Posted on: July 22, 2021 | Land Owners
If you find that your storage facility isn’t making the profits that it used to, or you feel that your facility isn’t being used to its fullest potential, you’re probably looking for alternative revenue streams for your storage facility. There are a number of ways to earn more money with your storage facility. Let’s explore.
How to Earn More Money With Your Storage Facility: 10 Alternative Revenue Streams for Storage Facilities
There are four main ways to earn more money with your storage facility. Within each of these categories, there are many alternative revenue streams available. Which is right for your storage facility will depend on the type of facility you have, such as the technology you use, where you’re located, the customers that you cater to, and more.
Here are the main ways that you can earn more money with your storage facility and diversify your revenue streams:
- Upgrade the storage units you have to appeal to a wider audience.
- Use your units or parts of your lot to host a different type of product or service.
- Advertise on your lots or units.
- Form a partnership agreement with adjacent businesses.
Remember that adding a revenue stream to your storage facility will also mean investing additional time and money. As you consider the different ways to earn more money with your storage facility, consider which ways are most appealing to you, and make the most sense for your skillset, interests, and funds, as well as your facility.
Vending machines aren’t directly related to storage facilities, however this can be an alternative revenue stream that requires relatively little time and effort. There are many different types of vending machines and vended products, from ice and water vending to snack vending, candy vending and even vending for things like office supplies or small electronics.
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2. Sell Boxes and Storage Items
Many customers use storage facilities when they’re moving. This often requires additional items to make a move easier, like moving boxes, banker’s boxes, file folders, tape, bubble wrap, locks, chains, bungee cords, and much more. If you sell these items in your office, you can give your customers a one-stop-shop for everything they need.
3. Sell Additional Services
Consider what other services would benefit your most common customers. For example, if your customers frequently store their cars, boats, or other vehicles, you might include vehicle cleaning, winterizing or detailing services, or partner with a business who provides such services.
4. Upgrade Your Storage
Many storage facility owners upgrade their storage units to earn extra money. Many customers will pay extra for climate controlled spaces or units with extra security features installed.
5. Partner with Moving Trucks
Your lot is valuable and other business owners will work with you to rent part of your lot, particularly for parking. You can make this work for you by working with businesses adjacent to yours, such as moving trucks. Make a partnership with a company that rents moving trucks and you can bring prospective customers straight to your facility.
6. Advertise with Billboards
If your storage facility is located near a busy road, you have valuable advertising property available to you. Research your local zoning laws and consider constructing a billboard yourself, or working with an advertising company.
7. Advertise with Smaller Signs
With a very low upfront investment, you can add smaller signs around your business; on or around your storage units, in your main office area, near the road, and other locations. Again, consider which other business owners might also work with your customers. Businesses providing moving services, cleaning services, pet-sitting, vehicle rentals, auction houses, and similar services might be interested in advertising to your customers.
8. Generate Solar Power
You have plenty of open roof space that most likely isn’t currently providing much value. By taking advantage of rebates and incentives, you can add solar power generation to your storage facility and sell the power back to the power company, or reduce your own electricity bills.
Your storage facility might provide valuable temporary parking spaces, depending on your location. If you have a storage facility near an urban area, or near a train station, airport, bus station, customers might rent a parking space on an hourly, daily, or monthly basis.
10. Host Pop-Up Shops
A pop-up shop is another interesting and easy way to add a revenue stream to your storage facility. In addition to earning more money with your storage facility, you can also meet other business owners and advertise your business to more customers. A pop-up shop might include a wide range of businesses; food trucks, Christmas tree sales, farmers markets, arts and crafts shops, mobile coffee shops, clothing shops, and more.
Consider your customers, your community, potential business partners and think creatively to find new revenue streams for your storage facility. With the right strategy, you can earn extra income with relatively minimal upfront investment, energy and time.
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