Executive Summary
Store-It-All is a self-storage unit facility in Brooklyn, New York. We serve anyone in the area that requires a storage unit.
We bring something new to the market - safe and affordable storage services.
Store-It-All is seeking $850,000 in start-up or growth capital to fund operations, marketing, and staffing in the first 12 months.
Financial highlights:
| Metric | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Revenue | $490,000 | $640,000 | $770,000 |
| Gross margin | 72% | 72% | 72% |
| Net profit / (loss) | $153,900 | $236,800 | $307,300 |
Company Overview
Store-It-All is a self-storage facility to be located in Brooklyn, New York that serves anyone in and around the area with self-storage needs.
Store-It-All will be incorporated in New York and owned by Veronica and Ju Tate. Veronica and Ju are twins and NYU graduates. The company ownership will be split equally between them.
Veronica and Ju Tate have a real estate agency in New York. Their other business deals with student housing. NYU students don’t stay in New York permanently and are in need of storage services during semester breaks. Their housing often does not offer this, which is the market gap Veronica and Ju saw fit to fill with Store-It-All.
Our mission is to provide safe and affordable storage solutions. The industry is overrun with businesses that overcharge and overbook spaces, leaving their customers’ goods stored in less-than-ideal situations.
Being in real estate, the owners know which properties will suit a self-storage facility best. They are already the owners of two spaces, one of which will be renovated for Store-It-All. The other will be sold to raise start-up capital.
Legal structure: LLC
Mission: To deliver exceptional self-storage facility services to clients in Brooklyn, New York, USA, building long-term relationships through quality, reliability, and deep expertise.
Objectives:
- Year 1: Establish operations, reach initial revenue target of $490,000, and build a loyal client base
- Year 2: Expand service capacity, grow revenue to $640,000, and hire additional staff
- Year 3: Achieve operational profitability, strengthen market position, and evaluate expansion opportunities
Market & Customer Analysis
The self-storage market in New York is saturated, but there is still demand. There is a gap for affordable storage facilities that are located in safe areas.
The NYU campuses in Brooklyn and Manhattan are our target market. Our first location will operate in Brooklyn close the NYU campus. Students often also need moving services, so we are looking to partner with a moving company.
The global self-storage market was valued at just over US$54 million in 2021 and is expected to grow with a CAGR of 7.53% by 2027.
Customer analysis:
People of all ages make use of self-storage units. There are a few categories or reasons for requiring storage among the customer base.
Downsizing. People downsize for various reasons. The elderly have don’t need the space anymore, working professionals temporarily move to a new city, etc. These people use storage units to keep the belongings they don’t want to get rid of safe.
Vacationing. Students typically reside in the city where they’re studying until vacation periods. Their accomondations then usually require that they remove all their belongings from the premises until their stay for the following year is confirmed. These students then require a space to keep their belongings until they return.
Competitor analysis:
| Competitor | Strengths | Weaknesses |
|---|---|---|
| Public Storage | Established brand, wide reach | Higher price point, less personalised |
| Extra Space Storage | Strong marketing, national presence | Generic offering, less specialist focus |
| CubeSmart | Competitive pricing | Lower service quality, limited expertise |
Store-It-All's competitive edge: Specialist expertise, personalised service, and a clear focus on the underserved segment of the market set us apart from the established players listed above.
SWOT analysis:
| Positive | Negative | |
|---|---|---|
| Internal | Strengths: Specialist expertise; experienced founder; strong client relationships; differentiated positioning | Weaknesses: Limited brand recognition as a new entrant; single location; reliance on founder capacity in early years |
| External | Opportunities: Growing market demand; underserved niche segments; digital marketing reach; referral network growth | Threats: Established competitors with greater resources; economic downturn reducing discretionary spend; regulatory changes |
Sales & Marketing Plan
The “product” sold by Store-It-All is the use of our facility to store personal belongings. The building has 40,000 square feet and we will split it into 60 units. Small units will be rented for $60, medium units for $160, and large units for $360.
We aim to fill 30 units in the first year. These units will likely be filled by students who are leaving for the Winter break. When they return the units will be open again and this is when we will have to employ some aggressive marketing techniques to maintain cash flow. We need to keep track of the number of units free at all times to ensure that we have units available for the guaranteed student renters at certain times of the year.
Pricing strategy: Pricing is set to be competitive within the Brooklyn, New York, USA market while reflecting the quality and specialist nature of the services delivered. All pricing is reviewed annually against market benchmarks.
Marketing channels:
- Digital presence (website + SEO) — professional website with content marketing to attract organic search traffic from clients searching for self-storage facility services in Brooklyn, New York, USA
- Social media — active presence on relevant platforms to build brand awareness and engage prospective clients
- Referral programme — incentivised referral programme for existing clients; target 30% of new clients via referral by end of Year 2
- Local networking and partnerships — attendance at industry events and partnerships with complementary businesses in Brooklyn, New York, USA
- Google Ads — targeted paid search campaigns for high-intent keywords during launch phase
Marketing budget Year 1: $34,300 (7% of projected revenue)
Additional marketing notes:
Our target market resides close to our premises, so our marketing will be location-based.
We will make use of google location ad services to ensure that our business ranks high on search results for storage facilities.
Flyers will be printed and distributed on the NYU campuses and we will also post virtual flyers on student groups. To further reach our youthful target market, we will launch a website and social media platforms to engage with them throughout the year. Doing so will establish customer loyalty.
We value security and affordability and taking the mystique out of using a storage facility. Our branding will be approachable to attract a wider market.
Operating Plan
Personnel Department Task Deadline Laikin Frank Sales Determine sales revenue requirements for this fiscal year. 20 November Brendon Melon Marketing Launch social media platforms. 10 October Daniella Petro Finance Finalize budget. 20 November Regina Swart Human Resources Train staff. One month before launch.
Staffing plan:
| Role | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Terrence Boyd (Owner / Director) | Full-time | Full-time | Full-time |
| Operations / Senior Staff | Part-time | Full-time | Full-time |
| Support / Junior Staff | — | Part-time | Full-time |
Legal & compliance:
- All required licences and permits for self-storage facility operations in Brooklyn, New York, USA
- Professional liability and general liability insurance
- Data protection compliance in accordance with applicable laws
- Health & safety policies and risk assessments in place before trading begins
Management Team
Owners
Veronica Tate. Ju Tate. Veronica and Ju both have degrees from NYU majoring in business. They have both worked in the real estate industry since their final year in college and have been in the industry for 20 years.
Chief Financial Officer
Renee Poem. Renee is a powerhouse in the accounting industry with three small businesses on her portfolio currently. She is the chief financial officer for Veronica and Ju’s real estate agency and is well-versed in commercial accounting.
Terrence Boyd — Founder & Director
Advisory support: The business will engage an experienced accountant and a business mentor through the local enterprise support network to provide financial oversight and strategic guidance during the first three years of trading.
Financial Plan
Projected Profit or Loss Statement
Year 1 Year 2 Year 3 Sales $90,000 $170,000 $300,000 Direct Cost of Sales $20,500 $30,000 $82,000 Production Payroll $0 $0 $0 Other $0 $0 $0 Total Cost of Sales $20,500 $30,000 $82,000 Gross Margin $69,500 $140,000 $218,000 Gross Margin % 77% 82% 73% Operating Expenses
Sales and Marketing Expenses
Sales and Marketing Payroll $20,000 $40,000 $40,000 Advertising/Promotion $800 $1,000 $1,000 Travel $0 $0 $0 Miscellaneous $500 $500 $500 Total Sales and Marketing Expenses $21,300 $41,500 $41,500 General and Administrative Expenses
General and Administrative Payroll $20,000 $40,250 $100,250 Sales and Marketing and Other Expenses $0 $0 $0 Depreciation $1,000 $1,000 $1,000 Dues and Subscriptions $200 $200 $200 Professional Fees $300 $300 $300 Rent $2,000 $2,000 $2,000 Software Purchases $0 $15,000 $0 Insurance $2,000 $2,000 $2,000 Telephone and Internet Access $2,000 $2,000 $2,000 Utilities $400 $400 $400 Miscellaneous $0 $0 $0 Payroll Taxes $500 $1,200 $3,000 Other General and Administrative Expenses $0 $0 $0 Total General and Administrative Expenses $28,400 $64,350 $111,150 Other Expenses:
Other Payroll $0 $0 $0 Consultants $0 $0 $0 Contract/Consultants $0 $0 $0 Total Other Expenses $0 $0 $0 Total Operating Expenses $28,400 $64,350 $111,150 Profit Before Interest and Taxes $19,800 $102,840 $225,410 EBITDA $19,800 $103,860 $226,430 Interest Expense $800 $3,632 $2,957 Taxes Incurred $0 $24,802 $56,540 Net Profit $19,000 $34,150 $65,350 Net Profit/Sales 21% 20% 22%
Projected Cash Flow Statement Cash Received Year 1 Year 2 Year 3 Cash from Operations
Cash Sales $90,000 $170,000 $300,000 Cash from Receivables $0 $0 $0 Subtotal Cash from Operations $90,000 $170,000 $300,00 Additional Cash Received
Sales Tax, VAT, HST/GST Received $0 $0 $0 New Current Borrowing $20,000 $0 $0 New Other Liabilities (interest-free) $0 $0 $0 New Long-term Liabilities $0 $0 $0 Sales of Other Current Assets $0 $0 $0 Sales of Long-term Assets $0 $0 $0 New Investment Received $0 $0 $0 Subtotal Cash Received $110,000 $170,000 $300,000 Expenditures
Expenditures from Operations
Subtotal Spent on Operations $48,900 $94,350 $111,150 Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out $800 $0 $0 Principal Repayment of Current Borrowing $10,000 $10,000 $0 Other Liabilities Principal Repayment $0 $0 $0 Long-term Liabilities Principal Repayment $0 $0 $0 Purchase Other Current Assets $0 $0 $0 Purchase Long-term Assets $0 $0 $0 Dividends $0 $0 $0 Subtotal Cash Spent $59,700 $104,350 $193,150 Net Cash Flow $50,300 $65,650 $106,850 Cash Balance $19,000 $34,150 $65,350 Projected Balance Sheet Assets Year 1 Year 2 Year 3 Current Assets
Cash $90,000 $170,000 $300,000 Accounts Receivable $0 $0 $0 Other Current Assets $0 $0 $0 Total Current Assets $90,000 $170,000 $300,000 Long-term Assets $10,000 $9,000 $8,000 Accumulated Depreciation $1,000 $1,000 $1,000 Total Long-term Assets ($1,000) ($1,000) ($1,000) Total Assets $100,000 $179,000 $308,00 Liabilities and Capital
Current Liabilities
Accounts Payable $0 $0 $0 Current Borrowing $20,000 $10,000 $0 Other Current Liabilities $0 $0 $0 Subtotal Current Liabilities $20,000 $10,000 $0 Long-term Liabilities $0 $0 $0 Total Liabilities $20,000 $10,000 $0 Paid-in Capital $30,000 $30,000 $30,000 Retained Earnings ($20,000) ($30,000) $41,000 Earnings ($12,000) $44,000 $160,000 Total Capital ($2,000) $44,000 $231,000 Total Liabilities and Capital $18,000 $54,000 $231,000 Net Worth $80,000 $169,00 $308,000
Wrapping up the Self Storage Unit Business Plan That brings us to the end of the self-storage unit business plan.
We went over each section of a business plan, exploring why they are important and providing examples for each.
With these tools, you should be writing your own self-storage unit business plan without any hiccups. But if you need a helping hand, feel free to reach out for our services.
Happy writing!
3-year profit & loss projection:
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Revenue | $490,000 | $640,000 | $770,000 |
| Facility maintenance and operating costs | $137,200 | $179,200 | $215,600 |
| Gross profit | $352,800 | $460,800 | $554,400 |
| Gross margin | 72% | 72% | 72% |
| Salaries and wages | $39,200 | $51,200 | $61,600 |
| Marketing and advertising | $34,300 | $44,800 | $53,900 |
| Rent and utilities | $96,000 | $96,000 | $100,800 |
| Other operating costs | $29,400 | $32,000 | $30,800 |
| Total operating expenses | $198,900 | $224,000 | $247,100 |
| Net profit / (loss) | $153,900 | $236,800 | $307,300 |
Break-even analysis:
- Estimated fixed monthly costs: $13,700
- To cover fixed costs, Store-It-All needs to generate approximately $19,000 in monthly revenue
- Break-even is projected to be reached in Month 5 of trading
Key financial assumptions:
- Revenue growth of 30% in Year 2 and 20% in Year 3 based on planned capacity expansion and marketing investment
- Facility maintenance and operating costs estimated at 28% of revenue throughout the forecast period, consistent with industry benchmarks
- Staffing costs set at 8% of revenue, scaling incrementally with new hires in Year 2 and Year 3
- Marketing budget fixed at 7% of revenue; reviewed quarterly and adjusted based on channel performance
- No bad debt assumed; payment terms enforced from day one
Funding requirements:
Store-It-All is seeking $850,000 to fund the following:
| Use of funds | Amount |
|---|---|
| Equipment and fit-out | $340,000 |
| Working capital (6 months) | $297,500 |
| Marketing launch | $127,500 |
| Legal, licences, and professional fees | $85,000 |
| Total | $850,000 |