Information is Power in the Self Storage Industry

Posted on Aug 30 2012 - 10:49pm by Tony Gonzalez

It is kind of hard to do something—anything—if you don’t know enough about. Yes, you can accomplish a task even if you are not sure what you are doing or even open a business without knowing much about it either. However, in the process you will find that achieving success will be harder, mistakes will be more common, unnecessary expenses will be incurred, and in the business world failure is imminent.

What this tells us is a lesson that should be commonplace especially in the business world—self storage or otherwise—is that information is truly power. You can get by without it, but chances will be high that you’ll fail no matter what your task is.

Lack of information can especially sting in the self storage industry. For example, imagine that you are not real familiar with the industry, but you heard it was a great investment and decided to jump in. Now you need to set the prices for your new facility. This of course is very important; set the prices too high and you’re facility will remain largely empty. Set them too low and you will basically fail to make much or any money.

With the right information in hand a self storage facility can set competitive pricing, make improvements in order to move up the metaphorical food chain more, and basically become more successful  with little to no wasted work and effort.

In Canada, the nation’s Self Storage Association has helped publish the 2012 Canadian Self Storage Almanac. With right around 3000 facilities making up the industry in Canada it can be difficult to judge how well your facility is doing, how well an area is saturated with self storage facilities, or what the industry standards are. 

With an almanac now available for use, those that are interested can find out what they need to know and then some. Are you thinking of getting into the industry and want to know where the lightest saturation of facilities is relative to the size of the population and the state of the economy (for the region)? Then the 2012 Canadian Self Storage Almanac is a must read.

Much of the same information is available through the Self Storage Association in the United States.  A yearly fact sheet gives users much of the same type of information that the Canadian Self Storage Almanac; even more data is available in the research and data section. 

Those interested can also use take advantage of the site’s webcasts and webinars, learn about educational opportunities, look through the industry’s news magazine (SSA Globe News), and so much more; all designed to make sure that self storage managers, operators, owners, investors, and anyone else interested in the industry have access to the information they need.

 

Sources Used:

“Research and Markets: 2012 Canadian Self-Storage Almanac.” HeraldOnline.com; 30 August 2012.

Self Storage Association.

Information is Power in the Self Storage Industry

About Tony Gonzalez

Tony Gonzalez has enjoyed a prosperous career in general contracting but has decided to complete his college degree in - of all things - sociology - and enjoys blogging about his daily observations of our "human society" and other musings about life and people. He has a particular interest around the shifting economy and how society reacts to downsizing changes, not only in the "contracting" world, but in the areas of moving/storage/rental, etc.
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