Self-Storage for a start-up business
Creating a new business/ entrepreneurial venture can be both an exciting and daunting time for most entrepreneurs. The process of solving a need, identifying your market, and starting the business presents challenges and rewards.
When do I leave my full time job?
What resources will I need?
How do I find investors?
In any start up we always recommend that the entrepreneur always validate their idea. Does my idea solve a need? This is the most crucial question that needs to be answered. What competitors exist in the marketplace?
We have developed a checklist to help all start-ups:
- Does your idea solve a need? This is the most crucial element in any start up or business model evaluation, if you do not solve a need then your business will fail.
- What is the market size for your idea? Research needs to be undertaken to understand the market size of your venture, again it is no good entering a ridiculously small market as your chances of success will obviously be limited.
- Can you operate the business with low fixed costs? Excessive costs particularly high fixed costs have the potential of decimating even the best businesses. This is where self-storage can help, minimising rental costs and eliminate long leases on premises.
- Does the business provide recurring revenue? You will be working hard to generate revenue, it is always best to have a business model that generates recurring revenue, this is the key to successful businesses; try and avoid a business that only offers a onetime sale.
- Is the business scalable ? Can you grow the business and duplicate the systems and processes, this will help your investor confidence and the ability to generate additional revenue
- Can you protect your idea? Protecting your IP is critical to all businesses, you do not want to make it easy for competitors to copy your idea.
There is a process to evaluate your idea and grow your business, there is a science and methodology behind entrepreneurial ventures. As you develop and grow your business there is no doubt you will need additional space to operate and or store your inventory. There is an alternative to leasing premises and entering into a lengthy agreement. Self-storage solves this need and provides flexibility without a commitment and heavy expenses. New businesses can take advantage of self-storage to help them establish and understand their requirements without entering a lease. Self-storage facilities provide secure, accessible spaces that cater for these needs. The entrepreneur does not need to enter a leasing arrangement as storage is rented on a month to month basis. The business owner does not need to pay any outgoings, rates or taxes, the monthly rental encompasses all these costs.
Here at StorageX we understand and cater for the needs of new business owners / entrepreneurs. We have lived your situation many times, having been involved in multiple start-ups. StorageX is focused on helping start-ups; addition to our storage facility, we provide entrepreneurial training to our customers. The founders of StorageX have been involved in numerous businesses from start-ups to small and medium-sized businesses, even taking a company public on the Australian Stock Market. As part of our offering for business storage customers, we offer a Free Business mentoring session by our founder with ASX experience to our customers.