Bucking the Trend - Self storage, Warehouse and rental space
Bucking the Trend - Self storage, Warehouse and rental space
It's ironic that the last four recessions happened about 10 years apart from each other. Our current downturn or should I say economic mess that we are in has been quite the challenge for many of us, the small business owner included.
Small businesses are the economic engines that keep the economy humming and they will be the ones that bring us out of the current recession too. In the past, construction spending has been the "jolt" that the economy looks for in order to pull the country out of a recession. I believe this recession will be different. Gone are the days that the building industry will take center stage towards a returned vibrant growth in our economy. They will be there, but they will support the role of the rising star - Small Businesses.
Many good people have lost their jobs. Rather than sitting idle, this mass of intellect and talent have decided not to stand by and settle for a weekly unemployment check that will soon be extinct. Husbands and wives are taking stock in their own self worth and many of them are finding a new job: Starting their very own business. Two years ago they may have been working for a very successful company. Today they are at a crossroads and the path they are choosing is pointing them towards entrepreneurial thoughts. They are stepping out on their own. This decision is guided by that tug that they had within them for many years and for others, it is simply a matter of survival.
My business is called Maxi-Space. For 25 years we have catered to the small start-up business and to those that need nominal business space. That's our niche. There might be 100 commercial spaces in an area and only 1 in 100 are suited for a business that needs something the size of a two car garage; however, I have seen that number go from 1 to 2 in just the past couple of years. That's a 100% increase!
There is a downside to this amazing growth in small warehouse needs. Many people have heard that 4 out of 5 small businesses fail in the first 5 years. With any business, the owner needs to have a good product, business plan, capital, people skills, sales skills and a location to operate from. After 25 years of assisting small businesses grow, we have learned a few rules to follow that can help increase the small business owner's chance for success:
Always be a friend to the tenant. If you focus too much on being the landlord, you won't be able to help the tenant when they are in need. And trust me, small businesses will need help now and then.
Toss out the old rules. Most of them don't apply any longer. Gone are the days of sitting back, everyone prospering, etc. There is real hard work that takes place and that includes the landlord too. Oftentimes the small business owner can't do it all by themselves.
If you don't adopt most of the new rules, you will end up with a row of "For Lease" signs in your windows.
We have about 700 tenants. We know them by name. And how did we get to know them? It is because we care about their future - their success! When they are successful, we are successful. During these past 2 years, we have come alongside many of our tenants and offered business consulting, encouraging words, and on occasion for our larger tenants we have deferred some rent so that their doors can remain open for business. They are viable tenants so why wouldn't we do everything in our power to help them remain viable?
Our Maxi-Space reputation precedes us so we get our share of people, young and old, wanting to start up their new business and rent space from us. Given the opportunity, we go the extra mile in order to help them with their dream. Frankly, a few are coming out of a bad dream so it is enjoyable for us to a part of something good in their lives.
In just the past 30 days, we have seen "Dan", our auto repair business at 74th Street Maxi-Space grow from 1,000 SF to 3,500 SF. We talked with "Mannace" and he will be starting a new business at our Meridian Maxi-Space. For a long time he has wanted to start selling a bed frame idea. I have seen it and he should do very well! A janitorial firm moved into our University Place Maxi-Space. They were working out of their home and have expanded! Low overhead is very important and each of these small businesses recognize this with their Maxi-Space units! Altogether, we recently had 8 new businesses decide to take the leap and start their new business.
Small business is alive and well in our community and across the nation. Our economy won't be jolted back on its feet by a huge government grant or proclamation. The new home buyers and builders have been the ones that have rescued us from previous recessions and they will certainly help once again, but the rising star in this recession will be the many NEW small businesses that are being birthed from a deep recession. I know this because I see them every day and each of them believe in themselves more than you can imagine. The restless unemployed are alive and are becoming America's small business leaders. And they will be the ones that bring us back to prosperity once again!
Bruce Bodine
Founder Maxi-Space
http://www.maxi-space.com
Branson House Painter Stink Bugs in the House A Few Simple Steps on How to Rent the Perfect Apartment/Townhouse or Condo House Training Doggies : Recognizing, preventing, and handling dog aggression Using solar power for household electricity production, what you should know, before going solar If You Want Red Carpet Style Like Beyonce, Pick Up On Of These House Of Dereon Prom Dresses!-black prom dresses Nelson Design Group - Converting Houses Into Homes Better House Remodeling and Gardens Kitchens Houses Or Sale - Avoid Bankruptcy And Sell Your House Fast Sell Your House Privately When Is The Best Time To Buy A House? How to Manage and Keep Track of your Household Budget How I Attempt To Sell My House Myself