Implied Affordability ... This is GOLD

Goood Day Store Fam..A..Lam

Sorry this email is late …. Ive been touring a caravan back from the lakes all day 😃

A lot of people have been messaging me asking whats happened to the podcast?

Firstly I appreciate the love … I love the fact that you guys miss it ❤️

The reason I havent done it for a few weeks is a tech issue (and the fact ive been away for most of the summer hols), I cant send my VA the podcasts the way I used to for some reason 🤷‍♂️

Kids are back at school next week so I will figure it out then 😀 

Annnndddddd … There will be 5 episodes per week as well. I have loads of awesome (ha well I think its awesome) content already planned 😇

Anyway … on to the newsletter ….

Lets … Do … This …

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

🤐 A Self Storage Tip - “”

🤝 3 Self Storage News Stories

🧐 Yesterday’s figures for each facility

🥸 1 Meme of the day

Self Storage Tip💡 💰

Implied Affordability 

Do you know the Implied Affordability for your town / City / Area??

What the heck is Implied Affordability I hear you ask?? 

Implied Affordability is a term I believe came from America 

In simple terms its knowing how much your customers can afford to pay for storage

Luckily for us … As ever, our trusty American mates have done the heavy lifting for self storage operators 

The implied Affordability for a household is 6.5% (This data comes from a report in America)

This means that most customers won’t question the cost of self storage if the cost is below 6.5% of the household income 

So for example … 

If the average household income in Mansfield is £40,000 (for an example only)

We know they can afford 

£40,000 X 6.5% = £2,600 Per Annum 

2,600 Divided by 12 = £217 Per Month 

Anything over this amount they may start questioning if they should have it and can they can afford it

Anything below this amount and they don’t question it 

Why is this important …

2 reasons 

1 - Its super important when starting up, it massively helps to project how much you can charge and therefor helps with cashflow etc 

2 - It helps with your revenue management. Knowing the sweet spot you can then act accordingly, if you want to be aggressive and aren’t too concerned if people leave then it doesn’t matter if your increases exceed the Implied Affordability 

If however you don’t want to upset the apple cart then you can make sure your increases don’t go above the Implied Affordability Ratio  

I personally love this … The more information and data I can get to help run my business the better 

Dont get me wrong … I dont think this is an exact science but it certainly helps helps

This little beauty I learnt from Fred, Founder of Hold Storage (And Attick) 

Industry News🧐

• Self storage operator to invest £10 million in Portugal

• New Self Storage Goldmine In Germany

• Keeping people safe during a self storage emergency

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

Yesterday’s Results -

Willerby (Hull) … My Big Site

• 0 Reservations

• 1 Move Ins

• 1 Move Outs

Month to Date -

• PLUS 735 Sq Ft

Reservations so far this week = 0

Move Ins so far this week = 2

Clough Rd Figures ... The Automated Site

• 2 Reservations

• 2 Move Ins

• 2 Move outs

Month to Date -

• MINUS 1965 Sq Ft

Reservations so far this week = 2

Move Ins so far this week = 3

Beverley … My Baby (First Site)

• 1 Reservation

• 0 Move Ins

• 0 Move Outs

Month to Date -

• PLUS 10 Sq Ft

Reservations so far this week = 1

Move Ins so far this week = 0

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

• 0 Reservation

• 1 Move Ins

• 0 Move Outs

Month to Date -

• MINUS 40 Sq Ft

Reservations so far this week = 0

Move Ins so far this week = 3

Mansfield Figures

• 0 Reservation

• 0 Move Ins

• 1 Move Outs

Month to Date -

• PLUS 1445 Sq Ft

Reservations so far this week = 1

Move Ins so far this week = 2

Glasgow

• 0 Reservation

• 0 Move Ins

• 0 Move Outs

Month to Date -

• PLUS 1120 Sq Ft

Reservations so far this week = 0

Move Ins so far this week = 1

Meme / GIF of the day -👀😂

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

Weekly goals -

• Gym - 2 times

• Run - 40 miles

• Boxing - 0

Results so far -

• Gym - 0

• Run - 11.5 Miles

• Boxing - 0

Yesterday’s Steps - 20,971

Loads of self storage love,

Dean ❤️ 🙃