advice on getting a warehouse unit for stock storage

[woodie77]

hi everyone
new on here but been in business almost a year.
i run an online retail company from home at the moment but stock levels are starting to take over too many rooms so am looking at renting a warehouse unit locally.
i have a viewing of one on wednesday of this next week.
i have been looking at finding insurance - and am coming across a brick wall - i have contacted several insurance companies and they have told me they can't help insure as they don't cover online retailers, can't cover just for stock.
i was planning to still run the business from home but have the stock held in the unit.
does anyone know of a company that will be able to offer the kind of insurance i need?
or would it be just better to move the whole company into the unit?
any help or advice would be greatly appreciated.
Thanks in advance
beccie

 

[vvaannmmaann]

Have you considered a "self storage" unit? Flexible,no long term contracts etc etc
And these people do extra insurance for items in storage.
http://www.insurastore.com/

 

[woodie77]

Have you considered a "self storage" unit? Flexible,no long term contracts etc etc
And these people do extra insurance for items in storage

hi - yes i have considered a 'self-storage' unit but there are non located anywhere within a reasonable distance from me - petrol costs would be extortionate.
i need something that is within about a 5-10 mile radius as i will need to go at least every 2 days as my dispatch times are within 2 working days.

will have alook at insurastore.

thanks for your input
Beccie

 

[kate1]

Hi where are you based? If your near MK might be able to help

 

[woodie77]

Hi where are you based? If your near MK might be able to help

hi we are in east yorkshire - but thanks for the offer
Bec

 

[liongroup]

hi - yes i have considered a 'self-storage' unit but there are non located anywhere within a reasonable distance from me - petrol costs would be extortionate.
i need something that is within about a 5-10 mile radius as i will need to go at least every 2 days as my dispatch times are within 2 working days.

will have alook at insurastore.

thanks for your input
Beccie

Do you or someone you know own a garage? This could present a opportunity to move stock from your home whilst you look for warehousing. It might be financially efficient too, you wouldn't have to signup to a lease or anything which is a real pain for businesses of all sizes right now.

 

[kate1]

Sorry cant help Beccie, just that we possibly could have helped out with storage where we work from, good luck.

 

[Moneyman]

Think very very carefully before getting a warehouse.
you need people to man it (holidays are not a good excuse for customers)
insurance
But the biggest problem is; you are now to big for where you are and are you going to be too big for where you are going? It is much much more costly to move than people think and hundreds of companies get trapped needing to move now but having to pay rent on old store that cant be let. It can be a cash flow killer as you are always going to have to take more space than you need right now and thus leach money.

Have a think about a pick pack and dispatch company. I tried it and liked it so much i bought the company. You only pay what you need and they get huge discounts on postage and leave you free to just do the important stuff like selling. There are no sick days and you can check your stock online as most have good systems. It normally works out at about the same as doing it yourself in the right size of storage but you dont have to do the work and seasonal contractions in size dont make any difference.
Once you can justify a small warehouse with a couple of staff then think again.

 

[woodie77]

hey all
many thanks for everyone's contribution and advice.
regarding pick pack company - will have to research but still think it is better to do this ourselves.
the size of the unit i am looking at will be big enough to hold the stock i have now and will enable me to expand the business over the next 12-24 months which i have the finances to do.
i understand all the potholes of renting a unit but it really does seem the only way forward for my company.
just coming up against a brick wall regarding insurance.
well i will keep looking and am sure there is an option out there for my company.
i really cant continue to live in a house that means stepping over stock in all rooms. its almost like living in a warehouse now!!!!
thanks again
bec

 

[SamStones]

Try an insurance broker rather than going right to the insurance companies. We use charter insurance services in Preston and we have employers liability, public liability and stock insurance all in one policy.

 

[woodie77]

thanks will try a local insurance broker.
one other thing i was wondering is if it would cause a problem if the insurance was in my partners name for my company?
i am a sole trader but was declared bankrupt 2 years ago and cleared of bankruptcy 18 months ago.
so i cannot get an insurance policy at the moment.
worried that it may be a problem.
again any advice greatly appreciated
regards
bec

 

[t101]

Also interested in very similar, let me know how you get on on the insurance front. Have you found anyone willing to quote for a sole trader/stock only?

 

[woodie77]

Also interested in very similar, let me know how you get on on the insurance front. Have you found anyone willing to quote for a sole trader/stock only?

hi
no luck yet on finding anyone to quote for sole trader/stock only.
getting very stressed tbh about it all - got everything else sorted and will be soooo peeeeed off if this all cant go ahead because of lack of insurance.
will keep you posted if i get any luck though
bec

 

[lockyer]

Hi Bec,

Just replied to your PM. We will be able to sort this out.

 

[lockyer]

thanks will try a local insurance broker.
one other thing i was wondering is if it would cause a problem if the insurance was in my partners name for my company?
i am a sole trader but was declared bankrupt 2 years ago and cleared of bankruptcy 18 months ago.
so i cannot get an insurance policy at the moment.
worried that it may be a problem.
again any advice greatly appreciated
regards
bec

this makes it a little harder

 

[lockyer]

Also interested in very similar, let me know how you get on on the insurance front. Have you found anyone willing to quote for a sole trader/stock only?

Why are you against buying a package policy with the liabilities on too? Its probably cheaper than stock in isolation?

 

[t101]

Why are you against buying a package policy with the liabilities on too? Its probably cheaper than stock in isolation?

I'm not, I just don't know the ins and outs of it, and thought that just insuring stock would be cheaper; but if that isn't the case then obviously would be happy with the whole package! Can you help?

 

[lockyer]

It very rarely is cheaper at the smaller end of the market, as packages have lower minimum premiums.

Give Mat Cook a ring at my office on 01924 895568 and he will look into it for you.

jon

 

[EddyP]

Hi Woodie,
Im not sure if you have found a solution yet but I have a suggestion which is well worth looking into. Its a hard place to be when you are a small business trying to expand but don't have the space or the money to rent a warehouse with staff or are coming up against insurance issues but a really good solution which doesnt cost the earth is to keep your stock in an 'elastic warehouse' such as http://www.rtpage.co.uk/warehousing.htm. Is brilliant for a small business as you only pay for what space you use and you can change this according to your fluctuating stock so no wasting money on space that doesnt get used from time to time. Investing this way in part of a warehouse means you get staffing levels you could never afford on your own and they have highly efficient software and logistics to take care of your every need. Its a lot cheaper than what you think and a model that a lot of small businesses are starting to go with. Have a look and let me know how you get on.
All the best,
J

 

[AmaRuS]

thanks thanks

 

[WHARTY]

I use a a shipping container for my stock. Nice and cheap at £18 per week plus VAT.