It is not enough to just make up your mind about renting out your garage. I mean, yes, it is important but much more needs to be done regarding making decent money from your storage space. You need to plan the various steps in this direction. All those plans need also to be meticulously organized and prioritized for action. But most importantly, you need to finally set at least some of your plans into motion. So how do you begin?
Relax, this article will hand hold you and help you achieve your objective. It will answer your most important question- how to start a self storage business?
This section will try to answer one of the most common questions in the minds of entrepreneurs- how can I make easy money?
Register with the tax authorities
Well, start by registering yourself with the tax authorities.
This is important because whatever money that you receive by selling your products or services, will attract tax. So if you have some extra storage like a garage or surplus rooms which you would like to rent out, then it is better to let the tax authorities know about your intentions. They won’t tax you the moment you put it up on rent, but you will have to pay cess or some government duty on your extra income. However, read the fine print to understand your tax liabilities. It is advisable that you hire a consultant for this matter.
Cutting the long story short, it is advisable that you declare your extra income to the tax authorities to avoid future troubles.
Figure the best way to monetize the extra space
I am always amazed by the one question that is lurking in the minds of many landlords- how to rent my garage out? Actually, this is not that tough a question to answer. Check this wish list while getting a definitive reply to your query.
- Is your storage deep down in your house? If yes, then you can use it as a paying guest accommodation for out of town students and traveling salespersons. Renting it outright to families and small offices would be impractical because of privacy reasons.
- On the other hand, if you have an outhouse or a garage then you can play around it for various things like renting out to start-ups, small families, co-working offices etc.
Reconfigure the infrastructure
Remember that by letting out your space, you are helping a soul in distress. So you will have to go out of your way to make him or her comfortable. For example, you need to ascertain whether the toilet facilities are comfortable, clean and separate for your tenants.
According to a report by a government agency of Ohio, roughly 80 percent of start-ups look at the state of the toilets before making up their mind to pick up a property for rent. Strange as it may sound, even some of the top storage companies like Airbnb rate clean and comfortable toilets as the single most important determinant for their travelers.
Secondly, ensure that the wiring of your storage is safe and secure. It is not the responsibility of your tenant to fasten up the wires and meters; it is yours. Even if it takes a few days to ramp up your circuits, bulbs, air-conditioners, and fans, do it diligently.
Is your storage soundproof? If not then make it so immediately. Tenants would not like to work in spaces that have little or no privacy. Making your storage sound proof is no big deal. There are many small utility companies that can do this job in two days. The trick to finding them is consulting the local business directories.
Another question that you should be concerned about is whether your house is easily accessible. Even if your place is a bit distant from the nearest bus station or the subway, don’t worry. You can always set directions in your listing. Another great way is to pin your location on the local Google map. It is fun and easy to do.
Shout me Loud
Let’s come straight to the point. Would you consider advertising your storage for the benefit of your potential customers? We would strongly suggest that you must do it. Advertising these days is not very expensive and you can always find the right local directory for your listing, and it won’t cost you a fortune. The impact though would be heartening.
So here we are. If you are planning to monetize your extra space, read the above-listed suggestions and we are sure, you will like them.