GlobalStash

Marketplace for Self-Storage

The Vision...

GlobalStash aimed to make it easy for local businesses around the world to make extra money while giving the opportunity to expats and nomads to easily and affordably set up their home base.

DURATION

Feb 2023 - Now

ROLE

Founder

RESPONSIBILITIES

Company formation, SEO, design, finances and accounting, sales and marketing, handyman

Born in Bansko, Bulgaria ...

Beginnings

GlobalStash was born in Bansko. I wanted to create a homebase for myself without purchasing property and I wanted to give others the same opportunity.

The Hotel Avalon

Our first Host on our platform was a coliving space named The Hotel Avalon. We utilized their unused rooms in the basement to store people's things.

A year later we are at over 90% occupancy and are expanding storage in their building.

Getting the word out ...

Marketing

Since there wasn't a large budget for marketing, I focused on hosting events to collect emails and printing stickers and posters, which I posted around town in various businesses and locations.

SEO

Local SEO played a big role in getting discovered by customers. Especially since we are operating in an environment with very few competitors. In Bansko we are #1 and in Bulgaria we are #3 in Google Search for the term self-storage. This was done within a years time. We did this by optimizing keywords on-site, and improving our Google Busisness Profiles.

Pivoting

WhatsApp Image 2024-02-12 at 21.26.29_9bf3b79c.jpg

Opening our own Warehouse

For GlobalStash to make enough revenue it would have to scale and grow significantly. I was having issues getting Hosts for the platform, but the demand was there.

I decided to open my own warehouse in Sofia, Bulgaria.

Formation Bulgarian EOOD

I had to form a Bulgarian EOOD to make this a possibility. This required me to work with local lawyers, accountants, and notaries to make sure that everything was done properly.

Finding a Suitable Warehouse

This proved to be difficult, as I was searching for a smaller space which were hard to come by in Sofia. Also, given that the real estate industry is not regulated in Bulgaria, it made it difficult to find "real" properties and complicated to find legitimate real estate agents.

Building out the Space

After finding a suitable warehouse, I needed to work on it. I began by cleaning it up, painting the walls, installing shelving, WiFi, and an alarm system. I also hired a 3rd party security company to be connected to the alarm system in case of break ins.

Unfortunate Realization...

Error in Financial Projections

I came to the realization that the financial projections I made prior to renting the warehouse were not sound. I redid the projections and realized something wasn't adding up. I consulted several contacts in the real estate and self-storage and realized the risk was real high and ROI was too low.

Closing up Shop

With this realization, I had to cut my costs and terminate the contract with the warehouse. This involved dealing with real estate agents, lawyers, and coming to an agreement with the landlord.

Now...

Marketplace for Self-Storage

I have decided that this is a much less risky way moving forward, and since our location in Bansko is functioning real well, that I would continue with this location until I decide to sell the business or continue with it further.

Locations

We know have 2 locations, one in Bansko, Bulgaria and the other in Hoi An, Vietnam