Uncover the hidden profits behind storage units in this episode of Flex TV. Ever wondered how those unassuming spaces turn a profit? Join us as we reveal the secrets behind their money-making strategies.
Hi guys, welcome to Flex TV. My name is Hope and I will be answering all of your storage-related questions. Today’s question comes to us from Lee and what Lee wants to know is how do storage units make money? And this might be interesting if you’re thinking about starting a business of your own in storage or if you just wanna know what’s going on and what it actually is that you’re going to be paying for as a customer. So basically, Lee, the rule is with storage, there are three things that storage facilities make money off of. The most basic thing and the well-known thing is the storage space itself. Storage facilities collect rent on a monthly basis, and that rent is their main income stream. Number two, additional products. Other than just giving you a space for storage, most storage facilities will also offer additional products such as locks, boxes, moving blankets, styrofoam, all the kind of packing materials, and you pay for that as well, usually you can order that ahead of time and they will bring it to you or you can pick it up. And then the third thing that storage facilities make money off of is additional services. Now most facilities don’t offer additional services, but the high-end ones, the really good ones, they will offer additional in-house services and those can be packing, loading, there’s insurance that you can buy to protect your things, they will do moving services, and of course that also has its own revenue stream. So Lee, I hope I answered your questions on how storage units make money. Join us again next time.