Tag Archives: credibility kit

Self Storage Investing in the News

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Here at Self Storage Investing, we’ve been helping newcomers advance and get their start in the business through our mentoring program. And after years of service, I’m happy to announce that others are taking notice. This past week, our efforts were featured in Extra Space Storage’s blog, as well as IBT PR Center’s website, highlighting the outline of our plan.

In her blog, Holly Robinson of Extra Space Storage, expresses the importance of a program to help buyers obtain finances and show them the ropes of the self storage business. She states how most businesses don’t come with a how-to manual, but that’s exactly what we’re doing: teaching investors what to expect. But we don’t stop there.

During the program, students learn the ins and outs of self storage through several mediums including software, seminars, eBooks, and one-on-one mentoring. Then we help them sign up for specialized loans or meet with private lenders to make their business a reality. In fact, last year alone we were able to help four students obtain storage facilities, across the country, worth a cumulative $6.9 million.

To find out more about our mentoring program, comment or click the academy tab above.

Alternate Forms of Revenue: Opening a UPS Store

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As an entrepreneur, chances are you’re looking for every medium possible that can help bring in extra money. Whether it’s adding on a coffee shop, putting in a vending machine, or becoming a certified UPS store, there are always ways to capitalize on your building’s space. Think of the first person to cram a Wendy’s or McDonalds into a gas station. It may have seemed like an unlikely combination at first, but by cutting back on overhead (using a single building) and increasing convenience (the “convenience” store), owners can significantly increase their profits.

One such venture is to turn your facility into a UPS store. This is a combination, unlike gasoline and hamburgers, that goes hand in hand. For example, UPS stores sell packing supplies, boxes, labels, etc. When customers are bringing in items to store, they have easy access to the supplies they will need. And, on the other side, those who come in to pick up or mail a package learn about your storage facility. Plus, you’ll be earning money from the store’s sales, only a fraction of which goes toward royalty and franchise fees.
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Property Ownership Guide: Renters Insurance Reviews

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Here at Self Storage Investing, we are dedicated to helping other storage facility owners – whether new to the business or those who have yet to commit – the best advice when breaking into the industry. In order to carry on that promise, I decided to start a series of blogs in which I review and compare different business necessities. Stay tuned for more great self storage business advice. Up first: renters insurance.

Renters insurance, although not (generally) provided by the building owner, is an important piece of the self storage business. Individual renters will be interested in knowing perks, prices, and stipulations to different policies. As a self storage facility owner, it is a good idea to have this information on hand, and be able to offer advice to your future renters.
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Business Awards Bring Recognition, Free Advertising

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With all of the advertising options that are available today, the costs can add up quickly. There are radio ads to purchase, commercial slots, internet space – the options quickly make a dent in the profits. But, what if there were another way? What if there were a way to get the word out about your services without having to pay for it? While nothing can actually replace conducting your own advertising, there are methods that can help along the process. One such free example is winning an award.

While, of course this path requires for your company to be chosen by others, it also makes it that much more honorable once it’s been earned. Not only will winning an award bring clout to your business, proving to potential customers that you’re the real deal, it will also get your name out into the public. Award winners can also be featured in local publications, reaching an even broader audience.
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How to get into the Self Storage Business Part 4: Cashing in on your Networking Skills

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In our past few blogs, we’ve talked about some of the essential skills one should have when starting a self storage business, or any property-ownership business for that matter. We’ve shared our expertise on the importance of learning to network, but now we’re going to take it a step further and show you how to capitalize on those connections. With solid networking skills and maintaing business relationships, you can help further your company in ways that, alone, would have never been possible.

First of all, it’s important to follow up with your connections. (Trust me, I would have gotten nowhere in this business without learning how to network.) Whether you’ve met a fellow property owner at a convention, through an online meeting, or while getting your oil changed, you should be sure to cash in on that relationship. So, what is a follow up? It’s a second chance to talk to a connection, remind them of who you are, and to discuss where you’d like your working relationship to go. It shouldn’t be too forward or intimidating, just a chance to say, “It was nice meeting with you; are you interested in working together in the future?”

Start off by reminding the connection how they met you, “We met on such-and-such day and talked about this-and-that.” (It’s best to follow up within 72 hours of meeting so faces and conversations haven’t been forgotten.) This will help the connection feel at ease and confident that you aren’t a telemarketer or a cold caller. For example, when I meet a new person, I make a point to talk about something interesting so they’ll be sure to remember the conversation. Ask them if they heard about that storage company selling their property for $1, or how do they feel about giving their customers stock options?

Then, once you’ve got them to remember you, it’s time to discuss your future plans. Is the connection a contractor who you’d like to work with? Are they looking for rental space, which you have to offer? Do you simply want to keep each other in mind if an opportunity should arise? It’s also a good idea to offer an incentive so they don’t feel as though you’re hunting for a sale/handout. “If you rent with me, I’ll offer you a six month discount,” or “Do you offer any construction deals for first time clients?”

Finally, now that your connection has been made, keep the relationship alive. Perhaps you ended up doing business together, or maybe you simply earned a space in the other’s rolodex. Either way, it’s a good idea to make yourself fresh in their mind – after all, what is it going to hurt if you send the occasional email? LinkedIn connections are also a great way to keep in touch, or if you have a company newsletter, add them to the mail out list.

With these networking tips, you’ll be sure to help stay on top of your connections, and manage to give yourself the upper hand in your new business venture.

How to get into the Self Storage Business Step 1: Securing a Loan

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From the outside looking in, the self storage business can often look intimidating. Especially in an economy where it’s difficult for anyone to get a loan, particularly first time property owners. However, there are steps that you can take to make getting into the self storage business easier and less stressful.

First of all, it’s important to understand why banks are so selective when it comes to self storage borrowing. Not only is it a property loan, but the self storage industry is unique from most other property ownerships. In fact, it’s more of a retail business – meaning you not only have to known how to be a successful landlord, you have to know how to run a sustainable retail business. And if you have little or no experience in either field, banks and credit unions are often hesitant to cough up the loan.

How to Gain Credit

Before heading into the loan office, it’s a good idea to build up your credit. Whether it be business or personal, having a good track record will only help your chances at getting approved. If you’re working under a company name, be sure to register with the three credit bureaus. It will put you on the map with creditors and allow banks to check your Small Business Credit Risk Score. Another way to earn a high credit score is to open up a checking account or credit card in your business name. And if you’re operating under your personal accounts, make sure your debts are paid up and any previous property loans are in order.

Next, get to work on your paperwork. Your loan application is one of the most important steps when purchasing your very own self storage facility. Make is shine by highlighting all of your assets. Have you owned property before? Worked in retail? Show the bank your skills and why you’ll be great in the self storage business. On the other hand, though, make sure the skills you’re listing are worth bragging about. Selling retail in college for a few months isn’t exactly going to impress a possible investor.

Finally, utilize your resources. Do you currently own properties? What collateral do you have to offer?Having a sufficient amount of insurance is sure to help any lender feel at ease when handing you a check. Another helpful resources is hiring an experienced manager. Bringing in an employee who is well-versed in the business will prove to the bank or credit union you’ve done your research and are serious about the loan and the self storage industry.

How to Get Reviews for your Self Storage Business

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In the self storage business, there’s not always a lot of opportunities to have one-on-one contact with your customers. And chances are, if you do, it’s to talk about maintenance or contracts. So how do you get reviews or testimonials that will help your business from existing customers?

Why should you have reviews?

Customer reviews are an excellent way to give first-hand experience on your company. Potential renters will appreciate opinions from those who have already dealt with your business and will be more likely to trust you after hearing others’ reviews. Having existing customers review your business will also show that they are not only satisfied with the services, but confident enough in their experiences to share them with others.

Using testimonials are also a form of marketing with minimal costs as sites such as yelp, yahoo local, etc. do not charge for users to post or check reviews.

How to obtain self storage reviews

If you don’t already have customer reviews for your self storage business (a quick google search can find this out for you), a good tactic is to be direct with your customers. Ask them to post for you … their honest opinions though, as the reviews should be genuine. Let them know you are trying to expand your market and a review from existing customers will let others know what to expect. You may offer those who agree a coupon of sorts, or a discount on services in exchange for their review. Just make sure whatever you offer them does not come off as bribery or payment. However, a simple this-is-for-your-trouble coupon can be a sincere form of thanks.

Another great way to get exposure is to offer deals to new customers. The sale will get the buzz out about your company, and renters have a reason to contact you because of the new-timers discount. And, those who are satisfied are sure to pass along the news, either through word of mouth or through their own personally-written testimonial.

Keep these tips in mind the next time you’re marketing your self storage business to help bring in new customers and keep your current ones involved and happy.

Music, Millionaires and Self Storage Investing

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I think Liza Minnelli, in Cabaret sings it well, “Money makes the world go around?…the world go around?…the world go around. ?Money makes the world go round. ?Of that we both are sure…?*raspberry sound* on being poor!”

Don’t we all agree? I actually think the dream of being a millionaire shouldn’t be the least bit daunting, you obviously agree. You think so and that’s why you are here. Well, you are definitely looking in the right place. Taking control of your financial security is your responsibility and investing your money in the consistently stable market of Self Storage will get you there quicker than you know.

With the change of the calendar to 2011, analysts and economists are looking at how 2010 was impacted by the economy and the general state of the United States Government. The reports are coming in, and again incredibly favorable to Self-Storage.

There are many steps to becoming a millionaire in Self Storage. In my Complete Guide to Self Storage Investing, I take you through those steps and provide you with the foundation that will allow you to build your own business. Become your own millionaire. Join the others in the Self Storage Millionaire’s Club; get monthly newsletters and exclusive articles that will keep you ‘in the know’ in this business.

In the meantime, get started by establishing your credibility for investors to evaluate. Here’s a simple tip: When you have completed the necessary steps and are ready to seek financial backing, ask yourself a question, “How will these financial investors, find my information and believe it to be credible?” Let me help you answer that question. Today you are going to develop your, Credibility Kit. Check out this video that outlines the steps to making your credibility kit. You’ll quickly be on the road to success and maybe, Liza will be singing about you some day.