you understand that self storage is completely different from a commercial or residential lease all the way down to how to help a customer choose an appropriate sized space.

Retaining an experienced mentor to help you get started, to organize your business and to help you navigate signing up customers on Self Storage Agreements is money well spent to get it right from the start.

With an industry mentor by your side, you do not need to be afraid to ask questions. Your interactions will provide an opportunity to learn. A mentor can provide knowledge, insights and strategies to accelerate your industry growth.

Using a trusted industry mentor provides peace of mind and will save you money in the long run. To find out how StorAssist can help you do business better, contact Sally Chodan: sally@storassist.com.au today.

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