How to Double Rental Income with a Storage Facility in Ghana

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As Ghana’s economy expands, so does the demand for storage facilities. Businesses are increasing, and consumers are amassing more stuff. Building a new storage facility is a terrific method to double your rental income.   Here are a few pointers to get you started:  
  • Choose the best spot. Your storage facility should be in a suitable location that is easily accessible to your target market. Consider factors such as proximity to major highways, population density, and zoning rules.
  • Examine the competition. What other storage facilities are there in the area? What services do they provide? What are their prices? Understanding the competition will help you position your facility competitively.
  • Create a business plan. Your business plan should explain your facility’s goals, target market, marketing approach, and financial projections.
  • Obtain funding. There are several options for financing the building of a new storage facility. You might be able to get a regular bank loan, or you could choose to negotiate with a private lender.
  • Obtain all required permits and licenses. Before you can begin building, you must first secure the proper permits and licenses from your local government.
  • Build your facility. You can begin construction on your new storage facility once you have obtained all of the appropriate approvals. Hire a qualified contractor to verify that the facility is built to code.
  • Market your facility. Once your facility is complete, you must begin marketing it to potential clients. You can employ a variety of marketing methods, such as web advertising, print advertising, and word-of-mouth marketing.
  Here are some extra tips for the Ghanaian real estate market:  
  • Consider constructing your facility as part of a mixed-use complex. This will allow you to reach a wider number of potential customers, both businesses and individuals.
  • Provide a range of storage unit sizes. This will appeal to a broader spectrum of customers, from those who simply need to store a few goods to those who want a huge amount of storage space.
  • Provide reasonable pricing. Because Ghanaians are price sensitive, it is critical to offer prices that are competitive with other storage facilities in the vicinity.
  • Provide outstanding client service. Ghanaians cherish good customer service, so make sure your employees are pleasant and helpful.
  You may develop a new storage facility that will quadruple your rental income and become a valuable asset to your portfolio by following these guidelines.  

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