Your self-storage income should be tracked monthly to include revenue from unit rentals, tenant insurance, retail merchandise and anything else you sell. The following advice will help, with a focus on the cost side of the equation. You must understand all the money that’s coming in and going out and keep it in proper balance. A lack of realistic planning and analysis has led to the premature death of many companies.Ī lot of self-storage operations are small businesses, but it’s still imperative to manage cash flow, diligently track expenses and budget for future costs. The reason 20% of new businesses fail in the first two years and 50% go under within the first five is poor financial management.
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