I believe that getting in self storage is no different than anything else in life.
Those who are successful today at getting in or growing their business are those who will take action.
The specific knowledge and actions required in self storage may be different from other endeavors, but the action required is the same.
I am talking about taking action, even when you are afraid or uncertain.
Yes, I used the word afraid.
If you are stretching, going into new uncharted waters, and putting money at risk, then there is fear.
Entrepreneurs in all businesses have to learn how to take action when there is fear.
That is the courage required to be successful at anything.
But especially self storage today.
We also discussed this in our Bootcamps and took a deeper dive into the mindsets needed and specifics on how to develop them.
You met Jim and Fred in the last two episodes (not their real names). They both had very different backgrounds and created two vastly different self storage businesses, but both displayed this action taking and courage we are discussing here.
In my opinion, this represents 80% of what is required to be successful.
From the Bootcamps, you will know what to do and have the resources to refer back to in each step.
You will also have an ongoing support group of people going through the same spaces as you are going through and those who have already gone through it.
The difference is the action some people take. And what makes those actions happen is this mindset we are discussing.
Going From Finding an Opportunity To Owning and Opportunity
Both Fred and Jim used the techniques to find opportunities.
Jim’s was a large conversion and development project, Fred’s was a small, existing mom-and-pop facility.
But both had to control the property, not being sure if the deal would work as well in real life as it did on paper.
Action.
They each went through the Letter of Intent process of negotiating with the Seller as taught in the Bootcamp, then the contract process.
Each also had very different due diligence processes.
In the Bootcamps, we discuss the spaces and the type of team members needed in due diligence.
Jim heavily leaned on engineers, attorneys, and architects to get his approvals and layout his specific facility. He also had a detailed feasibility report indicating the current supply-demand for that location’s trade area, optimal unit mix, and the most likely lease-up scenario. That feasibility report also had its own Proforma that he could compare to his.
Fred’s due diligence process leaned more on inspections of the physical facility already there, a market study feasibility report showing how his facility compared to the others in the trade area, and his review of the existing financials.
Fred was competent to do this review based on his real estate knowledge and what he learned in the Bootcamp.
Both, however, were taking specific actions in areas they had never ventured before.
Both had to have what it takes to remove contingencies.
Yes, they saw the numbers would work, and they got some verification from the due diligence team members that the numbers and project could work; but they each, on their own, had to be the ones to take action.
The art of this process of going from wherever you are now to where these guys are now (owing self storage) is to create momentum.
We have a particular conversation in the training of the Bootcamps on how to create momentum, and it starts on the morning of Day 1 in the training.
But the momentum doesn’t end once the facility is purchased.
In many ways, it is just starting.
Each had a very different first 90 days or six months.
Fred worked on upgrading his facility, adjusting the process, getting the right management practices in place, getting slow and low-paying customers out, and replacing them with better clientele.
Not everything went perfect, but he had a plan he began to develop in the due diligence based on what he discovered, and it evolved after taking over.
Jim went through a construction process and a conversion process on an existing building.
He had a great team he had assembled.
Everything was orchestrated to be open by a specific date. Jim missed it slightly, but he was able to design a marketing strategy that allowed him to exceed his proforma lease-up.
He had a very aggressive online marketing strategy that worked. I was very impressed and amazed at the momentum he was able to create all through the project all the way until stabilization.
In fact, he has done it twice now and just sold the first one for a multi 6 figure profit. He is rolling into two more development projects and one existing facility, much like Fred’s.
These guys are no smarter than anyone else, necessarily.
These guys didn’t know more than anyone else who gets the right training.
The difference here is the action taken and the momentum created.
If you would like to start creating the momentum to get in or get your next self storage facility, a way to achieve that is below.
The QuickStart Self Storage Bootcamp
My goal here is to create valuable content that will support the small investor who wants to get in the self storage business or grow their self storage business to do so in today’s reality.
And I certainly do not want you to feel you are always being sold to by me.
However, if you are new to self storage or just want more support, a viable option for you may be to participate in the next upcoming Bootcamp.
I wish I could have 100’s in the Bootcamp, but I have to limit the number of people, primary because:
- I only have one person from any given part of the country so as not to have more than one person in the Bootcamp focused on a given market area or region. I don’t want to create an environment where someone who has paid to be there feels like they have competition in the Bootcamp.
- Everyone needs the opportunity to get one-on-one support in certain areas of their development during the Bootcamp and in the three-month follow-up, and I could not do that with a very large group.
The Bootcamp isn’t for everyone, and many can get in or grow your business without the level of training this Bootcamp offers. But if you think this may support you, click below to get more information, and if you want to or feel you need to talk to me personally, there will be a link there to schedule a call with me to get any questions answered.
If you want to be in the self storage business in 2022, I want to support you however it may look.
Perhaps it is the QuickStart Self Storage Bootcamp on Feb 4th and 5th, 2022. If you are hearing or seeing this after February, go to CreatingWealthThropughSelfStorage.com and find out when the next one is happening, or explore the On-Demand Version of the Self Storage Bootcamp.
Click here to find out.
