Order of Operations

[BillyMadison]

Hello friends!

First of all, I want to say how cool it is that there is a community of storage business owners that help and support each other.

Next, I'm a newbie from Virginia.

Feel free to point me in the right sub forum, but I have a few initial questions.

Background:
I've never owned or operated a storage business before. I've already absorbed so much information from you all. Here's where I stand right now: I want to start a RV, boat, automobile (cars, pickups, etc.) storage company. In my area there are 2 other rv storage companies that are near capacity. Also within a 10 mile radius is 2 RV dealerships. So the need for storage is there.

I don't own property yet, however there is 6 acre lot nearby that's in a great location. I would like to finance the entire venture, buying property, civil engineer, electricity, well, septic, building units, you get it. I've created a business plan already. I am also looking for everything to be as automated as possible, (no office, keypad entry with owner's ability to remotely open the gate via phone). And this is where my questions begin..

Questions:

1. Is a feasibility study needed? Like I mentioned, the competition is pretty much sold out and with nearby dealerships, it sounds like a no-brainer.
2. Some civil engineers offer studies and site designs before the property is bought. Should I secure a small business loan first to purchase the property or hire a civil engineer?
3. Will lender need to see site plans before l receive a loan?
4. Whenever I finish with site design, do I shop around for pricing, e.g. enclosed unit materials, grading, electricity, or is a ballpark number provided by the CE?

Thanks for reading and the wisdom already shared. I'm sure I'll have many more questions, but these are the biggest ones right now (I think?)

Any and all advice is appreciated!

Thank you!

[Gina6k]

Hello friends!

First of all, I want to say how cool it is that there is a community of storage business owners that help and support each other.
Feedback and kind words are always appreciated.

Next, I'm a newbie from Virginia.

Feel free to point me in the right sub forum, but I have a few initial questions.

Background:
I've never owned or operated a storage business before. I've already absorbed so much information from you all. Here's where I stand right now: I want to start a RV, boat, automobile (cars, pickups, etc.) storage company. In my area there are 2 other rv storage companies that are near capacity. Also within a 10 mile radius is 2 RV dealerships. So the need for storage is there.

I don't own property yet, however there is 6 acre lot nearby that's in a great location. I would like to finance the entire venture, buying property, civil engineer, electricity, well, septic, building units, you get it. I've created a business plan already. I am also looking for everything to be as automated as possible, (no office, keypad entry with owner's ability to remotely open the gate via phone). And this is where my questions begin..

Questions:

1. Is a feasibility study needed? YES, It will help you determine how to design your property and what the greatest need is for your area. At least in my humble opinion.
   
   Like I mentioned, the competition is pretty much sold out and with nearby dealerships, it sounds like a no-brainer.
2. Some civil engineers offer studies and site designs before the property is bought. Should I secure a small business loan first to purchase the property or hire a civil engineer?
   
   You may want to start at your community's city, county and public works offices and do some leg work yourself first. Pull plat maps, historical data etc.
   
   You need to know what is good and bad about the property. Silly things like, is it in a 100-year flood plain? Is the soil stable enough for your project? Was it a Superfund site 30 years ago? Or is there a red-footed frog that is Federally protected inhabiting the property? All strange and weird things I've seen folks run across.
3. Will lender need to see site plans before l receive a loan?
   It depends on the type loan etc. Others here can answer this better than I, and in more detail.
4. Whenever I finish with site design, do I shop around for pricing, e.g. enclosed unit materials, grading, electricity, or is a ballpark number provided by the CE?
   
   Definitely shop around! Get three bids minimum on each step and don't rely on any contractor to cover all of the bases. Unless you hire a construction firm to take responsibility from start to finish. Even then you need to go over each step with a fine toothed comb and have others do the same. The corners that get cut, or the quality of the materials used can vary so much. Just the variance in the sheet metal alone can devalue your finished product if the contractor uses the cheaper, flimsier products.
   
   Good luck and best wishes. Gina

Thanks for reading and the wisdom already shared. I'm sure I'll have many more questions, but these are the biggest ones right now (I think?)

Any and all advice is appreciated!

Thank you!

Gina6k

[BillyMadison]

Thank you Gina, that was helpful