This storage business plan describes a proposed self-storage facility to be established in Westbury, New York involving the conversion of an existing building. The project total costs include conversion costs, purchase price and pre-opening costs (see Section on Start-up Summary). The projected growth in rental revenue from self-storage units is based on strong demand.
Objectives
After achieving experience and success in their present self-storage facility in Plainview, New York the principals of this proposed project plan to take advantage of the strong demand in the self-storage industry to achieve a major presence in Westbury. Stote Moving’s ownership will help to quickly gain full occupancy. In the first six month of Year 1, the goal was to rent 50% of 300 spaces. In Year 2, 25% more units will also be rented. The remaining units will be filled in Year 2.
Mission
The principals have one mission: to meet the Long Island community’s residential and commercial storage and moving requirements.
Keys to Success
These are the keys for success in self-storage.
To provide clean, dry, secure and convenient access to facilities.
To build strong relationships with the moving industry in order to provide temporary storage space for customers.
To be able change as market and storage requirements change.
The Tracktown Townhome is a place where guests can enjoy a comfortable stay.
The Issue
Hotels and rental properties in Eugene provide comfortable stays but are typically overpriced when sporting events and university functions are taking place. They also lack details and amenities that can educate the guests about the local area and its past.
Solution
Tracktown Townhome Airbnb provides more than just comfortable accommodation. It offers historical, hands-on learning experiences as well as exciting amenities and entertainment that make guests feel like trackstars.
Target Market
The Tracktown Townhome appeals to young couples and families with children who are looking for an interactive vacation experience. The secondary target market is athletes and sports enthusiasts coming to Eugene for vacation or track events.
Families with active children and young couples are the primary target markets:
These people are physically active and seek to burn energy in the convenience of their Airbnb.
They enjoy learning through hands on experiences.
They’re tech-savvy and would love to have the chance to use the unit as a rental.
A passion for sports and well-known athletes is a common trait.
They want learning and entertainment to continue beyond the Airbnb.
Competitors & Differentiation
Latest Alternatives
Other rentals spaces near historic Hayward Field
There are a few local bed & breakfast
One boutique hotel near downtown
Many chain hotels offering standard hotel amenities
Why us?
Tracktown Townhome, an Airbnb, is more than a place to stay in Eugene. It offers unique experiences like gate-analysis treadmills, field history lessons, and fun amenities. Renters will be able to hear the cheers and feel the atmosphere of sporting events from their couch thanks to the Tracktown Townhome’s proximity to the university.
Funding Needs
The target property is priced at $400,000. The property will be purchased with 20% down, plus closing costs. 10,000 in minor renovations is needed. The estimated funding needed for furniture, kitchen outfitting, initial supplies, and initial funding of a “repair” fund is $25,000. The initial funding required is $120,000.
Sales Channels
Airbnb Website
Other Rental Websites
Travel Oregon site
Zillow
Insta
Facebook
Market Activities
Instagram
Facebook
TikTok
Blogs
Financial Projections
Ongoing expenses will include internet, TV & streaming services, utilities, yard maintenance, contributions to a maintenance fund, loan payments, taxes, and insurance. Costs generated by guests will include cleaning, general maintenance, and a welcome gift. With an initial occupancy rate of 60%, we expect to earn $300 per night with moderate growth over the next few years.
Revenue:
2023: $65,700
2023: $70,000
2024: $73,000
Expenses/Costs:
2023: $50,000
2023: $52,000
2024: $54,000
Profit:
2023: $15,700
2023: $18,000
2024: $19,000
Milestones
Obtain necessary permits and licenses — May 1, 2023
Finish renovations — June 1, 2023
Add furnishings and amenities — June 22, 2023
Take professional pictures of the space — June 30, 20,23
Create and manage a website, social media accounts, July 1, 2023
Open to Business — July 15, 2023
Review forecast — September 1, 20,23
Incorporate Eugene Marathon event package — April 15, 2023
Hits 65% or Higher Occupancy Rate — May-August, 2023
Renovate outdoor patio space — October 10, 2023
Team and Key Roles
Owner/Primary host
Establishes the business and is in charge of overseeing the setup, fees, and long-term upkeep of Airbnb. Responsible for the day-today operation of the business, such as refilling amenities, responding to urgent maintenance requests, and communicating with guests.
Cleaning/Maintenance Service
In charge of thoroughly cleaning and sanitizing the Airbnb between guests and reporting any damages or maintenance issues to the owner or primary host.
Partnerships & Resources
These partnerships are intended to incorporate the historic theme of Tracktown USA throughout Eugene in the Tracktown Townhome experience. Partnering with these businesses will provide a more holistic experience as well as exposure and support for local businesses throughout Eugene. This will also create a more tailored experience for guests.
Video gait analysis, shoe fitting and recommendations available for free
Tracktown Pizza: Exclusive discount for two medium pizzas
University of Oregon Track & FieldGet discounted tickets for a UO track & field event
Nike Run ClubTips and insights about running. Also, an exclusive training program that targets specific running areas in Eugene
Prescriptions should be available at a reduced price for everyone. This is possible because we carefully manage our efficiency. So we can target a specific segment of the market – those customers who pay for their prescription medications themselves. They are often poor and they are sick. Therefore, they should receive the same care as those with full coverage.
Solution
The Discount Pharmacy’s mission is to give our customers the best prices on their prescription drugs. Our convenience and services will exceed the expectations of our customers.
Market
The target market of Discount Pharmacy includes two types of people: local customers (walk-ins) and mail order customers.
Competiton
There are many forms of competition in the pharmacy industry. They include chain pharmacies (located), mail-in pharmacies, and canadian pharmacies.
Why Us
We are the Discount Pharmacy with superior pricing. To do that we must maintain our position as the low cost provider by painstakingly ensuring that costs are kept low through operating efficiencies.
Expectations
Forecast
It will save money by having only one pharmacist and filling in the gaps with pharmaceutical techs. We anticipate reaching profitability in our third year, and will be able to generate significant sales by the end of year three.
Financial Highlights for the Year
Financing Required
We will need $115,000 for the start. At the end 4 years we will be able repay the investment.
