A Strong Mission Statement Can Help You Focus on What Matters Most

You have decided that you want to invest in self-storage, why? Obviously, it is a great source of passive income. It is a great way to generate wealth. There are a lot of various investing strategies that you can pursue. So why are you in self-storage?

If your answer is to make money, then you need to be more specific. There are a lot of different ways to make money. Someone can hand you a dollar and you have made money in self-storage. You need to set specific, achievable goals so that when tough times come, you can weather the storm.

What attracted you to self-storage? For some people, it is the freedom of being able to generate cash flow and work on their own terms. For others, it is generating long term wealth to create a legacy. For others, it is a way to create additional income to help others. What is your why?

Most successful businesses have a mission statement. You need a mission statement too. If you don’t know where to start with your mission statement, think about some of your favorite brands and go look up their mission statements. Take the portions that really resonate with you. Modify those sections until you have created your own mission statement.

One of the reasons that you want a strong mission statement is that it can help you stay focused during tough times. However, another reason is that you are going to grow. As you grow, you are going to need to hire help. You will need managers to manage your properties. It may get to a point where you need a manager to manage your managers. You want to make sure that you hire people who believe in your mission statement too.

If your mission statement involves helping people and providing great customer service, then you want to make sure that you are hiring people who will give your clients that service. You don’t want to hire someone who isn’t going to take care of your renters.

As you grow your company, it is important to have employees who work well together. You need people who have the same goals for the company that you do. You may not be able to find people who want the company to be as successful as you do, but hopefully you can find people who are close.

Once you have your mission statement, write down your vision statement. Where do you want to be in 1 year, 5 years, 10 years. In 10 years, you want your company running itself. You want your managers so well trained that they have streamlined the processes and you are just getting your reports and managing the managers.

In 10 years, how many properties will you have purchased? This is different for everyone. Only you can set your goals. This is also a tipping point with investors. You should be doing well enough that you have people asking if they can invest with you instead of you having to go out and find partners.

Take a moment and write your 10 year goal in the present tense and say it out loud. “I am a successful Self-storage investor. I have __ properties. I work successfully with __ partners. We are currently buying, fixing up and selling multiple self-storage properties to generate more wealth. I am also holding __ self-storage properties to create a legacy and generate passive income. I have reached my 10 year goal and I have set new goals for myself for the next 10 years.”

By putting your goals in the present tense, it makes them feel more achievable. It helps motivate you during tough times. Take a few minutes and write down your why. Create your mission statement and set your 1 year, 5 year and 10 year goals. Self-storage is a great place to be. If you don’t know where to start, ask a mentor. Find someone who can help you along the path. As always, happy investing.