A Market Study and a Feasibility Study are important first steps to ensure the viability of any proposed self-storage project, no matter the market. Self-storage is primarily about two things: location and the execution of good practices. Both of these are sometimes difficult to see in an unbiased and expert way; but a thorough study addresses both issues and helps ensure they can be mapped out ahead of time. As with a lot of things, the more thought put in ahead of time, the better the end result.
To put it a different way: the more functional a facility, the quicker net profits are achievable. A Market and Feasibility Study are important mile stones to ensure functionality and is the primary, proven method to ensure investment goals are met.
First, as you may have noticed, not many companies are willing to do this at this point. Those which used to offer this service have since taken their practice internal. Second, and more importantly, this is too important a task for just anyone: a thorough Feasibility Study can only be done by a company who truly understands all aspects of the self-storage industry.
Self Storage Consulting Group (SSCG) is a leader in the self-storage consulting industry, with years of accumulated experience. As a management firm, we understand not just the current landscape and competitive environment, but the importance of day-to-day operations for long-term viability. Your report will be produced with this balanced approach.
To minimize cost, our reports are structured into two separate, but symbiotic studies. The first is a Market Study. It is an overall review, is intended to answer the question “Is a storage facility a good idea in the location or property chosen.”
If a storage facility is not viable on the given property or in the given market, this important feedback can be given up front- thus saving you money. If the project is deemed viable, then further research can be done in way a Feasibility Study. A Feasibility Study will include a comprehensive review of the specifics of the property or location and includes a site visit, a review of the architectural plans, assistance with choosing a property if needed, and other research.