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    1 Reply Latest reply on May 26, 2008 8:49 PM by LUCKIEST

    Mini Storage Business

    NewBiz80 Newbie
      I am very interested in starting a business or purchasing a pre-existing business. I have been involved with rentals for some time and the business concept seems to translate smoothly to mini storage business as well. I am interested in further researching this sort of business type. This would, however, be my first business venture on a grand scale. At this stage, I am interested in learning more about the following questions and am hoping I might be able to enlist some advice from those of you who already own your own small business:

      1) Upon initial research it looks like I will need to secure a loan for at least $300,000-$500,000 to buy out a pre-existing business. I assume securing a loan from the bank would greatly depend on cash-flow within the business. Would it be a good first step for me to simply speak with a financial advisor at the bank to see what my loan options are or is there a better avenue?

      2) Is the mini-storage industry a potentially lucrative business investment or would you recommend my looking into a different type of business?

      3) Once acquiring the business, how do I go about minimizing the liability to my personal assets, would I simply want to create an LLC and how much protection would this give me if the personal property of my customers' was at some point damaged or stolen?

      As I mentioned, right now I am just trying to research feasibility. Any general advice you can give me based on the mini-storage industry would be helpful.

        • Re: Mini Storage Business
          LUCKIEST Guide
          Mini Storage Business, Welcome to this web site

          Tell us more about yourself and your background. This would, however, be my first business venture
          on a grand scale. Have you developed a Business and Marketing Plan??
          Do you have an Accountant?? A Lawyer??
          Do you know about SCORE?? SCORE is FREE

          Good luck, LUCKIEST