Business Plan for Lake Jordan Storage Suites
Master of Leadership Development
The self storage industry is on the cusp of a re-growth in the industry. The nation is beginning to rebound from the recession and families are beginning to spend money. In this period of re-growth, the self storage industry may benefit from expanding its business to serve a niche market. Hobby enthusiasts, small business owners, RV and boat owners all have an unmet need. Their love for their hobby and/or business is taking over their home, resulting in a suboptimal location for enjoyment of their hobby and as a result, their family is living in a cramped environment. This situation may ultimately impact the return on investment associated with their belongings. The purpose of this business plan is to see if the construction of a facility with premium amenities would be profitable business for the self storage industry. The proposed business, Jordan Lake Storage Suites, is positioned in a newly proposed land development outside of Cary North Carolina. The location was selected for its projected population growth and the county’s income per capita. A detailed marketing plan targeting each niche clientele was developed in order to enable a quick uptake of leases and to support the overall vision for the company. The results indicate Jordan Lake Storage Suites would begin making a profit in its second year of business. This niche market would be expected bring a steady flow of income with a limited vacancy rates and the return on equity is approximately 1.3 times higher than the industry leader. Based on these findings, the financial data confirmed the investors would have a positive return on investment within 5 years.