Multiple revenue sources in self-storage are essential for business growth. Rental income is the main source, but expanding revenue options is necessary. There are many ways to increase revenue at a self-storage. Let’s discuss some of the easiest revenue options now.
- Retail sales
- Unit upgrades
- Rental equipment
- Specialty storage
- Amazon parcel lockers
- Shipping center
- Expand your business
Retail sales
Offering supplies is a great way to generate additional revenue. Packing boxes and other materials available to the business owner at wholesale prices is an easy way to provide an extra service to a captive audience. Customers needing storage may also need packing supplies. Additionally, many other people need packing supplies. Think of people with small businesses who may need reliable and reasonable shipping boxes regularly. It’s important to advertise this as a service throughout your website, SEO, and social media. While this will require some space to maintain inventory, it can be a profitable addition.
MARKETING TIP: Using a social media content planning calendar, schedule regular posts about the shipping items available for purchase and pricing.
Unit upgrades
A self-storage facility that has not fully converted to smart locks can offer smart locks as upgrades for easy access to customers. Start with 5 upgraded smart lock units and offer them as upgrades. Once those are fully leased, add another 5 smart locks. This helps offset the cost of conversion to the upgraded lock system. Customers also enjoy 24/7 access to units using an app, and smart locks are a great way to accommodate that.
Other upgrades to offer include storage shelving, containers, wifi, and a business center available to customers are also attractive upgrades to people who operate small businesses storing inventory in a storage unit.
MARKETING TIP: Add this information to a social media calendar and let customers know what’s available at your self-storage facility.
Rental equipment
Rental equipment includes moving trucks, dollies, and certain packing supplies. These are great options to rent out because most people have no long-term need to own them.
MARKETING TIP: Frequently share the benefits of renting a self-storage unit from your business. Rental equipment that is available appeals to future customers.
Specialty storage
Specialty storage includes special climate accommodations for artwork, wine, and cigars. Consider the location of your business and the special needs that future customers may have. Offering a few specialized units is worth the investment for the return it provides.
MARKETING TIP: Always share what is unique about your business. Wine storage? Check. Fine artwork storage? Check. Whatever sets you apart from the competition should be shared often on social media.
Amazon parcel locker
Amazon parcel lockers are another revenue-generating option for self-storage facilities. You can read about how to make it happen here.
MARKETING TIP: Social media marketing is essential to business growth. Advertise everything that makes a business unique and better than the competition including hosting an Amazon parcel locker.
Consider that being an Amazon parcel locker host will naturally bring people into your business that are not in the market for self-storage. They will remember your business in the future if they do need it.
Shipping center
Consider partnering with a shipping company to become a shipping center. Here are instructions on partnering with FedEx. Offering shipping services is a great way to bring in customers who need to ship something and may have questions about self-storage.
Expand your business
Finally, expanding your business is the best way to increase revenue. If land is available, adding additional buildings or self-storage facilities to an existing business is the best way to increase revenue. If a current business only offers climate-controlled, fully enclosed units, consider expanding by adding covered storage for boats and RVs. Find an experienced self-storage consultant to decide what makes the most financial sense to grow your business footprint.
An important note, if you’re not using social media to market a business, start today. It’s free and provides a fast way to connect with current and potential customers regularly.
At Coast Storage, we are self-storage experts who can confidently guide you through the best ways to grow your self-storage business. Whether you wish to expand your current business or acquire new property, our team of experts is ready to help you every step of the way. Call us today to discuss your situation with our team at 904-591-0140.