5 Steps to Increase Your Self-Storage Business Revenue
Around 38% of Americans are self-storage users, which shows that there is plenty of competition.
As a self-storage business, you must find ways to boost your revenue, so you can stand out from competitors and prove you’re worth the money. But if you’re new to the business or aren’t sure how to increase profits, it’s difficult knowing your next move. Maybe that’s why you’re here; you’re currently struggling to drive revenue.
Hit the nail on the head? No worries; we’ve got you! Here are five steps to increasing the revenue of your self-storage business.
1. Evaluate Your Current Storage Offerings
Every small business owner should regularly evaluate their products or services and figure out how to improve them. Listen to customer feedback and list the areas that need addressing, whether it’s the outdated security system or facilities. Once you solve these, you can charge more, which will quickly drive revenue.
Next, refer to your current business plan for the self-storage facility to see if you’re on track. It should include your company’s earnings, annual budget, and marketing strategies to boost sales.
2. Improve Your Web Presence
Regardless of whether you’re in the self-storage or moving industry, having a strong web presence is crucial. If you haven’t already, build a mobile responsive site so smartphone users can easily reach you.
It’s also important to have harnessed the power of SEO to drive your ranking on search engines. If you’re unfamiliar with this, you can learn more here.
3. Create a Marketing Plan
Take out your self-storage business plan and figure out how you’ll market your company.
The goal is to target your ideal customer, so go where they hang out online. For instance, if you’re targeting Millenials, then prioritize Instagram and TikTok to reach them. And you mustn’t forget traditional methods like print or radio ads, too.
4. Raise Rates on Existing Tenants
You’re guaranteed to enjoy self-storage business profit by raising the rent on your current tenants. Although it sounds counter-productive, a majority of your tenants are less likely to leave if there’s a slight increase in price because it’s such a hassle to find a new service.
Also, you only make money on the 90% of units currently taken and not the vacant ones, so capitalize on this.
5. Take Advantage of Networking Opportunities
Whether you’re on the hunt for a self-storage business for sale or want to further your reach, taking the time to network is key. Aside from industry-related conferences, you should attend local events and form connections with other business owners for a chance to partner up as you can tap into their audience.
Increase Your Self-Storage Business Revenue Today
There are multiple ways you can boost your self-storage business revenue, such as improving your online presence and creating an effective marketing plan. You should also raise the rent on your current tenants and harness the power of networking. Good luck with your venture!
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