Commercial real estate is at an all time high, making the inability to rent a business location one of the leading factors stopping entrepreneurs from taking their businesses to the next level or even pursuing their dreams. In fact, according to the Institute for Local Self-Reliance, “Local businesses that serve the everyday needs of their communities are being forced out and replaced by national chains that can negotiate better rents or afford to subsidize a high-visibility location.”
In order to combat rising rental costs, some business owners have found ways to minimize their lease expenses by using self-storage units at a nearby or central locations. By doing so, they can rent a smaller space for their main place of business, saving them money each month. With sizes designed to fit any budget, finding a storage unit is simple and affordable. Here are 3 ways renting a self-storage unit can help minimize business costs:
Inventory & Shipments
One way in which business owners cut costs is renting a self-storage unit to keep their supplies and inventory, allowing them to lease a smaller space to use as the face of their business. The ability to keep an unlimited amount of inventory within a storage unit to sort it at their leisure, means they can save money on their primary location.
Store & Service Equipment
Having a place to store and service necessary and/or large equipment alleviates the cost of renting a larger business location, enabling business owners the opportunity to save money. With units having 24/7 security surveillance and complex key entry systems, expensive equipment will be safe and secure—another beneficial component to renting self-storage.
Store Confidential Files
Did you know you are required to hold on to business files and financials for a minimum of 7 years? Keep sensitive information secure in a storage unit, for easy access when you need it most. A running list of files combined with clearly marked and coordinated boxes will keep your unit organized. With almost all units being climate controlled and treated for pests, papers will remain in fine condition.
The Harvard Business Review states in their article, When You’ve Got to Cut Costs—Now that, “Often, internal administrative processes become frozen—despite the fact that, over time, they may cease to be efficient or effective.” When costs become high, it is important for business owners to reassess what they are doing and consider taking an alternate route. Self-storage may very well be that for businesses located in areas where the rent is increasing at an exponential rate.
Being successful in an expensive marketplace is not impossible. With a little creative planning, self-storage may help you circumvent rising costs and flourish.