The Impact of CVID + Over 1,300 Sq Ft LOST

Hey Hey ... Sorry this were past 7am (UK Time) ... The we ran out of milk at Mr Self Storage HQ ... So in order for the kids to have breakie I had to dash down to the shops

Ok ... so yesterday .... Well you'll have to read it for yourself ... Needless to say it wasnt a great day .... Insert Mr Self Storage Crying in his porridge :-/

Final thoughts are worth a read .... Some great data and we talk about waves :-)

Here's what coming your way today :-

• Industry News .... News of a new Canadian site, interview with Mirela Mohan and Customer Success

• How much we've invoiced so far this month

• Yesterday's Figures ... How did we do?! Erm think I started this newsletter at the wrong time, its just negative news :-/

• Thought of the day - The impact of CVID .. A must read, even if I do say so myself!

• My fitness journey - Over 25k steps yesterday!

Industry News -

• 1 This is an interview article with StoreCafe's Mirela Mohan

She is convinced that 2023 is going to be a good year for self storage .... Im actually with her, by my metrics the demand is very high -

www.connectcre.com/stories/self-storage-demand-and-outlook-qa-with-storagecafes-mirela-mohan/

• 2 - Five customer success metrics that reveal the true health of a business

Ive highlighted this news story because I love the retention formula ....

... Im obsessed with churn and how to improve it, so any article that even touches on retention and the customers success, im all over it!

forbes.com/sites/theyec/2023/02/07/five-customer-success-metrics-that-reveal-the-true-health-of-a-business/?sh=751bdebe1d7c

• 3 - Finally im taking you to Canada!

Firstly ... Look at the picture in the article showing you the location ... Im a sucker for a good location ... This my friends is A1

Montreal Mini Storage has turned an industrial unit in to a self storage faciliy with over 600 units!!

ca.finance.yahoo.com/news/montreal-mini-storage-opens-location-181100684.html

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

Beverley -

Store More 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!

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

Willerby Figures .... The BIG One

• Same old same old at the minute ... Zero Res

• ZERO Move ins

• 1 Move out

• I have been told to expect lots of reservations over the next couple of days as many quotes close ... We will see .... Prey for us haha

• 125 Sq Ft down today

• Minus 1,335 for the month

Reservations so far this week - 1

Move ins so far this week - 0

Clough Rd Figures .... The New One

• What a result!!! No move outs ;-)

• Minus 65 Sq Ft!

Reservations so far this week - 2

Move ins so far this week - 0

Beverley's Figures (Outdoor) .... My Baby!

• I said yesterday reservations will follow and if by magic here they are! Whoooop! 2 reservations

• 35 in

• 75 out

Reservations so far this week - 3

Move ins so far this week - 2

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

• 0 Reservations

• Were still in the transitional period for Wrexham ... The previous owner is still working there until we can put the technology in the site to make it manless

• So the site isnt been run how we would ultimately like to run it at the minute ... We havent turned on any marketing yet either. Theres no point filling up a leaky bucket, we need to fix those leaks first and foremost

• Nothing happening at Wrexham at the minute ... Early days!

Reservations so far this week - 1

Move ins so far this week - 0

Thought of the Day -

The self storage drop off was expected! Let me explain ....

If you imagine the seasons as waves (waves represent Sq Ft)

In the summer the waves come in ... In the winter the waves go out.

Normally not all the summer waves leave in the winter ... Some stay with us, meaning we gain sq ft over the year ... Fingers crossed

HOWEVER ...

CVID changed all that ... Instead of a wave it was a constant tsunami hitting us for 18 months! Yippie ... Yippie indeed!

This meant massive growth for the industry ... BUT ..

... That tsunami also has a high tide and low tide.

We are now experiencing the low tide ... The tsunami is retreating.

So now we are just experiencing a natural adjustment.

Below is the revenue Willerby has take since we opened year on year.

You will notice a missive jump in revenue the year CVID hit ... Dont get me wrong we rode that wave very well by increasing prices and great revenue management but that wouldnt have been possible if not for CVID

Worse case, we will lose 10% of revenue this year... SO rough figures, it means we will take £790k

Thats £340k more than 3 years ago.

There is noooo way we would have grown the revenue by over £100k a year in those 3 years.

So the conclusion is ... Although the CVID tsunami is hitting a low tide, its still been a massive positive for the industry

Willerby's Revenue since 2016 (Ex Vat) -

• Opened October 2016 - September 2017 -Revenue = £131,176

• October 2017 - September 2018 -Revenue = £323,120

• October 2018 - September 2019 -Revenue = £409,150

• October 2019 - September 2020 -Revenue = £457,412

• October 2020 - September 2021 -Revenue = £743,538

• October 2021 - September - 2022 -Revenue = £876,185

Hopefully that has been explained well enough for people to follow ... From what I here other storage companies are seeing the same!

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

Weekly goals -

• Gym - 4 times

• Run - 40 K

Results so far -

• Gym - Twice

• Run - 25k

Monday - 8k run, Tuesday - 4k run and Wednesday - 8k run and 5k playing 5 a side football!

Ha with these figures you'd think i have this awesome body!! Buttt ... I like a beer ha ... I actually have one on the go right now ....

Think I need to underline its 10.52pm when writing this :-)

Yesterdays Steps - 28,812

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