Many of us get into self-storage because we are looking for freedom. Both financially and in terms of the freedom to manage our time as we see fit.
And yet, when we successfully close on our first deal, we are often busier than ever.
At first, we don’t notice it because we are chasing our dreams, which is a fulfilling experience.
But if we are not careful, one day, we wake up and wonder why we are not anxious to get up and “run” our business.
Then we realize our business is running us.
I have a couple of suggestions on creating a successful “business” (as opposed to a job) and creating some real value for your self-storage business as you grow it and perhaps someday sell it.
Systematize
If you have not read the book “E-Myth” by Michael Gerber, read it.
It really opened my eyes to the idea that even though my business was just me when I started, I should still set up systems.
What I tell people I am working with is that for all the things you do more than once a month or a quarter, create a procedure for it.
How this may look is like this. Let’s think of a typical day of running a self-storage business.
- An opening procedure.
- What to do when you turn on the self-storage operating system running your business.
- How to handle the letters and emails the system spits out on opening.
- How to move someone in.
- How to move someone out.
- How to take cash, checks, and credit cards.
- How to answer the phone as you want it to be answered.
- How to close out the system at the end of the day.
- What reports to create.
- Deposit procedures.
- How to handle all the different maintenance issues that come up.
- What are the monthly, quarterly, and yearly procedures?
- How to clean a unit before it is available for rent.
You get the idea.
Usually, what I did was do screen-shot captures or screen video capture showing how I wanted it to be done.
All of this goes into a manual (either digital or physical) with the idea that you are running a real business, and these are the procedures that are part of your business operations.
Soon, you will actually have an operation procedure manual.
You can couple this with your employee manual (we just downloaded the SSA one and modified it for our company) or keep it as a separate operations manual.
You may say, well, it is just me doing everything. Why do I need a manual?
Yes, that may be the case now. But what about when you want to take a vacation? Or if you get sick? Or, heaven forbid, you get your next facility? You can’t be in two places at once.
This leads us to the second suggestion.
Replace Yourself
From day one, design everything you do in your business with the idea you will replace yourself.
Even if you don’t really intend to, build your business like you are.
Because if your business grows and thrives, you will most likely have to.
But more importantly, it will create value.
If you have a “business” that needs you or a specific manager who knows everything to run it, you really don’t have much of a business.
It certainly will be hard to scale and grow, much less sell it.
But if your business is run on systems, not people, you really have something that can operate independently of you.
This does not mean you just walk away or empower others by abdication.
It just means you theoretically have systems to run your business you could drop someone into, and they would have all they need to start working in your business.
That is why, for example, a McDonald’s restaurant can do millions in sales per location with kids who often can’t even make up their beds.
Systems.
This is the exact reason we have been able to buy so many mom-and-pop self-storages. The owner gets burned out, or the manager who knew how to run everything gets sick or gets caught stealing.
“Now, what am I going to do?” is often what we hear.
“No problem, let us buy your facility.”
Then, we put in structures and systems to turn that project into part of our business.
Conclusion
My coaching is from day one: systemize everything you do with the focus on replacing yourself if you do anything inside the business operations.
Not only will this allow you to scale, but it will also help offer that “freedom” you were seeking when you got into the business, and it will add eminence value to the business itself.
I wish I had known this from day one without learning it the hard way.
