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Metal Building Prices: Are Mini-storage Buildings a Good Investment?

Metal Building Prices: Are Mini-storage Buildings a Good Investment?

Metal building prices are just one factor in determining whether a mini-storage building will be a worthwhile venture.

On paper, mini-storage businesses look like a low-risk, high-reward type of venture. And they can be. But just like any other enterprise, they require careful planning. That includes everything from buying land to negotiating metal building prices to marketing your company.

If you do your homework and successfully navigate your way through the development process, you’ll stand a good chance of operating a profitable business. Better yet, they’re relatively simple to run because you likely won’t have to deal with:

  • Ordering product
  • Managing inventory
  • Spoilage
  • Onerous staffing and scheduling issues
  • Product liability
  • Work materials and consumables

But before you start dreaming of the easy life, here are some things to consider if you’re planning on investing in a mini-storage compound.

Determine Whether There’s a Need

You could have the best marketing plan in the world, but if there is not enough demand for a mini-storage business in your area, you’re not going to be successful. If there are other storage centres in your town, visit them to determine how busy they are. If they’re at full capacity and turning people away, maybe there’s room for one more. If they’re only running at 70 per cent capacity, you might want to rethink your strategy.

Also, don’t fool yourself into thinking that just because you’re going to build a fancy new facility that’s closer to town people are going to ditch your competitors in favour of you. That might work for someone who happens to live closer to your compound, but for the most part, they’ll stick with what they know.

Part of the reason mini-storage buildings work is that once your customers’ stuff is out of sight, it’s also out of mind. People don’t want to move unless they have to.

Finding a Location

You might have your heart set on a particular piece of land, but if it doesn’t have the zoning type required for a mini-storage complex, it might not be worth pursuing. In addition to zoning regulations, you’ll want your land to be:

  • Affordable
  • Relatively flat
  • Highly visible
  • Close to populated areas
  • High traffic volume

Aside from zoning, land costs are obviously an important factor. Along with metal building prices, this will represent the bulk of the upfront capital you’ll need to develop. 

For more on the importance of choosing the right building site, read our post: 3 Ways Pre-Engineered Buildings Help Mini Storage Facilities Attract Clients.

Calculating Your Storage Rates

Most competitors aren’t going to hand over their business plan if they know you’re opening a business. However, with a little detective work, you’ll be able to get an idea of how they operate. Typically, you’ll need to go there in person to view the property and ask some questions to determine: 

  • Occupancy rates
  • Rental types
  • Unit rates
  • Condition of units/facility

Knowing this will help you determine what you can realistically expect to charge.

Have you noticed an opportunity to build a mini-storage facility in your community? For competitive metal building prices, call the experts at Metal Structure Concepts. We offer complete design-and-erect services on projects all over Western Canada.