Have you done a S.W.O.T. Analysis on yourself yet? Part 2

Now that you know where your strengths and weaknesses are, you need to look at the opportunities and threats around you. There are so many opportunities in the self-storage market for you to find. You just need to start looking. There are also the possibilities of being out located or having someone oversaturate the market. You want to be constantly watching for these things.

So, what opportunities can you be on the lookout for? If you already own self-storage, maybe you want to seriously consider whether or not you need to add climate controlled self-storage to your facility. Depending on where you are, this may or may not be something that would draw in more renters. Maybe you have some extra land that you could turn into Boat and RV Parking. What other opportunities can you create with what you already have?

If you don’t already own self-storage, then what opportunities are there for you to buy properties? If you don’t know where to start, are there opportunities for training or mentors or partners in your area? If you feel confident, then where are you going to start looking. Start creating opportunities for yourself to buy self-storage.

You also need to constantly be on the lookout for potential threats. Is there any vacant land between you and your customer base? If there is, what are you going to do if that land goes on the market? You don’t want to get out located. What if someone builds another self-storage facility within your 3 mile radius and that offsets the balance of the market? What is your plan?

If you are out there making offers, what are you going to do now that interest rates are higher? How are you going to handle the competition who are putting in offers against you?

We don’t live in a static environment. Everything changes. You need to be prepared for those changes and be watching for them. Some of these changes will create opportunities for you and others will create threats. Either way, you need to be prepared for them. As always, happy investing.