Franchise Spotlight: Storage
Industry trends show an increase in consumers looking to use self-storage units, making franchising in this sector an intriguing prospect.
The storage sector in Canada is concerned mostly with the rent or lease of self-storage spaces by consumers - this can include rooms, lockers, outdoor space and containers. The global self-storage market is forecast to be worth over $49billion by 2024 (Statistia) and, with a predicted increase in the number of individuals in Canada looking to increase the amount they spend on storage, this is an exciting sector to consider investing in.
Consumers look for safe and convenient storage locations for their belongings for both short term and long term use. Consumers who are renovating, for example, may wish to store furniture whilst work is being carried out. Others may be moving abroad and looking to store belongings for several years whilst they are away. For others, storage provides an option for storing precious collections of family heirlooms that they do not wish to part with but have no space for. Storage units can also be used by businesses as places to hold stock which may be more cost-effective than hiring warehouses.
For franchisees interested in the storage sector, location will be an important consideration. Storage also provides the opportunity for growth as franchisees interested in managing more units will have the scope to expand their business over time. U-Haul is a well-franchised business model where franchisees can own, manage and rent out their own secure storage unit.
Storage Industry Analysis
The storage sector is an industry that looks set to grow. With more consumers interested in renting storage space - for both short and long term needs - there is definitely a need for more storage units. Franchisees can benefit from taking advantage of this increasing demand by owning their own storage facility. Consumers who are storing personal, expensive and potentially sentimental belongings will look for reputable and well-regarded businesses. Operating under the banner of an established company will ensure franchisees are able to acquire customers confidently and quickly.
Franchisees are not expected to have experience in the storage sector. Instead, good communication and organization skills, along with a passion for customer satisfaction and an entrepreneurial spirit, are encouraged. For franchisees excited about the prospect of expanding their business, the storage sector is well franchised and looks set to grow.