1 Simple hack that increased profits £20k!

Plus: Space Station £50 Million Investment to Expand

Author

dean booty
February 17, 2023

Hey there, 

Back home after a few days away with the family .. So you guys have my full focus! :-)

So Willerby is still taking a battering this month ... 

BUT ... 

I do have a nifty tactic to increase your profits ... See below :-)

Lets doo Thhhiisss -

Here's what coming your way today :-

  • Industry News .... Space Station £50 Million Expansion

  • How much we've invoiced so far this month

  •  Yesterday's Figures ... How did we do?!

  • Meme of the day ... HA this is funny!

  • Thought of the day - How we increased profits £20K

  • My fitness journey - Move More .... Live Longer

Industry News -

  • 1 - Here's Inside Self Storage's take on Lok'N Stores financial results

  • Same store revenue increased 10%

  • Price per sq ft increased a whooping 9.2%

  • Occupancy up 2.6%

  • Move ins were up 14%

  • BUT surprisingly company shares were down 2.7%

www.insideselfstorage.com/united-kingdom/uk-self-storage-operator-loknstore-releases-financial-results-half-year-ending-jan-31

  • 2 - Space Station is expanding after a £50 million investment

This story came out in December 2022 ... but still interesting!!

  • £50 Million investment

  • New Management Contract

  • Space Station has 13 Sites, 3 More confirmed for 2023

  • Big plans for future and further investment coming their way

www.insideselfstorage.com/united-kingdom/space-station-self-storage-set-expand-uk-after-£50-investment

  • 3 - 140,000 SQ FT New Self Storage in Stockport

Well ... I say new, it kinda is! ....

This is replacing the Armadillo that was burnt down 12 months ago 

GREAT LOCATION!

www.placenorthwest.co.uk/orbit-to-replace-fire-destroyed-self-storage-in-stockport/

  • 4 - Has your insurance cost gone up this year ...

Here's why -

(This article focusses on the American market, but still worth a read)

www.insideselfstorage.com/insurance/problem-self-storage-property-insurance-why-rates-have-spiked-and-how-lessen-impact

TRUE PERIOD REVENUE (Basically invoices sent so far this month)

Beverley -

Willerby -

  • Because of the software we use we only have 2 of the 4 sites True Period Rev ... We will have Wrexham for you shortly!

  • February's revenue is always less because of the amount of days in the month

The fun bit - My business .... Bare Butt Naked! 

Willerby Figures .... The BIG One 

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Yesterdays Results -

  • 0 Res, 0 Move ins :-(

  • Yes .... 5!!! 5 Move outs!!

Month to Date -

  • 1,305 Down for the month ... It hurt typing that!

    Reservations so far this week - 3

    Move ins so far this week - 3

    Clough Rd Figures .... The Automated Site

    Yesterdays results -

    • 1 Reservation!

    • 2 Move in

    Month to Date -

    • 475 SQ FT Up for the month so far

    Reservations so far this week - 3

    Move ins so far this week - 3

    Beverley ... My baby ... My first site! -

    Yesterdays results -

    • 0 Reservation today at Beverley!

    Month to Date -

    • 585 Sq Ft Up for the month

    Reservations so far this week - 2

    Move ins so far this week - 2

    Wrexham's Figures (Indoor) ... My First acquisition  

    • Nothing much happening at Wrexham still

    • Although the painting of the outside has started today ... Pics will obviously follow :-)

    Reservations so far this week - 0

    Move ins so far this week - 0

    Total reservations for the week (all sites) - 8

    Total move ins for the week (all sites) - 8

    Self Storage Meme of the day -

    Thought of the Day -

    Want to increase revenue in your storage facility ... Simple, listen to Ann Ballard!

    Dont give refunds!!

    Ann Ballard, AKA The hat lady (absolute legend of the industry and I feel privileged to have worked with her) told me ....

    Not to give refunds years ago and I never implemented it until last year. 

    I feel I need to give you context here. 

    In the self storage industry you pay either, 28 days upfront or a month 

    If a customer leaves before that period is up, us polite Brits give a refund for the days you didnt use storage 

    In America they dont refund you ... If you pay for 28 days and only use 20, you still pay for 28

    So after 2 years of Ann telling me this advice I finally (begrudgingly) tried it ... It worked a charm!

    The take away here is ... Dont presume you know what the customers want or expect

    I found out that customers dont expect a refund ... and it has added £20k a year to the profits

    Again for transparity ... I did pay Ann for coaching (why wouldnt you pay to learn and then earn) and it paid for itself within 6 months.

    Health and Fitness ... Move More = Live Longer   -

    Weekly goals -

    • Gym - 3 times (im away with the kids, so will be hard)

    • Run - 40 K 

    Results so far  - 

    • Gym - 1

    • Run - 15k

    Yesterdays Steps - 13,272

    Give me your feedback ... What did I do well? What did I do bloody rubbish?? Press reply and let me have it 

    Loads of Mr Self Storage Man Love :-)

    Mr SS 

    PS .... Tell your friends, tell your parents, tell your lover, tell everyone and everyone who will listen to you ;-) ... Heres the link to sign up - www.mrselfstorage.com