In the 80’s classic movie The Secret to My Success a young Michael J. Fox starred as a young business graduate looking to make his mark in the world. Even though he had to start out in the mailroom, he had enough of the entrepreneurial spirit in him that he concocted a crazy scheme to prove his worth to the executive world and eventually took over the company.
While his entrepreneurial spirit was commendable it was driven just a little bit by an entertaining script. The real world of course has no script, but that does not mean that said spirit is not alive and well in many aspects of the business world—self storage and otherwise.
As simple as the product may seem, the self storage industry is a great example of how a person with enough of an entrepreneurial spirit can succeed and thrive.
Thanks to the World Wide Web many people have taken to running a small business right out of there own homes. The problem with that is once they start to become really successful and grow they need more space. So they either have to use their home or find it elsewhere.
That is where the self storage industry has come in handy for many. In the United States and abroad small business owners are using self storage units to be their base of operations.
This has especially become a practice in the UK for many online businesses. Rather than have to pay for commercial space they can take advantage of the cheaper rates at self storage facilities. Many of the costs that are involved with business operations (i.e. the Value Added Tax) are covered by the self storage facility as well (and likely shared among all renters, personal and commercial).
When a business is starting or growing controlling the cash flow and limiting expenses is vital to survival and success. Renting space at a self storage facility can be the key.
Along with assisting people with exercising their entrepreneurial spirit the industry itself has become an exercise in it as well.
“Self-storage came through the recession a lot better off than other sectors,” said Nick Malagisi, the national director of self-storage for Buffalo-based Sperry Van Ness International. “It didn’t have losses other sectors had and rebounded a lot quicker . . . It’s become an alternative for many investors.”
With the majority of the self storage industry in the United States populated by small business owners many investors are exercising their entrepreneurial spirit by buying individual self storage facilities.
“I would qualify it almost as a Wall Street frenzy,” said John Beyer, owner of Men on the Move, a moving and storage company based in Floral Park. “The REITS want the rate of return and security of investment that self-storage brings.”
Whether it is within the industry or the industry itself, there is no shortage of entrepreneurial spirit in the self storage industry!
“The entrepreneurial spirit is alive and well in Britain’s self-storage lockers.” Real Business; 20 January 2014.
“LI self-storage units drawing investor interest.” Newsday; 17 January 2014.