Why are you attracted to the self storage business?
What fires you up so much that it drives you to do whatever it takes to start, grow or stay in the self storage business?
It’s important you understand what your motivation really is for being in this business. Those motivators are going to help you decide what goals you’re going to focus on for 2017. And the time has come to set those goals so you’re at the top of your game starting January 1st.
Sure, we know all the advantages self storage has over other types of investment real estate. For example, it has great cash flows that are very predictable because there are so few variables for a building that’s just steel walls and a concrete floor. But really, why self storage?
We talked last week about creating a facility budget. This week I’m talking about your self storage business. What will the next year hold for you in terms of your moving closer to fulfillment on your self storage business strategy?
I’ll tell you what really fires me up about being in the self storage business. It’s not the money, although I love the money and the predictable way in which it arrives every month.
It’s the experience of having a vision that to a large degree now exist in reality.
I get to have the experience of:
- Creating a game (having a vision),
- Creating the rules for the game (goals that determine when we win and when we lose), and
- Having others want to play in that game (partners, investors, bankers, and customers).
My days are spent playing full out in that game I made up with others who have said, “Yes, I want to play with you.”
That’s an incredibly fulfilling way to spend one’s time. And the income and wealth that can come with those activities aren’t bad either.
It’s fun.
But an important part of the game are the rules or the goals. The goals are what defines a win or loss in the game.
I’m amazed at how people avoid setting goals. I’m not sure if it is because people think it’s a waste of time. Or they’re afraid they won’t hit goals if they set them. Or if they miss a goal it means something bad about them. I’m not sure why, but I bet only 20% of the people reading or watching this today have their 2016 goals in writing. Or even know what they are.
My coaching is to be part of that 20%.
There are many reasons for goal setting, but it’s absolutely necessary if you want to know if you’ve won or lost the game you’re creating.
Believe me, even losing at a game you created is more fun that winning someone else game.
Our Managers will tell you this as well. They’re playing their own games inside our company’s larger game. Win or lose, they get to play their own game too.
The way to create your company’s goals for next year is simple:
- Complete this year. Declare if you won or lost the goals you created for yourself and your self storage business to achieve in 2016.
- Decide what would move you incrementally closer to the fulfillment your vision for your self storage company n the next calendar year.
- Write down specific, measurable goals for the upcoming calendar year, and put dates next to them if at all possible.
- Keep the goals alive in the next 12 months by
- having them written down,
- reviewing them regularly,
- have strategic people know and align with them, and
- periodically throughout the upcoming year measure and see if you are on track.
Doing this is to a large degree what makes playing the self storage game every day so fun for me. Way more fun than Monopoly.
So for myself and our company we lost last year.
First, I didn’t put into service the number of facilities I said I would. I actually only hit 33% of that number. I’m not sure yet, but unless something big happens in December, we will also fall slightly short of our gross income growth. Primarily due to the fact we only hit 33% of our acquisition goal.
Whatever the final statistics on December 31st, we will declare it complete. Even though we may not have hit our target on acquisitions, we used discipline in our acquisition strategy, still had great income growth over last year, and our partners and investors know we will only put a project in service we have confidence will exceed their expectations.
I have come up with an acquisition number for 2017 that is less than last year (not because I didn’t hit the goals). And we are putting a lot of effort and energy in getting our current new and expanded facilities leased up. That’s our game for the next 12 months.
These goals are 100% aligned with and forward the vision for our company called “60 Million Dollar Self Storage Portfolio.”
After going over them with a few key partners, these will be written down, and drive many of the decisions we make next year. We will review at least quarterly, measure, and come up with strategies to win.
Now it’s your turn. What will you accomplish in the next calendar year?
Again, what makes this so fun and fulfilling is that you get to say what you’ll accomplish. You create the rules of the game.
Do it. Create it. Share it here with us.
What are you going to create for your self storage business in the next 12 months?
“I am only just getting started. How can I create a goal like that?”
It is more important at the beginning stage than ever. A hot tip: everyone started off at the beginning. I guarantee you, most people who are “big” now had written goals when they first started.
Anyone can design and play at the self storage game. That’s a big part of the beauty of this business.
Now it’s time for you to begin to create you next 12 months in the self storage business.
What will it be?
Share it with others here in the comments section and on Facebook. We will hear you and relate to you as who and what you are creating yourself to be. And remember…
This is a big part of what makes getting up each day so much fun.
