4 things I would do differently if I started again ....

Howdy Store Nation!

Its Wicked Wednesday .... 

Letss do Thiis ...

Here's what coming your way today :-

• Self Storage Tip - What would I do differently if I started again

• Industry News -

• How much we've invoiced so far this month

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

• Meme of the day -

Self Storage Tip -

So after yesterdays email (Losing money for 3 years) I was asked many questions surrounding what I would do differently. 

Firstly I want to clarify that on paper the business was making money but because of the loans it was losing cashflow each and every single month. 

So here are my top three things I would do different -

• 1, Make sure I understood my cashflow 

Understanding this would have made my life so much easier. 

You need to know what revenue per sq ft you are getting and how much sq ft you will increase per month. 

Once you know those two figures you can predict your revenue 

• 2, I bang this drum so much but its really helped me!

Get a coach / mentor!! Ask their advice advice, sometimes we dont see whats right in front of us 

• 3, Be a cheeky so and so. 

Explain the business module to the landlord, ask for extra rent free periods, ask for half price rent periods 

Ask your shop fitters (container suppliers) for extended credit terms

You have to protect that cash at all costs 

One thing is for sure … If you dont ask you dont get

• 4 ... One more for fun

Keep your investors (bank managers, private lenders etc) informed in your progress. 

Never go quiet and only contact them when you want more money. 

Ultimately for me the biggest mistake I made was not projecting cashflows. Dont make the same mistakes as me!

Industry News -

• 1 - 1.9 Million self storage facility SOLD!

• 98 climate control rooms 

• 11,250 Lettable Sq Ft 

https://rebusinessonline.com/argus-brokers-1-9m-sale-of-self-storage-facility-in-elberta-alabama/

• 2 - Talonvest Capital gets a $24.7 Million Loan for Florida Portfolio

• 1,700 units

• 167,000 of net lettable sq ft

https://www.globenewswire.com/news-release/2023/04/13/2646606/0/en/Talonvest-Capital-Negotiates-24-7-Million-Loan-for-Florida-Portfolio.html

• 3 - Inland Real Estates Acquisitions closed more than $374 million in self storage deals last year

https://rejournals.com/inland-real-estate-acquisitions-closed-more-than-374-million-in-self-storage-deals-last-year/

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

Beverley -

Willerby -

Wrexham -

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

Willerby (Hull) My big site -

Yesterdays Results -

• 1 Res today

• 1 Move In's

• 1 Move outs

Month to Date -

• PLUS 315 Sq Ft for the month

Reservations so far this week = 4

Move ins so far this week = 4

Clough Rd Figures .... The Automated Site

Yesterdays results -

• 1 Reservations

• 0 Move ins

• 0 Move out

Month to Date -

• 210 SQ FT Up for the month so far.

Reservations so far this week = 3

Move ins so far this week = 0

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

Yesterdays results -

• 0 Reservation

• 0 Move in

• 0 Move Out

Month to Date -

• MINUS 180 Sq Ft Up for the month

Reservations so far this week = 0

Move ins so far this week = 0

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

Reservations so far this week = 0

Move ins so far this week = 0

TOTALS -

Reservations so far this week = 7

Move ins so far this week = 4

Self Storage Meme of the day -

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

Weekly goals -

• Gym - 4 times 

• Run - 50 K 

Results so far  - 

• Gym - 0

• Run - 15k

Yesterdays Steps - 17,581

Loads of self storage love, 

Dean :-)