I write about many aspects of the self storage industry on this blog. I have detailed episodes on how to buy facilities in an overpriced market; how to spot, analyze and buy value-added opportunities; how to unlock bank financing, and more.
But here is what I see is the main block for most of us.
Fear.
No big, dynamic aspect of the industry that is evolving fast. No, fear is what stops us the most.
I know it’s scary. As I write this I have an offer out on a large portfolio (at least large for us), and I know the feeling. Part of me really wants them to take the offer so we can grow. Yet I’m scared I’ve made a mistake – if they take the offer, what then?
What I have seen as the main difference between the successful and the almost successful is their ability to take action even while being fearful and uncertain.
I know all about imposter syndrome. At some point in the process, you will feel like you have bamboozled everyone and really don’t know what you are doing. And I am here to tell you, it doesn’t matter how many facilities you own, you can still get imposter syndrome.
That has happened to everyone I know.
I have studied successful people’s habits (and yes, even those people have fear). There are five simple practices they have that I make an effort to incorporate into my own life.
After spending years of my life with these practices, what I have noticed is that fear does not go away. It still shows up but as a thought and feeling in the body that is not all-consuming. It’s like an old annoying relative that shows up for every holiday. You have to deal with them, but you’re not consumed by them, and you’re very glad when they are gone.
Many of the people I coach are completely blocked from taking the next step when they experience fear. They will actually sabotage a deal so there is no chance of experiencing any downtime.
They need to talk to the banker one more time to make sure they can get the rate.
They need to understand some aspect of the market better like why one of the competing properties is offering half off the first month to new customers.
On and on. Then the deal is gone. “Well, it wasn’t meant to be. I’ll get the next one.”
Over the next two episodes, I want to share five practices I have learned from the Masters. These are teachers and mentors that have shown me that we are able to manage fear and not let it dictate what is possible for ourselves and our lives.
Practice One: Feed and Strengthen Your Mind Daily.
It is your thinking and your thoughts that determine what is possible in your life.
Now, I know your first reaction to the above statement is probably much like mine. ”Yeah, yeah I know that.” (yawn)
But fear is just a thought. It doesn’t exist in reality. It is actually a byproduct of human evolution.
As our species evolved, it was fear that allowed us to survive in the world we found ourselves in. Fear happens when a synaptic connection in the brain is triggered by either a thought or sensory input. A chemical reaction then happens, causing the fight or flight response in the physical body.
And it worked. We have evolved to the point we have domination over our physical environment and have eliminated most of the physical threats we used to face. We have even created self storage.
For most of us, the number of times we are in actual physical danger is very small. That is what fear is there for, to help us survive when there is physical danger.
But yet, fear still produces the same chemical reaction in us as it did our ancestors thousands of years ago. This is the same chemical reaction that we call stress. Stress is just the reaction to fear and the lingering residue of all those chemicals in our body.
A practice that I use that works is to intentionally feed the mind positive and uplifting thoughts.
Again, this might sound silly, but it is critical. Your life experience is 100% determined in any given moment by the thoughts that are happening.
If we are always focused on the negative, the downside, what is wrong with us, them, this deal, the world; that produces one type of life experience. When fear arises, and it will, it has a rich environment to live in.
If the majority of thoughts we have daily are positive and uplifting, when fear shows up, and it does all the time, the mind has a muscle around not having to dwell on it and can go back to the more habitual positive thinking that has been established as a habit.
Just like fear, positive, uplifting thoughts produce their own experience in the body.
If you are religious or spiritual, read daily inspiring books. Listen to podcast more than news.
Always have some books, some practice, some time set aside every day to feed your mind in a way that is meaningful to you. Then guard what goes in your mind like a hawk. For me, sitting around and watching the news, especially local news stations, is dangerous.
The amount of negative, fearful, violent information that pours out from the radio and TV news broadcast feel toxic to me. I actually have to leave the room to get away from it.
I know it is somewhat important to keep up with current events. Just control what and how it comes. That has never been easier.
I get news delivered to my inbox and my phone that I have preset up as important to know.
Try an experiment. Go five days, one work week, without listening to the news or reading a newspaper.
You will be amazed. And guess what, your life and the world will continue going on.
So one way to develop a mental muscle around dealing with fear is to feed and strengthen your mind daily. Guard what goes in it.
Your thinking is your most important asset.
Practice Two: Feed and Strengthen the Body.
This is where I can be the weakest in my consistency. By writing this I can see again what needs to be done. My commitment to myself is I am going to get a yoga or physical trainer/accountability coach.
Because I know the difference regular exercise provides. Not just for the body but the mind, and specifically the quality of thinking and thoughts.
I remember years ago when I was working with one of my first mentors, I was explaining my cash flow problems for the real estate company I owned. At the time, I was feeding it so much, my personal finances were suffering. I felt trapped. If I let employees go, I was going to have to run it myself. If I did that, I could not do the brokerage which was allowing me to feed to the company, and on and on.
I see now I should have let one of the employees go, but at the time it seemed like an insurmountable mountain.
I went on for about five minutes. Then he looked at me and said, “Are you exercising?”
I felt like saying, ‘DIDN’T YOU HEAR ME? I’M TALKING ABOUT MY FINANCIAL SURVIVAL!” but I just said, “No, not really.”
I see now the power in that question. How smart.
I know my thinking is more focused, there is less drama and fear, and I feel better too. The very successful today, the people who I want to model my life after, all create the time to take care of their body with the right foods and the right exercise.
We all know what to eat and to exercise. It is not a lack of time that prevents it. The people I admire have more going on that we do, but yet they prioritize it, so it happens.
My suggestion (to myself too) is to make this a priority and put it on our calendars. We want to have optimum control over our thinking and create the best chance for success in our self storage business.
Our families, our employees and even our customers are counting on it.
The other three practices to come next week.
Use this week to put these two into practice and experiment with them. I am also interested in your experience with them and other practices you use to overcome fear.
Please leave a comment and share your thoughts and practices.
