Starting a Classic/Prestige/Race Car Storage Business
Discussion
I've been toying with the idea of starting a storage business for classic/prestige/race cars for a while now and thought I'd seek some feedback.
Similar businesses I've looked at include Hamiltons Car Storage, Tigastor, Buckingham Car Storage, Windrush, Autovault. The type of place I'd lay up my Aston in over winter, or store for a few weeks whilst I go on holiday. Knowing it's secure, being looked after etc.
The storage location would be near M1 jnc 15 / 16, so good proximity to Silverstone, with Rockingham and Donington easy to get to as well, hence thinking about the race/track car storage angle.
I've gone in to quite a lot of detail in my fag packet Excel sheet in terms of costs and have bounced this around with a friend who operates a similar business so think I have a handle on all the different costs involved. Current research is around size of unit, cost vs revenue per sq foot for different permutations of sizes and numbers of cars, break even point and so on. In terms of pricing, the sweet spot in the market and my Excel fag packet is suggesting about £40 per week for a basic storage service, (cleaning on entry, dehumidified storage, regular inspections, battery conditioning etc.) with charges on top for things like regular engine starts/running to temperature, collection and delivery and so on. My biggest fear is investing the money and taking a punt and then be sitting there for months with an empty unit because the market isn't what I thought it was.
Just thought I'd throw this open to the PH business masses to shoot me down / provide feedback. Particularly if you have put your pride and joy in to storage before, would love to hear what you thought was good / bad about the experience, whether you'd use such a service for your P+J or track toy and so on.
Edit: spolling
Similar businesses I've looked at include Hamiltons Car Storage, Tigastor, Buckingham Car Storage, Windrush, Autovault. The type of place I'd lay up my Aston in over winter, or store for a few weeks whilst I go on holiday. Knowing it's secure, being looked after etc.
The storage location would be near M1 jnc 15 / 16, so good proximity to Silverstone, with Rockingham and Donington easy to get to as well, hence thinking about the race/track car storage angle.
I've gone in to quite a lot of detail in my fag packet Excel sheet in terms of costs and have bounced this around with a friend who operates a similar business so think I have a handle on all the different costs involved. Current research is around size of unit, cost vs revenue per sq foot for different permutations of sizes and numbers of cars, break even point and so on. In terms of pricing, the sweet spot in the market and my Excel fag packet is suggesting about £40 per week for a basic storage service, (cleaning on entry, dehumidified storage, regular inspections, battery conditioning etc.) with charges on top for things like regular engine starts/running to temperature, collection and delivery and so on. My biggest fear is investing the money and taking a punt and then be sitting there for months with an empty unit because the market isn't what I thought it was.
Just thought I'd throw this open to the PH business masses to shoot me down / provide feedback. Particularly if you have put your pride and joy in to storage before, would love to hear what you thought was good / bad about the experience, whether you'd use such a service for your P+J or track toy and so on.
Edit: spolling
Edited by 48k on Saturday 31st December 10:54
There are a few options in terms of unit and I'm in communication with the landlords / letting agents at the moment.
Staff would be just me to start with. I have a 'day job' working from home which provides me an income, so I'm fortunate in that I don't need the car storage to generate me an income from day one.
Insurance is one of the TBCs - some storage companies provide insurance cover, other companies don't and they specify that you need to make sure your insurer is informed that your car is in storage. Obviously the business itself needs appropriate insurance cover, that's a given.
In terms of my fag packet, things I've covered:
Monthly fixed overheads
--
Rent
Service charge
Business rates
Utilities (Gas, Leccy, Water, Phone, Internet)
Insurance
Security/fire monitoring, cctv
Vermin protection (mouse traps etc)
Startup costs
--
Premises Deposit
Conveyancing/legal costs
Decor/renovations/setup/signage
Website design and set up
Equipment (eg. tools, battery conditioners)
Fit towbar to my Xtrail (using private car for the business? - confirm weight/size limit for towing)
Covered trailer (local rental options to start with)
Variable monthly costs
--
Stationery
Furniture and IT equipment
Office supplies
Advertising
Marketing items
Professional fees
Accountant
Tools / breakages
Staff would be just me to start with. I have a 'day job' working from home which provides me an income, so I'm fortunate in that I don't need the car storage to generate me an income from day one.
Insurance is one of the TBCs - some storage companies provide insurance cover, other companies don't and they specify that you need to make sure your insurer is informed that your car is in storage. Obviously the business itself needs appropriate insurance cover, that's a given.
In terms of my fag packet, things I've covered:
Monthly fixed overheads
--
Rent
Service charge
Business rates
Utilities (Gas, Leccy, Water, Phone, Internet)
Insurance
Security/fire monitoring, cctv
Vermin protection (mouse traps etc)
Startup costs
--
Premises Deposit
Conveyancing/legal costs
Decor/renovations/setup/signage
Website design and set up
Equipment (eg. tools, battery conditioners)
Fit towbar to my Xtrail (using private car for the business? - confirm weight/size limit for towing)
Covered trailer (local rental options to start with)
Variable monthly costs
--
Stationery
Furniture and IT equipment
Office supplies
Advertising
Marketing items
Professional fees
Accountant
Tools / breakages
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