I. EXECUTIVE SUMMARY
Shove It In LLC is a new venture in self-storage warehousing for private and commercial customers. Initial plans utilize half of the land reserving the rest for future development or income if needed. The layout of the facility is planned to house 300 indoor storage units with an additional outdoor area for storage of vehicles, boats, and recreational vehicles.
The self-storage industry is growing at a significant rate. On average, self-storage facilities maintain between 81% to 100% occupation of their facilities. In the Rochester area, several storage facilities maintain a waiting list for customers.
Shove It In LLC will be located on Sweden-Walker Road in the town of Sweden. This location is within close proximity to an expressway from Rochester and the shores of Lake Ontario. It is easily accessible from many surrounding areas. There is also a state university within 5 miles allowing students easy access to storage over scholastic breaks.
After conducting both primary and secondary research, which is presented later in this plan, Shove It In LLC has determined a marketing strategy that will set us apart from the competition. Our facility offers more flexibility in storage for a lower price than local competitors. The business has room to expand on the adjoining lot as the market requires. Our targeted customers are both the local college students and the recreational enthusiast. Our customers will be reached through numerous marketing avenues.
As previously mentioned, Shove It In LLC is a new venture and therefore will incur a significant up front cost. The business owners will contribute 25% of the initial capital required, while HSBC Bank will extend a term loan for the remaining 75%. This capital will be used to purchase the land, buildings, and other start-up costs explained...