Employee & Freelancer Expenses

$151

$352

Website Costs

$223

$7,215

Business Formation Fees

$600

$4,700

Equipment & Supply Expenses

$66

$700

Retail Business Expenses

$1,250

$11,650

Inventory Expenses

$350

$14,750

Advertising & Marketing Costs

$75

$5,286

Software Expenses

$150

$2,744

Total Startup Costs

$2,865

$47,397

Public Storage

publicstorage.com

28,056

BlueLots Liquidation

bluelots.com

238,024

My Baggage

mybaggage.com

263,274

Unclaimed Baggage

unclaimedbaggage.com

283,170

Bounce

usebounce.com

353,873

Swissport International Ltd.

swissport.com

382,590

Radical Storage

radicalstorage.com

385,792

Ohio Travel Bag

ohiotravelbag.com

424,746

All Products Online

allproducts.com

451,129

Luggage Unlimited

luggageunlimited.com

503,143

LuggageHero

luggagehero.com

653,044

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Meaningful business connections

You never know who you will meet as a luggage storage business. This could be the start of an incredible business opportunity!

High customer retention rates

Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.

Easy to encourage "impulse buy"

In the luggage storage business, you have a much higher chance of encouraging your customers to buy on impulse - you can easily alter the price, placement, packaging, and promotional value to influence the decision of your buyer.

Unlimited income potential

With starting a luggage storage business there is no cap as to how much income you can make. The stronger your business skills and the more energy/time you put into your career, the more you'll make.

Amazing perks and discounts

Working in the luggage storage business comes with its perks! As a seller for these products/services, you typically also get to enjoy industry perks and discounts.

Motivation of employees

If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.

Low margins

The gross margins for your luggage storage business are typically around 45%, which can make it more challenging to incur new expenses and maintain profitability.

High employee turnover

In the luggage storage business, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.

Taxes

As a luggage storage business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.

Niche Market

A niche business is not necessarily a bad thing, in fact, it can be the key to your success. However, it can be more challenging and time consuming to find the perfect niche market and target audience.

You may need to charge sales tax

If you are selling your products in various states, you may be required to charge sales tax. Although this may not impact your financials specifically, it can be a headache to create a process and procedure for this. To learn more about sales tax, check out this article