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Self Storage Business: The Best
Thing for Baby Boomers?
The baby boom generation has been a topic of many
discussions. A person from the baby boom generation is one who
is born in the post World War II decade i.e between 1946-1964.
There were high number of births at that time and parents from
that era lived longer. The 21st century is when the baby boomers
started their retirement phase. Retirement is generally
considered to be an age where one utilizes one’s time relaxing
and not living off savings. However, there seems to be a change
in the general mentality of baby boom retirees. Venture creation
seems to be the new fad and many baby boomers are looking for a
business which is not very cumbersome to start and which
provides good revenues for a comfortable lifestyle.
The self storage business is exactly this kind of
business(with
auto transporting as well) . Being the owner of a self storage business allows one
to be independent. Anyone can start this business at any point
and there are no age restrictions at all. In fact, it is the
older generation which would find this interesting since it is
not dynamic enough for the younger generation. The beauty of the
self storage business is that it does not require a huge capital
investment. Once can be flexible about the scale and scope of
the business depending on the amount of money one has set aside
for a business. The self storage business would be lucrative for
someone with good contacts which can be converted into business
associates or customers. The risk is also quite low in the self
storage business.
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It is a good solid
concept with no speculative aspects to it. Statistics show that
only 8% of self storage businesses fail in comparison to a much
higher percentage of the commercial real estate businesses. It
is relatively easy to get a loan for the self storage business
from local banks who sometimes even have a separate department
to handle this area. This is primarily because the self storage
business is not some new fangled idea but a well established
business concept whose time has come. The loan amount is not a
heavy burden since the monthly installments can be paid off as
soon as the self storage units are occupied.
Records show that the occupancy levels of these units are
quite high. It is estimated that it should not take more than
six years to repay one’s loan, in normal circumstances. Once the
business is established with regular clientele, it is just a
matter of proper management. This is not an issue at all since
staff requirement is as low as one or two people on a shift
basis. If one is really enthusiastic, one can handle the entire
business by oneself merely by staying on-site.
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The self storage
business is a high demand one. Offices always need space for
their assets, supplies whereas people on the move like students
need to store their belongings while they travel. The self
storage and
self
moving business also meets the needs of military personnel who
are posted on duty all over the world. However, every business
has risk factors and so does this one. But the risks are again
relatively low as compared to other kinds of property related
businesses. Important issues for this business are a financial
plan, marketing and public relations plan, employee and
management aspects. Baby boomers that have contacts can benefit
from advice from their peers and mentors.
Thus, with a little bit of investment and smart planning,
the self storage business is one ideal for baby boom generation
retirees.
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Let the following storage
companies compete for your business!
Storage USA
Public Storage
Shurgard Storage
Extra Space Self Storage
Storage Mart
Fill out the
estimate and you can get up to 3 months free storage
and/or up to 60% off of the listed price for storage.
Complete the storage form now and start saving! |
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