These are fast times at Storage Authority LLC, which is the only company nationwide that sells self-storage franchises to investors and other interested parties.
The Sarasota, FL-based company expects to launch seven new franchises in the first five months of 2022, aiming to finish 2022 with between 20 and 24 new franchisees.
That would double the 10 new franchisees onboarded in 2021, which was double the number that joined in 2020.
A post-pandemic rush
Why the sudden rush of interest from interested parties during a time of economic uncertainty?
“It seems that one thing they have in common is to establish a secondary income stream,” said owner Marc Goodin, 63, who owns two self-storage facilities himself. “We are the only company selling franchises for self-storage. There are other storage-related franchises, but they’re based on home delivery, such as PODS.”
The trend echoes an overall post-pandemic rebound for franchise businesses in general. According to the International Franchise Association, new franchises jumped 16% in 2021 from the shutdown era a year before. New growth is expected to stabilize this year, with new franchises growing just 2.2%.
New franchisees on deck
Storage Authority launched in 2015 and onboarded its first franchisee a year later. Over the years many have developed, operated and sold their facility for a profit.
Currently Storage Authority has three locations open: two locations in Connecticut owned by Goodin, and one in Millstone, NJ. The incoming class of franchisees are planning new locations in additional states including California, Florida, Michigan, North Carolina, Arizona, Utah and Pennsylvania. They are all in different phases of progress with two currently under construction. Several are currently in design, and others…
