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Executive Summary
Store-It-All is a self-storage unit facility in Brooklyn, New York. We serve anyone in the area who requires a storage unit.
We bring something new to the market - safe and affordable storage services.
Store-It-All is seeking an $850,000 bank loan, alongside $826,000 from the owners' sale of their second property, to convert the building into a 470-unit facility and fund its first year of lease-up.
Financial highlights:
| Metric | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Revenue | $248,630 | $584,215 | $752,940 |
| Gross margin | 54.8% | 70.6% | 75.2% |
| Net profit / (loss) | ($302,783) | ($51,781) | $98,839 |
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 formed as an LLC 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 $248,630, and build a loyal client base
- Year 2: Expand service capacity, grow revenue to $584,215, and hire additional staff
- Year 3: Achieve net 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.
Students at the NYU campuses in Brooklyn and Manhattan are our main target market. Our first location will operate in Brooklyn, close to NYU’s Brooklyn 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 billion in 2021 and is expected to grow at a CAGR of 7.53% through 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. Older people no longer need the space, 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 accommodations 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 | Standardised, less tailored service |
Store-It-All’s competitive edge: Specialist expertise, personalized 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 470 units. Small units will be rented for $60 a month, medium units for $160 a month, and large units for $360 a month.
We aim to fill 210 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 program — incentivized referral program 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: $52,500 (21% 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 local 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
The pre-launch tasks below are assigned to named staff, each with a deadline:
- Laikin Frank (Sales), 20 November: determine sales revenue requirements for this fiscal year.
- Brendon Melon (Marketing), 10 October: launch our social media platforms.
- Daniella Petro (Finance), 20 November: finalize the budget.
- Regina Swart (Human Resources), one month before launch: train staff.
Staffing plan:
| Role | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Terrence Boyd (Owner / Director) | Full-time | Full-time | Full-time |
| Operations / Senior Staff | Full-time | Full-time | Full-time |
| Support / Junior Staff | — | Part-time | Full-time |
Legal & compliance:
- All required licenses 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 and 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 in her portfolio currently. She is the chief financial officer for Veronica and Ju’s real estate agency and is well-versed in commercial accounting.
Veronica and Ju Tate — Founders & Directors
Advisory support: Alongside Renee Poem’s financial oversight, the owners will engage a business mentor through the local enterprise support network for strategic guidance during the first three years of trading.
Financial Plan
Projected Profit or Loss Statement (in USD):
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Sales | $248,630 | $584,215 | $752,940 |
| Direct Cost of Sales | $47,800 | $79,600 | $90,300 |
| Production Payroll | $64,500 | $92,100 | $96,300 |
| Total Cost of Sales | $112,300 | $171,700 | $186,600 |
| Gross Margin | $136,330 | $412,515 | $566,340 |
| Gross Margin % | 54.8% | 70.6% | 75.2% |
| Operating Expenses | |||
| Sales and Marketing Expenses | |||
| Sales and Marketing Payroll | $32,400 | $41,800 | $43,600 |
| Advertising/Promotion | $46,200 | $31,400 | $27,900 |
| Other Sales and Marketing Expenses | $6,300 | $4,800 | $5,100 |
| Total Sales and Marketing Expenses | $84,900 | $78,000 | $76,600 |
| General and Administrative Expenses | |||
| General and Administrative Payroll | $24,600 | $27,200 | $28,400 |
| Depreciation | $121,413 | $122,023 | $122,743 |
| Dues and Subscriptions | $1,900 | $2,000 | $2,100 |
| Professional Fees | $31,800 | $19,400 | $20,600 |
| Software Purchases | $7,200 | $7,900 | $8,300 |
| Insurance | $24,600 | $26,100 | $27,400 |
| Telephone and Internet Access | $3,600 | $3,800 | $4,000 |
| Miscellaneous | $7,400 | $8,600 | $9,100 |
| Payroll Taxes | $12,150 | $16,110 | $16,830 |
| Other General and Administrative Expenses | $86,400 | $89,000 | $91,700 |
| Total General and Administrative Expenses | $321,063 | $322,133 | $331,173 |
| Total Operating Expenses | $405,963 | $400,133 | $407,773 |
| Profit Before Interest and Taxes | ($269,633) | $12,382 | $158,567 |
| EBITDA | ($148,220) | $134,405 | $281,310 |
| Interest Expense | $33,150 | $64,163 | $59,728 |
| Taxes Incurred | $0 | $0 | $0 |
| Net Profit | ($302,783) | ($51,781) | $98,839 |
| Net Profit/Sales | (121.8%) | (8.9%) | 13.1% |
Projected Cash Flow Statement (in USD):
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Cash Received | |||
| Cash from Operations | |||
| Cash Sales | $223,767 | $525,794 | $677,646 |
| Cash from Receivables | $19,890 | $51,710 | $71,919 |
| Subtotal Cash from Operations | $243,657 | $577,504 | $749,565 |
| Additional Cash Received | |||
| New Long-term Liabilities | $850,000 | $0 | $0 |
| New Investment Received | $826,000 | $0 | $0 |
| Subtotal Cash Received | $1,919,657 | $577,504 | $749,565 |
| Expenditures | |||
| Expenditures from Operations | |||
| Cash Spending | $133,650 | $177,210 | $185,130 |
| Bill Payments | $277,926 | $336,105 | $345,255 |
| Subtotal Spent on Operations | $411,576 | $513,315 | $530,385 |
| Additional Cash Spent | |||
| Long-term Liabilities Principal Repayment | $0 | $54,800 | $58,900 |
| Purchase Other Current Assets | $3,200 | $600 | $300 |
| Purchase Long-term Assets | $1,262,400 | $18,300 | $21,600 |
| Subtotal Cash Spent | $1,677,176 | $587,015 | $611,185 |
| Net Cash Flow | $242,481 | ($9,511) | $138,380 |
| Cash Balance | $242,481 | $232,970 | $371,350 |
Projected Balance Sheet (in USD):
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Assets | |||
| Current Assets | |||
| Cash | $242,481 | $232,970 | $371,350 |
| Accounts Receivable | $4,973 | $11,684 | $15,059 |
| Inventory and Other Current Assets | $3,200 | $3,800 | $4,100 |
| Total Current Assets | $250,654 | $248,454 | $390,509 |
| Long-term Assets | |||
| Long-term Assets | $3,642,400 | $3,660,700 | $3,682,300 |
| Accumulated Depreciation | ($121,413) | ($243,436) | ($366,179) |
| Total Long-term Assets | $3,520,987 | $3,417,264 | $3,316,121 |
| Total Assets | $3,771,641 | $3,665,718 | $3,706,630 |
| Liabilities and Capital | |||
| Current Liabilities | |||
| Accounts Payable | $18,424 | $19,082 | $20,055 |
| Subtotal Current Liabilities | $18,424 | $19,082 | $20,055 |
| Long-term Liabilities | $850,000 | $795,200 | $736,300 |
| Total Liabilities | $868,424 | $814,282 | $756,355 |
| Paid-in Capital | $3,206,000 | $3,206,000 | $3,206,000 |
| Retained Earnings | $0 | ($302,783) | ($354,564) |
| Earnings | ($302,783) | ($51,781) | $98,839 |
| Total Capital | $2,903,217 | $2,851,436 | $2,950,275 |
| Total Liabilities and Capital | $3,771,641 | $3,665,718 | $3,706,630 |
| Net Worth | $2,903,217 | $2,851,436 | $2,950,275 |
3-year profit & loss projection:
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Revenue | $248,630 | $584,215 | $752,940 |
| Facility maintenance and operating costs | $112,300 | $171,700 | $186,600 |
| Gross profit | $136,330 | $412,515 | $566,340 |
| Gross margin | 54.8% | 70.6% | 75.2% |
| Salaries and wages | $69,150 | $85,110 | $88,830 |
| Marketing and advertising | $52,500 | $36,200 | $33,000 |
| Property tax | $86,400 | $89,000 | $91,700 |
| Other operating costs (incl. depreciation) | $197,913 | $189,823 | $194,243 |
| Total operating expenses | $405,963 | $400,133 | $407,773 |
| Interest | $33,150 | $64,163 | $59,728 |
| Net profit / (loss) | ($302,783) | ($51,781) | $98,839 |
Break-even analysis:
- Estimated fixed monthly costs: $33,800
- To cover fixed costs, Store-It-All needs to generate approximately $61,600 in monthly revenue
- Break-even is projected to be reached early in Year 3 of trading, as occupancy passes 80%
Key financial assumptions:
- Revenue growth of 135% in Year 2 and 29% in Year 3 as the facility leases up from its Year 1 opening
- Facility maintenance and operating costs estimated at 45% of revenue in Year 1, falling to 25% by Year 3 as occupancy rises, consistent with industry benchmarks
- Staffing costs, before payroll taxes, set at 22-49% of revenue, scaling incrementally with new hires in Year 2 and Year 3
- Marketing budget set at 21% of revenue in the launch year and 4-6% thereafter; 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 an $850,000 bank loan to fund the following:
| Use of funds | Amount |
|---|---|
| Equipment and fit-out | $653,400 |
| Working capital (6 months) | $118,600 |
| Marketing launch | $46,200 |
| Legal, licences, and professional fees | $31,800 |
| Total | $850,000 |
The owners' $826,000 from the sale of their second property covers the remaining conversion costs.
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