This is the second episode in a series titled Practices for Self Storage Entrepreneurs to Develop Series.
Given how fast we have to move to control storage opportunities in today’s world, I think a few ideas on best practices could be helpful.
In last week’s episode we discussed the concept of finding the formula that works and repeating it.
Last week’s episode also mentioned a person who spoke at my most recent QuickStart Bootcamp who had put together 11 deals in 13 months.
Someone asked him for some advice, and he said, “analyze…but don’t over-analyze.”
Powerful.
I find myself overanalyzing as well.
His advice was to analyze the deals that flow across one’s desk or show up in one’s inbox but do it in a way to quickly rule it out or categorize it as a potential.
We all have a list of items that will be important to us based on our business strategy and model.
- Location
- Price
- Cash-on-cash returns
- Demographics
- Population
- Income
- IRR
- Rental rates
- Square Foot Per Capita
And the list can go on and on.
The reality is today (or anytime for that matter), there rarely, if ever, will be a project that hits all the boxes.
But sometimes, I notice I am waiting for the right one.
FOBO
There is a name for this, and it is called FOBO.
Fear Of A Better Opportunity.
FOBO is the spiral we fall into when we obsessively research every possible option when faced with a decision, fearing we’ll miss out on the “best” one.
It can lead to indecision (duh), regret, non-action, and even lower levels of fulfillment.
One of the solutions I suggest is the Mostly Right Storage Opportunity — the outcome that could work because even though all the boxes are not checked, most of the important ones are.
Most of us have heard of FOMO, right? The Fear Of Missing An Opportunity.
This can have us jump at deals and get in overbuilt trade areas just to be doing a deal.
The reality is, I see way more of FOBO than FOMO, with smaller investors getting in the self storage business.
In my training, I teach and spend a lot of time on what to do:
- How To analyze.
- How to find deals.
- Howe to control deals etc.
But I often say that what to do only represents about 20% of a person’s success.
The mindset and thinking of a person have really accounted for about 80% of one’s success from my experience.
FOBO, or overanalyzing, can paralyze us and have us miss deal after deal.
I know from experience.
That is why I am truly inspired when I see someone who has mastered FOBO, to whatever degree they have and is taking the world on at a new level.
You can also inspire yourself by taking action and breaking through any mental barriers you need to as you get in or grow your self storage business.
I truly feel this is where the fulfillment is as we create our storage businesses from nothing.
The money is great, but money is not fulfilling. For me, who we get to become as we create ourselves in such a way as to be successful is where the juice is.
Perhaps overcoming FOBO is where your next breakthrough is.
Remember to analyze… but don’t overanalyze.
