Top 3 Most Successful Storage Unit Franchises in 2024

Discover the top storage franchises of 2024 through our detailed list, which ranks them from the most budget-friendly to those with the highest market demand. Dive in with us as we showcase these outstanding storage franchises that present various opportunities.

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UNITS Moving and Portable Storage

Founded in: 2005
Franchising since: 2006
Franchise Units: 24
Initial investment range: $288,691 - $460,845
Initial Franchise Fee: $55,500
Royalty: 8%

The UNITS Moving and Portable Storage franchise opportunity is an avenue towards operating within an industry that's continuously growing, with the moving industry generating over $18 billion in 2017 and directly employing more than 186,000 people​​. The franchise operates in four substantial industries: self-storage, on-site storage, self-service moving, and inter-franchise (long-distance) moves, representing over $42 billion in estimated revenue. They have cultivated a robust brand through high-quality service and a proven company model, aiming for dominance in market share.

What sets UNITS apart is its unique ROBO-UNIT delivery system. This technology allows the delivery of storage containers to tight spaces while ensuring level loading and unloading, minimizing any shift in container contents, and providing greater flexibility in container placement​​.

The UNITS franchise opportunity presents a robust investment in a growing industry with the unique advantage of technology and local operation, positioning it for competitive dominance in market share and customer satisfaction.

Storage Authority

Founded in: 2014
Franchising since: 2016
Franchise Units: 2
Initial investment range: $574,000 - $2,622,000
Initial Franchise Fee: $39,000
Royalty: 6%

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The Storage Authority franchise stands as the sole self-storage franchise option in the U.S., thriving in a $39 billion industry. With an investment range of $1.3 to $3.5 million, it appeals to those ready for new construction projects. The franchise's unique edge lies in its "Dynamic Ease" Systems, which equip franchisees with a manager-driven platform aimed at refining renting, marketing, and customer service aspects of the business. This structured support is designed to enhance the franchisee's operational efficiency and market competitiveness while retaining their control over the business​.

Go Mini’s

Founded in: 2002
Franchising since: 2012
Franchise Units: 79
Initial investment range: $342,804 - $662,704
Initial Franchise Fee: $45,000
Royalty: 8%

The Go Mini's franchise opportunity invites aspiring entrepreneurs to join the rapidly expanding realm of portable storage and moving, recognized as a Top Franchise by notable publications. The franchise model is tailored for simplicity, requiring minimal staff with no need for warehouses or equipment. A unique aspect of Go Mini's is their 20 ft. storage containers, equipped with polyurethane-coated wheels for driveway protection and a straightforward delivery system adaptable to various scenarios. The business emphasizes local ownership, blending the charm of a small-scale operation with the backing of a strong national brand, ensuring high margins and an excellent return on investment​.

Profitability of Storage Unit franchises

The self-storage industry has seen steady growth in recent years, with an increasing demand for storage space driven by population growth, urbanization, and an increase in e-commerce. According to a survey by the Self-Storage Association (SSA), the average US occupancy rate for self-storage facilities is around 90%. And according to Business Wire, the global self-storage market reached a value of US$ 51.32 Billion in 2021. Looking forward, the market's expected to reach a value of US$ 71.37 Billion by 2027, exhibiting a CAGR of 5.65% from 2021-2027. 

Here are some storage unit franchise market trends

Trend 1: A number of factors are driving the growth of the self-storage industry, including population growth, urbanization, and an increase in e-commerce. The rise of e-commerce has led to an increase in home deliveries, contributing to a need for additional storage space. Additionally, the growth in the number of people moving to urban areas leads to increased demand for storage space, as people tend to need more space in apartments and condos.

Trend 2: The self-storage industry is also becoming increasingly competitive, with a growing number of players entering the market. This is leading to more choices for consumers but also resulting in increased competition for storage unit franchise operators.

Trend 3: The industry is seeing more innovation and technology adoption, such as online reservations, reservations via mobile apps, self-service kiosks, and contactless rentals. These developments are making the self-storage experience more convenient for customers and also helping to improve operational efficiency for storage unit franchise operators.

It's essential to research the industry and your specific market before starting a business, which you can do with the help of Franchise Clues.

Initial Investment And Opening Costs For Storage Unit Franchises

The initial investment and opening costs for a storage unit franchise can vary depending on the specific franchise and the size and location of the facility. However, the initial investment for a storage unit franchise can be substantial.

According to a report by Franchise Direct, the initial investment for a storage unit franchise can range anywhere from $1.5 million to $10 million or more. This includes the franchise fee, which can range from $50,000 to $150,000, and the costs associated with purchasing or leasing the property, building or renovating the facility, and purchasing equipment and inventory.

Additional costs associated with opening a storage unit franchise include:

• Legal and accounting fees: $10,000 - $25,000
• Insurance: $10,000 - $30,000
• Advertising and marketing: $25,000 - $50,000
• Staffing expenses: $30,000 - $50,000
• Training and travel costs: $5,000 - $10,000
• Working capital: $50,000 - $100,000

It's important to note that these figures are approximate and may vary depending on the specific franchise system, location, and other factors. It's also important to keep in mind that these costs are for the initial investment only and do not include ongoing operational costs, such as property taxes, maintenance and repairs, utilities, and employee salaries, which will be incurred once the business is open. Therefore, it's always recommended to consult with the franchise company and conduct a detailed cost analysis before making any decision.

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Benefits Of Opening Storage Unit franchises

Opening a storage unit franchise can offer a number of benefits, including:

• Scalability: A storage unit franchise can be easily scaled to meet the demands of a growing population and economy, and to take advantage of new opportunities in the market.
• Diversification: A storage unit franchise can diversify the services and revenue streams it offers, such as by providing climate-controlled units, drive-up units, and units for storing RVs, boats, and other vehicles.
• Consistent revenue streams: Storage unit franchises typically generate a constant revenue stream from rental income, which can provide a stable financial foundation for the business.
• High occupancy rates: According to a survey by the Self-Storage Association (SSA), the average occupancy rate for self-storage facilities in the US is around 90%. This means that the storage unit franchisees have a high chance of renting out the units they have.
• Tax benefits: Owning a storage unit franchise can provide a number of tax benefits, such as deductions for depreciation, insurance, and repairs.
• Flexibility: A storage unit franchise can be operated with a relatively small staff, which allows the owner to have more flexibility in terms of time and location.
• Potential for passive income: A well-managed storage unit franchise can generate passive income for the owner, which does not require much involvement in day-to-day operations.
• Resale value: A successful storage unit franchise can have a high resale value, providing an exit strategy for the owner in the future.

What Points To Pay Attention To When Opening A Storage Unit franchise

When opening a storage unit franchise, it's important to pay attention to the following points:

• Location: The location of the storage unit facility is crucial for the success of the franchise. Look for a location that is easily accessible, has a high traffic count, and is in an area with a growing population and economy.
• Competition: Research the competition in the area, including the number of other storage unit facilities, their pricing and services, and their occupancy rates.
• Zoning and permits: Ensure the location is zoned for a storage unit facility and that all necessary permits and approvals are obtained.
• Cost: Carefully review the initial investment and ongoing costs of the franchise, including the franchise fee, property costs, insurance, maintenance, and staffing.
• Training and support: Review the training and support provided by the franchise company, including guidance on site selection, construction, marketing, and operations.
• Marketing and advertising: Understand the franchise's national marketing and advertising program and how it will help attract customers and generate revenue.
• The franchise agreement: Carefully review the franchise agreement, including the length of the agreement, the franchise fee, royalties, and other ongoing costs.
• Financing: Understand the financing options available to help with the initial investment, the terms and conditions of the loan, and the interest rate.
• The franchise company: Research the franchise company, its history, and its reputation in the market. Look for a company with a proven track record of success and a good reputation among its franchisees.
• Your own experience: Evaluate your own experience and qualifications to run the business, including your financial resources, management skills, and marketing experience.

It's always recommended to conduct thorough research and consult with the franchise company, a lawyer, and an accountant before making decisions.