Storage Franchise: 6 Key Things to Know Before You Buy
Owning a franchise can be a big step towards personal success and a significant opportunity for you. In recent years, storage franchises have been proliferating, with big names like Storage Authority and U-Haul investing heavily into franchising opportunities. When thinking about buying a storage franchise, there are many factors you should take into consideration when buying a storage franchise and determining if in fact, a storage franchise is right for you. Here are a few key things to keep in mind when buying a franchise:
1. All the Support and Resources You’ll Need
Buying a franchise means you’ll be taking on the name and branding of that company for your own business. Not only will you immediately start with brand recognition from the popularity of that company’s identity, you’ll also gain a suite of resources at your disposal to run your business just like any you would see elsewhere. Companies like U-Haul will offer discounted rates on necessary supplies for your business and access to its extensive online network for U-Haul affiliates.
2. A Bigger Buy-In to Secure that Branding
While buying a franchise and obtaining the rights to start your storage franchise with all the branding attached may sound like a quick shot to success, buying into a brand will often come with a hefty premium. Branding rights can often be expensive and shoot your start-up costs skyward with some companies like Storage Authority charging anywhere from $400,000 up to $1,000,000 to buy into a major storage franchise chain. Storage franchises are often considered among the most expensive types of franchises to open.
3. A Network of Experienced Assistance
When buying into a franchise, one of the most significant assets to your business will likely come from the support network in the company you partner with. Along with guidelines to follow to keep your business up to company standards, companies like CubeSmart will often provide you with a dedicated manager with experience to help guide you along the path toward making your storage franchise a success. You will also be provided with plenty of in-depth know-how and methods to help your franchise succeed.
4. Less Direct Control Over Your Franchise
While the idea of gaining access to the support system of a franchise may be enticing when you’re looking to open a franchise, buying into a major brand also means buying into its methodology. You won’t see as much freedom with your franchise as you would starting your own business, though you will benefit from the resources and status of the parent company. It is important to weigh the value of taking on a name brand and the success, resources, and branding that comes with something like U-Haul or Extra Space Storage when thinking about buying a storage franchise.
5. Training from Knowledgeable Professionals
As a part of buying a franchise, many companies will provide detailed and in-depth training for new franchisees to bring the buyer up to speed with the company’s policies and strategies. This training can mitigate the need for personal experience from the buyer and can help buyers unfamiliar with the storage franchise industry to learn everything they need to know about the business. Some companies like Universal Storage Group do provide training for franchise owners, teaching them everything from day-to-day operations and customer service to long-term management and expense reduction.
6. Knowing Your Market
When starting any franchise, especially one focused on storage, it's vital for a potential buyer to understand the market in their area. Factors like competition with similar businesses in the area and the location you're considering are vital when choosing to buy a storage franchise. While some companies like GarageTown USA offer assistance to buyers with location management, many others do not offer such assistance. The duty often falls to the franchise buyer to select the right location for their business to ensure its success.
Why Kitchen Tune-Up is the Right Franchise for You
If you are rethinking investing in a storage franchise, we invite you to explore the Kitchen Tune-Up franchise opportunity. We put a wealth of expertise and resources into your hands. As part of the Home Franchise Concepts family of brands, with thirty years of experience in the home services industry, there's no shortage of help at your disposal when you choose to buy a franchise with us. The home remodeling industry is hot, and we provide you with everything you need to make your franchise in this booming industry a success — with highly-focused and guided training to teach you everything you need to know about Kitchen Tune-Up and your new franchise.
Kitchen Tune-Up doesn’t require experience to buy a franchise with us, and we let you use your customer service and people skills to build a team with access to our online portals and integration to many major job boards. We pride ourselves on our affordable up-front investment and offer you everything you need to build the perfect franchise, from supplies and samples to plans, systems, and guidelines to help your franchise succeed.
If you’re interested in joining the Kitchen Tune-Up family, you can fill out the form on our website to find out more about how you can remodel your expectations!