Store More Nearly Died 😲

GM Store Nation,

The signs are up at our new site in Mansfield 👀 Sooo excited to open on the 13th November

I looooveee these signs … Love to hear your thoughts ??

Anyway … On with the email

Lets … Do … This …

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

🤐 A Self Storage Tip - “Store More Nearly Died”

🤝 3 Self Storage News Stories

🧐 Yesterdays figures for each facility

🥸 1 Meme of the day

Self Storage Tip - 💡 💰 🤑

There seems to be a TON of people wanting to get in self storage at the minute ….

AND … I don’t blame you!!

HOWEVER … Its not as easy as many would have you believe

I heard this qoute below the other day and I think it sums it up perfectly -

“Self storage is a bumpy road that ends smooth” 🌈

But you have to be aware it’s hard at first!!

When you first open you have -

• Capital Expenditure … Shop Fit, Signs, Legal, Planning permission, Gates, Fencing etc etc (this obviously changes depending on the site). All costs just to get the site open

• No revenue … Customers will come but they come in drips and drabs at first

• Expenses - Wages, mortgage or rent, electric, loan repayments etc etc … This is death by a thousand cuts especially with little or no revenue

When I first opened in willerby I was a complete novice!

I understood my expenses (rent, rates, electric, wages, repayment of loan) BUT I didn’t know how to predict how much Sq Ft would move in in any given month … my cashflow forecasts were a disaster …. Actually I tell a lie, there wasn’t a disaster because I didn’t have any!! 🫣

I had the build it and they will come mentality! Big mistake ❌ I didn’t know what I didn’t know

Store More nearly died before it even got started

LOADS IF STRESS …. To say the least

I tell you this because I don’t want you to fall in to the same trap as me … I want you to go into storage with your eyes wide open

I opened clough rd 20 months ago. Spent over £500,000 Cap Ex

HOWEVER … Zero stress

Why .. because I knew my numbers, I had cash flows

I knew -

• my cap ex costs

• By borrowing

• All expenses

• Predictable revenue

I recommend everyone plans out a monthly cashflow for the first 24 months, minimum!!

I’ve opened sites with no cashflow and with a cashflow and I know which work best!

Learn from my mistakes

#ImakeTheMistakesSoYou don’tHaveTo 😂 haha

Industry News -  🧐

• 1 - Big Yellow: Right Strategy But Still Pricy

• 2 - Safe Store Shares focused in Motley Fool … Again!

• 3 - CFO for UK Self-Storage Operator Safestore Holdings Announces Retirement

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

Willerby (Hull) My big site -

• 0 Reservations

• 2 Move In's

• 2 Move outs

Month to Date -

• 75 Sq Ft Down

Reservations so far this week = 0

Move ins so far this week = 2

Clough Rd Figures .... The Automated Site

• 0 Reservations

• 0 Move in

• 3 Move outs

Month to Date -

• 175 Sq Ft Down

Reservations so far this week = 0

Move ins so far this week = 0

Beverley … My Baby (First site)

• 1 Reservation

• 0 Move in

• 0 Move Outs

Month to Date -

• 0 Sq Ft for the month

Reservations so far this week = 0

Move ins so far this week = 0

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

Reservations so far this week = 0

Move ins so far this week = 0

Meme of the day - 👀 😂

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

Weekly goals -

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

• Run - 0 … Im still injured with my knee … But im making sure my average steps are 20,000 per day. Gotta keep up the cardio

• Boxing - 0

Results so far -

• Gym - 1

• Run - 0k

• Boxing - 0

Yesterdays Steps - 14,363

Loads of self storage love,

Dean ❤️ 🙃