Portable storage has gained popularity in the past few years. This type of storage is mainly used by people when relocating their business or moving to a new home. Additionally, homeowners utilize portable storage to store their belongings when remodeling their homes.
What Is Portable Storage?
Portable storage consists of pods or containers used to temporarily store items or transport them to a different location.
Portable storage is commonly used by contractors to store materials or by people who require additional space for belongings before they move. Once items are loaded in a container, customers can liaise with a company to have them transported to a different location.
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So, What Do You Need to Know Before You Venture into the Portable Storage Business?
To start with, your portable business’s success rate depends on whether customers in your area are willing to rent containers. Before basing your business in a particular location, determine the range of rental fees.
A portable storage business serves a larger area than a conventional business. Also, the rental rates are approximately two to three times higher than that of traditional storage.
The market demand for this kind of business depends on the population. People in crowded areas are likely to use smaller containers, while those in rural areas are likely to look for large-sized containers. Therefore, before deciding what size of containers to put in your business, conduct a market analysis about the population.
Estimated Costs
The cost of starting a portable storage operation is dependent on some factors. Generally, the most significant investment in this business is containers. A wood crate is the least expensive container. However, the operational costs of handling wood crates are high. Wood crates are less durable than plastic or steel containers.
It is prudent to include warehousing or land costs in your estimated costs. Some entrepreneurs have land where they store containers outdoors. If you prefer buying land, it is more cost-effective to base your business in areas where permanent buildings are prohibited.
On the other hand, some entrepreneurs prefer storing their containers in climate-controlled warehouses. Whether to choose outdoor or indoor storage will be dependent on the type of containers you buy and the nature of goods to be stored in the containers.
Transportation Regulations
Transportation regulations vary from one state to another. Generally, you will need to hire drivers with a commercial driving license for your trucks. Some states require business owners to register commercial trucks. For that reason, you should consult seasoned professionals in the transportation industry to familiarize yourself with local regulations.
Zoning Restrictions
When looking for property to store containers, ensure that you are zoned for outdoor container storage. It is easier to lease or buy land for portable storage compared to building conventional units.
Local Restrictions
In some municipalities, it is illegal to place containers outdoors. However, laws allow for short term placement of containers when remodeling or moving. Still, you may need the necessary permits whether for short- or long-term placement
Backup Plan
You can start portable storage operations with one truck. In such a scenario, you need to consider how operations will continue if the truck breaks down or when your driver fails to report to work. Making arrangements in advance will help keep your portable storage operations running smoothly. When your truck breaks down, you can loaner a truck or hire a local towing company.
Insurance and Legal Issues
You will need a rental agreement when leasing land or a warehouse to run your portable storage business. Thus, you will need an attorney with honed skills in transportation law.
When it comes to insurance, local companies may be unfamiliar with liability issues because the venture is relatively new. Consult your insurance agent and ask relevant questions to know whether normal transportation policies can cover portable storage liability issues.
