Business Outline
Transcript: One of the biggest struggle will be choosing the right place to locate the business. I will do my research to see where there is a high demand for storage. My selection would be based on demand, an industrial area furtheist from competing businesses and a site that is not too far from residential and apartment housing. The size and type of storage unit i will need to provide would be based on the feedback I get from potentail customers. If they are looking for a larger unit versus a smaller unit or vice-versa then that is what they will get. As mentioned, my target customers are those who live in a neighborhood that does not allowed homeowners to build a shed on their property. This business will take at least 4 to 5 years before being implemented due to my availability and financial standing. Finance for the business will come from myself, family members and the rest will be finance from the bank or an outside investor. I will finance 80 percent and acquire the rest from investors. Based on the size of the storage facility (20,000 sq ft), I am estimating it would cost approximately $720,000 for building the units. This value is from my research which showed an average cost of $36 per building square footage and include land, construction cost, fees, and equipments. I estimated a total Gross Income of $160,000, but with other expenses and vacancy loss, I am estimating a revenue of about $100,000. Gross Annual Rents $160,000 Other Income $9,000 Gross Annual Income $169,000 Vacancy ($9,000) Effective Gross Income $160,000 Operating Expenses ($28,000) Net Income $132,000 Debt Service ($32,000) Revenue $100,000 Easy Storage llc Team Business Background Location One thing I will have in my favor is the limited amount of labor force needed to run the business. The team members would consist of a general manager, a marketing personnel, sales representative and our A+ service clerks. I would have a contractor to take care of any maintenance needed on the facility. The marketing personnel will focus on acquiring customers, building an attractive website and getting the company's name out in the local community. The sales representative will be focusing on the right rate to charge and ways on boosting revenues while finding ways to keep existing customers. In order for the construction process to go smoothly, i am also going to need a team of suppliers and builders who are familiar with building a storage facility. Layout Easy Storage llc intent is to make the lifes of its customers in the community easy by providing storage units for homeowners who lacks storage space and does not have the capability of building a shed on their property. Our secondary focus are apartment and condominium customers in the surrounding area. We will provide service to our customers at a reasonable value while ensuring we maintain A+ service and that our customers feel right at home. We will do this by selecting the right location, employing an extraordinary team and ensuring that the layout of the facility is based on customers needs. I intend to visit other facilities for recommendation on building layouts for the size and units and am building. Since i am a big advocate for curb appeal, the storage facility will have a reasonable size front office that is set up in a way to make customers feel welcome when they approach the business. The facility will have features like 24 hours security monitoring system and an automated entry/exit access. The gross annual rent is derived from an estimated average rent of $8 per square footage over a year. With a 20,000 square footage storage facility, my estimated Gross Annual Rent is $160,000. All other calculation is an estimate of expenses for a 20,000 sq ft storage facility. Timeline/Financing Financial Plan Business Outline
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