In today’s episode of The Render Podcast, we are going to end this series by chatting all about The Multi Storage Stage and what this means for us in real-time. If you have been with us for the last handful of episodes, we are ending this rental business with storage solutions, tips, and tricks to use within your company. Our current HQ has a little less than 10,000 sq ft and we are quickly running out of room. We have navigated the storage unit stage, and the small warehouse stage, and now entertaining the multi-storage stage, we are working through these things to find the best solution.
When it comes to figuring out if you need more warehouse or storage space for your rental business, you cannot just jump right into a new lease or go out and rent more storage units. Okay, you could, but we would not recommend it! Assess your situation! How much longer are you in a contract with your landlord? What do your finances look like? Are you booking enough events to move warehouses and/or entertain a larger space than what you currently have? There are so many moving parts that play a huge piece in this puzzle of running a rental business. Some things that can help with your storage issue is if you have a parking lot, consider getting a pod that you can keep on site to store more inventory. Of course, you can get another or a few more storage units to also help maximize your space.
LoopNet
Whether you are actually looking to move your rental company or are just interested in seeing what is out there, LoopNet is a great resource to use to look up commercial spaces in your area or the closest major city. Consider this as your key to the commercial world — this tool is great for seeing what is out there, shows you all of the specs you need to know or are looking for, and can be beneficial to use with a commercial real estate agent as well. Another ‘loophole’ with working with a commercial agent or commercial leasing agency is to have your current space costs offset with them helping you cover those costs if you happen to move into one of their spaces. It works as a win-win for both parties involved.
Keeping Connection
Keep in mind that if you are looking at having a second location, make sure that your two spaces are relatively close to one another so your entire team can keep that connection with one another and you do not lose that team comradery you have built and established within your business. If your spaces are not close and your staff is split into two locations, that can really cause some division and shift how the internal foundation of your business operates. This can make it tough to function because those personal relationships are split and are in multiple areas. If you DO have to have separate spaces, make sure your team still works together and can keep that relationship going and the momentum can shift forward in a productive manner.
Understanding Your Costs
A few other things to consider when looking at multiple spaces to store your rental inventory is to check if that landlord or agency will match the per square foot payment that you are making. It must make sense to your business and understand the terms of your current lease, and the potential new lease, and see how well you can match them together so the flow moves smoothly within your business.
As always, we are so grateful you are here and we have enjoyed working on this series of content for your rental business and we look forward to seeing you next week on The Render Podcast!
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I thrive on using education to make true connections with all kinds of people. I want to point you towards better leading your teams, and guide you through all areas and stages of your business. I put a heavy emphasis on being present where your feet are, creating a community that is diverse and intentional, and growing in servant leadership through both my personal and professional life.
