I recently was on a panel discussion at the SIN Summit (Self Storage Investor Nation). One of the panel members was talking about Beginning With the End In Mind when it came to getting in (or growing) your self storage business.

I did an entire series on how I use the Seven Habits of Highly Effective people framework for my self storage business and life (episodes 28 thru 35).

However, the person on the panel with me, Ryan Smith – Elevation Capital Group (give credit where credit is due), had another angle at this concept I had not fully fleshed out in my thinking.

Two Valid Approaches To Beginning With The End In Mind

I work with many people who have x numbers of dollars to work with as they get in self storage.

For many of them, this defines the size of the deal they are going to do.

I don’t usually question that and often just work with them to find a deal that will work with them given the cash they are working with.

Yes, we can adjust the deal size using certain financing strategies, but for the most part, I let the person I am working with create what, how big, and where they will focus.

Ryan’s suggestion was different.

Upon reflection, I realized I had actually followed his model. Not to the degree he did. His firm has a much larger portfolio than I do, but to the degree that worked for myself and our company.

His approach was to forget what you have now. Look at what you want to own, size, type, how much (i.e., end in mind), then if you don’t have enough cash for it, get partners, or just go out and raise it.

Both are valid.

His strategy requires more work and skillset development, but it works.

I had to do it out of necessity. If I was going to get in self storage, I had to raise money. I had none at the time.

Each approach is valid.

One is not necessarily better than the other, and both begin with the end in mind.

I realize I am often helping people use their resources to “get in” the self storage business, so they can create a story and track record that will help them raise money to fulfill on the end game they have created.

Power of The Mind

What I love about business, especially the self storage business, is not so much the money or the freedom it can provide, although I am very grateful for both, rather who we get to be as we create, expand, and run our businesses.

The experience of creating a game, a vision of a business (end in mind), then moving through the spaces of creating in three-dimensional reality what existed only in my mind is one of the more fulfilling aspects of being alive for me.

And most of the people with whom I work.

I am not sure how it works, but I truly know that my job is to keep the vision (end in mind) clear, emotionally charged, and in my mind, then just take the next right step in front of me.

The Universe, a Higher Power, the law of attraction, or whatever you want to call it, places people and situations in my life that are needed to have what is in my mind turn into reality.

That is not even right because when the vision (end in mind) is in my mind, it is real as well. It just has not materialized yet but is on the way.

This is one of the many lessons being in self storage has taught me, and it all starts with beginning with the end in mind.

Now I have two approaches that are clear for me.