Hold Self Storage - Building a Brand

Good Morning Store Nation,

Quieter day yesterday on the reservation and move in front ….

Yesterdays Stats …

• 2 Reservations

• 3 Move Ins

• 2 Move Outs

Lets … Do … This …

Here's what's coming your way today 😎🎯

🤐 A Self Storage Tip - “Cashflow Is A Bitch”

🤝 3 Self Storage News Stories

🧐 Yesterday’s figures for each facility

🥸 1 Meme of the day

Self Storage Tip 💡 💰

Cashflow is a bitch …

I talk lots about how amazing the self storage business is  (And it is!) …

BUT …

I don’t talk about the downsides and the pitfalls of the industry 

Don’t get me wrong, there aren’t many but Cash Flow certainly is something to be aware of 

Let me give you an example …

Mansfield

The fit out cost for phase 1 was around £500,000 

So there’s a loan and loan repayment to consider 

The rent is £5k a month (Half price for the first 18 months)

The rates are £5k a month (need to be reassessed)

Eleccy, wages, insurance etc etc …

So straight away we are paying over £20k a month in expenses and loans.

When you first open a storage facility you have no customers 

That means no revenue 😱

We are then in a negative cashflow position … Agghhh!  

No one likes to be in that position but that is part and parcel of the storage industry … You can’t get away from it

Your job is to fill the site as quickly as possible … The quicker you fill the quicker you can get to a cashflow positive 

Slowly but surely we gain customers

Customers obviously bring revenue 

But it takes time 

Eventually, you get to the holly grail, the promised land …

You're taking more in revenue than your expenses 

Wahoooooo! 👏

Once you’re there you can relax and focus on revenue management 

Mansfield isn’t at the “promised land” just yet 

We opened around 4 months ago and we are currently taking around £17,500 ex VAT per month 

So we’re still in a cash flow negative … But we are fighting hard to get to the promised land

Industry News 🧐

• Breaking Boundaries with HOLD Self Storage: How to Build a Strong Brand and Stand Out

• SureStore continue expansion with new Stevenage Self-Storage Facility

• Average short interest in US REITs flat in February

The Fun Bit - My Business .... Bare Butt Naked! 😲 🤫 🤭

Willerby (Hull) … My Big Site

• 1 Reservations

• 3 Move Ins

• 0 Move Outs

Month to Date -

• PLUS 1645 Sq Ft

Reservations so far this week = 6

Move Ins so far this week = 4

Clough Rd Figures ... The Automated Site

• 0 Reservations

• 0 Move Ins

• 0 Move outs

Month to Date -

• PLUS 560 Sq Ft

Reservations so far this week = 3

Move Ins so far this week = 1

Beverley … My Baby (First Site)

• 0 Reservation

• 0 Move Ins

• 1 Move Outs

Month to Date -

• MINUS 150 Sq Ft

Reservations so far this week = 1

Move Ins so far this week = 1

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

• 0 Reservation

• 0 Move Ins

• 1 Move Outs

Month to Date -

• PLUS 245 Sq Ft

Reservations so far this week = 2

Move Ins so far this week = 0

Mansfield Figures … My New Site

• 1 Reservation

• 0 Move Ins

• 0 Move Outs

Month to Date -

• PLUS 620 Sq Ft for the month

Reservations so far this week = 4

Move Ins so far this week = 2

Meme / GIF of the day - 👀 😂 

Health and Fitness ... Move More = Live Longer - 🏋️‍♀️ 🏃

Weekly goals -

• Gym - 4 times

• Run -25 miles

• Boxing - 0

Results so far -

• Gym - 0

• Run - 5 Miles

• Boxing - 0

Yesterday’s Steps - 24,289

Loads of self storage love,

Dean ❤️ 🙃 

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