Self Storage Business

Self Storage Business Success Stories [2024]

Pat Walls

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Updated: October 9th, 2024

Looking for a business idea with steady demand and low operating costs? Consider starting a self-storage business. At its core, this venture involves renting out storage units to individuals and businesses that need extra space for their belongings.

This concept is appealing due to the consistent need for storage solutions, fueled by life events like moving or downsizing. With relatively straightforward management, you can focus on customer service and maintenance. The key challenge is securing a suitable property and ensuring it is secure and easily accessible.

A self-storage business can generate ongoing revenue with minimal supervision. Given the scalability and low labor costs, it is a solid business idea for those seeking a reliable income stream.

In this list, you'll find real-world self storage business success stories and very profitable examples of starting a self storage business that makes money.

1. Iron Storage ($2.4M/year)

Faraz, a former Google employee, transformed his side hustle in real estate into Iron Storage, a tech-first self-storage company. In just two years, he expanded to 25 locations with over 3,000 units, generating $225,000 monthly—without any onsite staff.

How much money it makes: $2.4M/year
How much did it cost to start: $100K
How many people on the team: 9

How I Scaled My Modern "Boring" Business To $2.4M Per Year

Using technology and automation, Iron Storage scaled to 25 facilities with over 3,000 units and $225,000 monthly revenue, all while operating with zero onsite employees.

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1. Iron Storage ($2.4M/year)

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