3 Key Areas You Should Focus on When Evaluating Your Business!

Anytime you create a business you need to evaluate where you are going to get your capital, how you are going to market your business, and finally how you are going to manage your business. If you don’t know how you are going to generate the money to purchase your next self-storage project, then you need to start networking with potential partners and lenders. If you don’t know where your next property is going to come from, then you need to start marketing and networking. Finally, once you have purchased your properties, you need to know how you are going to manage them.

In order to find the money for your next self-storage project, you should be meeting with banks and SBA lenders to find out what kind of loan programs they have that might work for you and your property. If you don’t talk to them, then you won’t know what you need to do in order to qualify. You may not have to put down as much money as you think you do if you are able to get an SBA loan. You may need to put down more money than you think you do if you go with a traditional loan. If that happens, then it is time to find partners who are willing to invest in your project. Don’t let the money slow you down. If you find a great opportunity, you will be able to find partners. Networking is one of the best ways to find potential partners for your projects.

Marketing is the fuel that makes your business go. If you are not marketing, you are not in business. It is so critical to put together a good marketing plan to find sellers. Decide how you are going to market. Are you going to use targeted direct mail? Are you going to rely on commercial Realtors? Are you going to find properties in your local area and call each seller yourself? No matter how you decide to market, you need to have a consistent plan that will allow you to be successful. You cannot just reach out to sellers one time. They may not be in the market to sell today, but time and circumstances change. If you don’t know where to start, talk to successful self-storage investors and ask them what they are doing.

If you are planning on buying several self-storage properties, then you need to seriously think about who you are going to hire to manage your properties for you. Your time is best spent finding the next deal. Do you want onsite managers? How big are your properties? There are so many things to take into consideration when you are looking into your management team. Make sure that you know what to ask when you are hiring.

These are questions that shouldn’t be taken lightly. We will spend the next few blogs addressing each of these topics in detail so that you have a better understanding of what you need to do. As always, happy investing.