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