New Container Site Proposed In Scotland 🚨

Plus: The Risks Of Opening A New Site

🎙️Have you checked out my Hacking Self Storage podcast? Find it HERE

GM Store Nation,

Today im travelling to Scotland …. Trying to finalise heads of terms for a new site …. I will tell you all once signed 🙌 

Fingers Crossed we get this deal done …. Its, as Dave Davies would say “A Fucking No Brainer Mate” hahaha …. No one tell him I say this 😅

Yesterday was a busy old day … Plenty of Quotes, Reservations, Move Ins and the dreaded Move Outs 😲

Yesterdays Stats …

  • 4 Reservations

  • 6 Move Ins

  • 6 Move Outs

Lets … Do … This …

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

🤐 A Self Storage Tip - “The Risks Of Opening A New Site

🤝 3 Self Storage News Stories

🧐 Yesterdays figures for each facility

🥸 1 Meme of the day

Self Storage Tip - 💡 💰 🤑

There’s always risks when opening new sites (or even starting a business from scratch) 🤔

Here are a few you should consider before opening a new site or starting a business

  • Product Market Risk 🤨

Is there a need and a want for a product

Does anyone want what we have to offer

IE Are they happy with the container sites or will people use an all signing and dancing indoor site … and pay the extra for it

  • Technical Risk 🤨

Can we even do it … ie manless facility

Will the demographic understand and be able to use the app to enter the facility (We have had this problem at Clough Rd, our manless site)

  • Regulatory Risk 🤨

Is there any reason why we won’t be granted planning

We put in offers subject to planning approval to negate this risk

  • Demand Risk 🤨

Is the market over saturated

Is there more than 1 Sq Ft Per Capita of Self Storage already in the market

  • Industry Risk (is the industry growing) 🤨

This is something I looked at before opening Willerby (My first indoor site)

Ie petrol stations, the market is decreasing because of electric cars.

I wouldn’t want to be investing in petrol stations because of the longterm outlook

Storage is growing industry … Year on year the demand is increasing!

  • Cash Flow Risks 🤨

This is a biggie for me!

Is there cashflow risks to your business … If so have you done a cashflow forecast?? This will certainly help mitigate the risk

Indoor storage has a big capital expense, high running costs so therefor the Cash Flow Risk is High

Outdoor storage not so much of a Cash Flow issue. The running costs are usually less and with asset finance the containers can be bought over a number of years

Lastly … Is it easy for people to copy you?

Is there a moat around your business?

A moat can show up in many many ways

Willerby has a moat around it because of the position … You can’t out position me in Willerby!

It also would cost over a million to set up a like for like storage facility … The average man in the street just can’t afford it

What’s your moat around your business …. Like I said moats come in my forms, not just position of your site and cost to build the facility

Industry News -  🧐

  • 1 -  Self-storage facility plan for Kilmarnock as site with 108 shipping containers is considered

  • 2 - Raleigh-based self-storage company has raised $80M this year, eyes $100M goal

  • 3 - Safestore is supporting WrapUp Luton to keep the homeless warm this winter

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

Willerby (Hull) My big site -
  • 2 Reservations

  • 0 Move In's

  • 2 Move outs

Month to Date -

  • 0 Sq Ft Up

Reservations so far this week = 2

Move ins so far this week = 0

Clough Rd Figures .... The Automated Site
  • 2 Reservations

  • 3 Move in

  • 3 Move outs

Month to Date -

  • 1,180 Sq Ft Down!

Reservations so far this week = 2

Move ins so far this week = 3

Beverley … My Baby (First site)
  • 0 Reservation

  • 1 Move in

  • 1 Move Outs

Month to Date -

  • 105 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 = 0

Move ins so far this week = 2

TOTALS -

Reservations so far this week = 4

Move ins so far this week = 6

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 - 1

  • Run - 0

  • Boxing - 0

Yesterdays Steps - 18,172

Loads of self storage love,

Dean ❤️ 🙃 

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