🚨 Lok N Store To Open New Site Wirral 🚨

GM Store Nation,

Nooooo Reservations yesterday …. but I expect a GREAT Thursday … I just feel it 🙌

• 0 Reservations

• 4 Move Ins

• 7 Move Outs

Lets … Do … This …

Here's what coming your way today :- 😱 😎 🎯

🤐 A Self Storage Tip - “This ONE thing changed my business!”

🤝 3 Self Storage News Stories

🧐 Yesterdays figures for each facility

🥸 1 Meme of the day

Self Storage Tip - 💡 💰 🤑

This ONE thing changed my business!

Bold headline … But its 100% true.

I was looking through the self storage magazine around 8 years ago.

There was an article about a facility that Ready Steady Store had just bought.

The article was highlighting the revenue increase since Ready Steady Store took over … A lot of it was down to insurance been charged to the customer.

At this point I had 1 site (beverley24.co.uk) and only charged the minimum insurance to all customers … £1,000 worth of cover. I never really saw it as a big revenue stream … I was in the mindset of, “Charging £1 insurance isn’t really going to move the needle” … Gee Whizz (Yes I said Gee Whizz 😳) was I wrong! 😲

Back to the article …

When I read how much revenue this site was generating from insurance I couldn’t believe it and wanted to see for myself.

So me and my dad hoped in the car and pretended to be a customer.

I immediately saw their secret …

They had minimum insurance amounts depending on the size of your room, for example -

25 Sq Ft would be a minimum of £3k insurance

75 Sq Ft would be a minimum of £5k insurance

125 Sq Ft would be a minimum of £7k insurance

200 Sq Ft would be a minimum of £10k insurance

** These are just examples … I can’t remember what they charged

I couldn’t believe it … My limiting believes were shattered

BUT … I thought, there’s noway customers would pay it … Limiting believes back!!

Once home I did some maths and realised I could be “Rich” 😂 if I introduced minimum insurances at Beverley.

At this point id love to say I did it straight away … BUT I didn’t!

It probably took me a year or so to introduce minimum insurance amounts at Beverley but when I did I added £25k to the bottom line overnight!

See pic below … This is the current amount of insurance im charging per month as of 16th October. 21% of my revenue is insurance

As you can see my insurance revenue is nearly £40k per year … Just at Beverley

I now aim for an average of £6k of insurance cover per move in

Insurance is so often overlooked my a lot of smaller operators … But a great rule of thumb for operations is -

Study what the big boys are doing and copy that!

They are doing it because it works!

Insurance is a great way of boasting your revenue and profit

Don’t do what I did and wait years to take advantage of insurance revenue … Do it today!

** Seems a theme of my podcast and newsletter … “Don’t do what I did” or “learn from my mistake” haha 😂 I mess up and find ways not to do something so you don’t have to 🫣

Industry News -  🧐

• 1 - LokNStore To Open New Facility In The Wirral

• 2 - Head to Head Contrast: National Storage Affiliates Trust versus Big Yellow Group

• 3 - Strategic Storage Growth Trust III, Inc. Expands Portfolio With Key Acquisition in the Miami-Fort Lauderdale-Pompano, Florida Market

The fun bit - My business .... Bare Butt Naked! 😲 🤫 🤭

Willerby (Hull) My big site -

• 0 Reservations

• 1 Move In's

• 3 Move outs

Month to Date -

• 65 Sq Ft Up

Reservations so far this week = 1

Move ins so far this week = 2

Clough Rd Figures .... The Automated Site

• 0 Reservations

• 2 Move in

• 2 Move outs

Month to Date -

• 1070 Sq Ft Down!

Reservations so far this week = 0

Move ins so far this week = 3

Beverley … My Baby (First site)

• 0 Reservation

• 1 Move in

• 1 Move Outs

Month to Date -

• 70 DOWN Sq Ft for the month

Reservations so far this week = 0

Move ins so far this week = 1

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

Reservations so far this week = 1

Move ins so far this week = 0

Meme / GIF of the day - 👀 😂

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

Weekly goals -

• Gym - 5 times …. 20,000 steps per day

• Run - 15 k … Knee starting to get better WHOOOPPP!

• Boxing - 0

Results so far -

• Gym - 2

• Run - 9k …. Played 5 a side for the first time in 4 months YAHOOOOO!

• Boxing - 0

Yesterdays Steps - 21,121

Loads of self storage love,

Dean ❤️ 🙃