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Marketing today includes Promoting Social Distancing!



Marketing today includes Promoting Social Distancing!

Covid 19 Update

Due to recommendations by local, state, and national health officials, we have implemented extreme cleaning and social distancing procedures to protect our staff and clients.

If you need to rent you have three great social distancing options

1) Rent online at www.StorageAuthority.com

2) Call the office and rent a unit on the phone – 860-830-6764

3) Rent at our onsite Kiosk

In both cases, we will give you a free heavy-duty lock that will be waiting for you in your unit.

If you get to the facility and you are not 100% satisfied with your unit we guarantee to refund your money.

If you get here and decide you need a bigger or smaller unit, no problem we can transfer you to the right size unit in seconds.

Social Distancing Payments are also easy

1) Pay at our onsite Kiosk

2)Pay online at www.StorageAuthority.com

3)Pay over the phone 1-860-830-6764

4)Mail a check to the office.

You have to be prepared for different Covid operational options depending on your location your staff and where we are in the Covid 19 process. You may be open with business as usual with additional cleaning and simple social distancing to one client in the office at a time to the office manned but not open to the public. You should have a written plan and window signage as well.

Here are samples of Door signage for different situations

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In today’s business environment you have to get it right day in and day out.  And the best way to do that is with an experienced team like Storage Authority

Marc Goodin is President of Storage Authority Franchising.  He owns 3 self storages he designed, built and manages. He has been helping others in the self storage industry for over 25 years.   He can be reached at marc@StorageAuthority.com or directly at 860-830-6764 to answerer your development, marketing, sales and operations questions.  His best selling self storage books are available at Amazon.

Jan 2, 2020 Press Release: Storage Authority is Growing Again

 

unnamed-11 Storage Authority Monmouth Rd NJ

Storage Authority opened a new franchisee owned self-storage facility on December 15, 2019.  Storage Authority Monmouth Rd is located in Millstone, New Jersey. www.StorageAuthorityMonmouthRd.com  Upon total build out it will be 83,375 SF.  This is Storage Authority’s 5th open facility. They presently have open facilities in CT, FL, NJ & TX.

 

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Storage Authority Land O’ Lakes, FL

Storage Authority’s 6th facility is under construction in Land O’ Lakes, Fl and will open this summer.  This will be their second FL facility.

On December 20th Storage Authority awarded its 5th Florida Franchise. Storage Authority is positioned to award a new franchise every month in 2020.

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Storage Authority Mulberry Office

Storage Authority Walters Rd, Houston, Texas, and Storage Authority Mulberry FL which both opened late April of 2019, have rented over 550 units and each location is preparing to start phase 2 in the first quarter of 2020.

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Storage Authority Walters Rd, Houston TX

Presently Storage Authority franchisees are looking for land in the Northport FL, Davenport Fl, Houston TX, Tampa FL, San Diego, CA, Philadelphia PA, and several other areas.

Storage authority is the only traditional self-storage franchise in the US. They are based in Sarasota FL and have franchisees from coast to coast. Storage Authority is uniquely positioned to help busy professional own self storage, the number one real estate investment in the US, while they continue their careers. Check out our Storage Authority Photo Gallery to see our development in action.

If you would like to get additional information on becoming a franchisee please call Marc Goodin at 860-830-6764 or provide us your email here:

storageauthorityfranchise.com/opportunity1/

 

 

 

 

 

 

The Pros and Cons of Self-Storage Franchising: Is It the Right Path for You?

A great article on The Pros and Cons of Self-Storage Franchising recently posted on  Inside Self Storage  this site is the best resource for our self-storage industry if you haven’t already been receiving their monthly magazine be sure to sign up now, information enhances everything!  SUBSCRIPTION INFORMATION:

 

Market conditions have made franchising a viable model for self-storage owners and investors. Explore the pros and cons to see if being a franchisee is the right choice for you.

Marc Goodin | Dec 17, 2019

For the direct link to the article click here or continue reading below.

An owner or investor looking to get into the self-storage business or expand his portfolio has a few options: build a project, buy an existing facility, or join an investment group that does one or the other. Now, there’s yet another choice on the table: franchising.

Franchising combines the expertise of a franchisor with the resources and entrepreneurial drive of a business owner to form a mutually beneficial relationship. The model provides an economic opportunity for each party based on talent, initiative, and dedication. Typically, a self-storage franchisee will own 100 percent of his business and run it under a licensing agreement. In this arrangement, you’re in business for yourself, not by yourself.

Franchising began more than 40 years ago with companies like Holiday Inn and McDonald’s, which enabled owners to build businesses quickly because they didn’t have to reinvent the wheel. It didn’t take long for many would-be owners to see that economy of scale, support systems, branding, training, and increased profit could all be obtained by owning a franchise.

By far, franchising is among the most successful business models used by entrepreneurs. Many people’s lives and fortunes have been changed for the better because of it. Today, there are nearly 1 million franchises in the U.S. This number grows every year, as more individuals seek business-ownership benefits that aren’t as easily obtained by starting their own ventures.

Franchising and Self-Storage

Franchising is a relatively new concept in self-storage. Twenty years ago, the need for industry franchises wasn’t as great because the competition was limited. Now, there’s a demand for ways to enter the field.

While self-storage is still one of the greatest businesses on the planet, it has many minefields and traps that must be avoided, on both the development and operational sides. A few simple mistakes can cost you hundreds of thousands of dollars. This has made franchising much more attractive.

Until recently, struggling owners had few places to get support. They could always sell, of course, or turn over their facilities to a third-party management company. Outside management is certainly an option for independent owners who are willing to accept a smaller share of profit and don’t wish to be involved in the day-to-day operation. Franchising, however, is a great alternative for those who want to actively run their business. Let’s look at the pros and cons of this alternative.

Franchise Pros

It’s easier to get financing. Lenders prefer to extend money to franchise operations vs. independents who have never previously built or owned self-storage. With a franchise, you even still qualify for loans under the Small Business Administration.

It provides essential infrastructure. An owner who partners with a successful franchisor has a higher likelihood of success than someone starting a business from scratch. In fact, there are many benefits to sharing strategies and solutions with a network of franchisees rather than stumbling down the path alone.

On the development side, a franchisor is an experienced partner that assists with the land search, design, construction, and lease-up. Not only can this save you from costly building mistakes, it typically reduces development time.

On the operations side, some owners simply aren’t equipped with the sales, marketing, customer service, and other necessary experience to make the business work. Many can’t keep up with ever-changing technology. A franchisor can provide operational systems to capture high market share at premium rates as well as a scalable platform capable of competing with and surpassing the competition.

It provides valuable mentorship. It’s difficult to beat the combination of a franchisor’s systems, platforms and knowledge and an owner’s excitement and commitment. The relationship offers the owner several layers of mentorship.

A good franchisor will provide written, step-by-step development and operational manuals, guidelines, checklists and, most important, regular communication and guidance to save you time and money. It should also help ensure your facility is equipped with the high-touch, high-tech feeling savvy renters require. Having an experienced franchisor on your team who’s designed, built, owned and managed multiple facilities can make a substantial difference. Imagine having experts, who’ve gained their experiences in the trenches, ready to personally help you succeed.

It offers a quicker rate of success. It’s natural to want to pit franchise fees against the value such an agreement provides. The bottom line is a franchisor should be able to help you earn profit you couldn’t make on your own as well as reduce risk, save time and make life more enjoyable. A franchisee with a high-end sales and marketing platform can typically set rental rates 10 percent higher than what most startups could command on their own. This should more than offset the cost fees.

Not only should you be able to charge higher rates with the help of a franchisor’s experience and guidance, but you should also be able to rent more units. It takes less than 20 extra units per year to pay a franchisor’s services a second time. Before you complete your first month of operation, you should be able to generate more than enough additional revenue to negate franchise costs, and it should only get better moving forward.

Franchise Cons

It requires a full buy-in. For your franchise to work, you must be willing to buy into someone else’s system—completely. If you believe only your way is the right way, then franchising isn’t for you. Ask yourself whether you feel the fees are well-justified and you’re willing to take guidance from others. If not, don’t become a franchisee.

You must actively participate. If you don’t want to have any part in managing a self-storage facility, then owning a franchise isn’t for you. Instead, hire a third-party management company.

It must be a good fit. Every franchisor has a business philosophy that may or may not match your own. While one model may be based on something very basic and inexpensive like a Motel 6, another may push for unparalleled service, sales and marketing like The Ritz-Carlton. It’s important to gauge whether you and a potential franchisor are a good match.

It takes commitment. Franchising isn’t for owners who plan to sell their facility upon obtaining a Certificate of Occupancy or shortly thereafter because franchises typically have a multi-year term. Make sure you’re aware of any early-exit policy.

When considering a self-storage franchise, consider what you envision for your operation. How much involvement and say-so do you wish to have? The best way to figure out the right path for you is to dig in and research. Franchising is a viable model in today’s market conditions. If you’re ready to take the plunge and have confirmed you’re a good fit for this model, get ready to be empowered for success!

Marc Goodin is president of Storage Authority LLC, a self-storage franchise, and the owner of three self-storage facilities that he personally designed, built and manages. He’s been helping others in the industry for more than 25 years. To reach him, call 860.830.6764, e-mail marc@storageauthority.com, visit www.storageauthorityfranchise.com. You can also purchase his books on facility development and marketing in the Inside Self-Storage Store.

August 2019 – Self Storage – Where is the best place to build?

 

 

Storage Authority® News

We now are coast to coast!  Welcome and congratulations to Armani & Vanessa, new franchise owners from San Diego, CA.
In case you missed our updated Storage Authority photo gallery don’t forget to check it our here.
It all starts with a decision.  The rest is easy.
We have the road map ready to go for you.
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As part of our Dynamic Ease Self Storage Development Series, we help our franchisees around the development landmines, including finding land, designing, obtaining approvals, financing and building a premier self-storage facility.
Learn more at www.StorageAuhorityFranchise.com 
Or email or call Garrett Byrd
Garrett@StorageAuthority.com or Direct 941-928-1354

Where is the best place to build?

We get this question a lot.  The best place for most people to build is right in their own back yard, often around the corner and always less than an hour from home.  The grass always seems greener on the other side of the fence but there is no magical location.  Anyone you talk to from any major city will tell you they see new self-storage being built.  Self-storage is like no other business in the fact it is a very local nitch business.  Often 85% of the renters come from within three miles of the facility
But if you had to choose, in general, I would rather choose an area where the population is expanding as an increasing population can correct a poor decision.
And now with Google and programs like Radius Plus it is much easier to see gaps in the market and areas with too much self-storage.  Here is how you can do your own Mini Demand Study.
How do I know if my market is overbuilt?
Again given that  1-3 mile business self-storage is a very local nitch business  “Overbuilt” can be a very generalization of a given city.  While Houston and Dallas have much more self-storage than many other cities and as such could be considered overbuilt.  But as we have experienced with newly opened Storage Authority Walters Rd in Houston TX there are still opportunities in Houston, it just takes longer to find the land.
Now there are several online services that provide the demographics and existing square footage of self-storage, that tells us the existing square foot of self-storage per person for a given radius.  So we can check out a specific address or move a 3-mile radius map around and see where more demand is needed.  Many experts like to locate areas where the existing sf of self-storage, including your project and pipeline project, is at or lower than the national average of 7 to 8 sf of self-storage per person in 3 miles.  Need a Feasibility contact Bob Copper a self-storage feasibility expert from Self Storage 101

 

How is Storage Authority
Better than Shark Tank?

Glad you asked!
To get on Shark tank and make a deal you have to get lucky – not so with Storage Authority.
At Shark Tank not only do you have to think of a great business you have to prove it works.  Self Storage has already been proven to be the best real estate business for many people.
At Shark Tank, you get smart business people to help you but they may not even know your business.  At Storage Authority you get experts in business and Self Storage to help you.
If you get an investor at Shark Tank you are lucky if you get to talk to them once a month.  At Storage Authority we are ready to help you every day.
Get the whole story here:  Shark Tank vs Storage Authority

Do You Have Self Storage Questions?

We would be happy to answer them.
For development questions email marc@StorageAuthority.com
For operations and marketing questions email garrett@StorageAuthority.com

Storage Authority Vendor Updates

We are in discussions with a very large international Real Estate firm to help Franchisees find locations to build.  What makes this a good fit is the firm has many US locations so they have boots on the ground in many locations.  We should have details and have them working with us in the next couple of weeks – will keep you posted.
We are having great success with vendor partner Review Tracker to help us to get leads and respond to leads.  Did you know that 25% of your website SEO is from reviews on your website Plus we are hearing directly from customers they chose our locations because of the great reviews?
Things we love to do besides self-storage.
I am all for hiring experts but if I have the time I love to do outside projects.  Our latest do it your self project is our patio and fire pit at our Rivers Edge Cottage. it was a good 7-day project that I took 2 months to complete.  Not in a rush since my wife GP and Her brother will be completing the inside in the next couple of months.
Picture 1 – Existing sloped landed with an old broken concrete pad.
Picture 2 – Gravel delivered to make a level pad
Picture 3 – Had to build a short retaining wall due to the slope of the land.
Picture 4 – All level and compacted and ready for base and pavers.
Picture 5 – Pavers in except for some that need cutting. Fire Pit next!
What would you do with more time & money?


What’s holding you back?  You can do it!  You deserve it!

“Success seems to be connected with action. Successful people keep moving. They make mistakes, but they don’t quit.” – Conrad Hilton, Founder, Hilton Hotels
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          ARE YOU READY?

Storage Authority Blogs You Will Enjoy!

Complete Storage Authority News Room

 

Shark Tank vs Storage Authority

Storage Authority Video of the Month

Storage Authority Gate Entry Hands-Free Access

Ready to get ahead with the two best number one Self Storage Development and Marketing books?

Check out www.SelfStorageMarketing101.com

 

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Storage Authority
677 N Washington Blvd.
Sarasota FL 34236
www.StorageAuthorityFranchise.com         Garrett@StorageAuthority.com
1-941-928-1354
Garrett Byrd
Storage Authority
Vice President of Franchise Development

Booming 2019 Summer for Storage Authority Franchise Owners

Betty, our newest Storage Authority Franchise owner signed up yesterday and has already hit the ground running fast!    Step 1 build a team and find land.

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Storage Authority Millstone NJ has started construction of phase 1. Phase 1 is 3 buildings consisting of 30,000 sf of climate and non climate control units.

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Storage Authority Mulberry FL 70,000 sf facility is open in and renting up swiftly!

 

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Storage Authority Walters Road Houston opened Phase 1 the last week of March and is already looking forward to starting phase 2 later this year.

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Storage Authority Land of Lakes FL is slated to start construction this summer.

 

Check out more facility pictures at our Storage Authority Gallery: https://www.storageauthorityfranchise.com/gallery.php

 

If you would like to get a copy of the Steps to Awarding a Storage Authority Franchise, email Garrett at Garrett@StorageAuthority.com or give him a call at 941-928-1354

How to Develop Your First Self-Storage With Only $500K Cash Equity and Make an Extra Six-Figure Income.

By Marc Goodin

Land: You need 5 acres plus or minus of usable land excluding steep slopes, wetlands, easement areas, flood planes or other restrictions. It should be zoned for self-storage because zone changes or variances cost money and time and are often turned down. The purchase price of the land cost must be under $900,000 dollars.

Location: The property should be on a main street in town/city with typically 10,000 vehicles a day or more. The property should have easy access and great visibility. If it is too far off the beaten path for a grocery store it may not be the right spot for a self-storage. Remember around 70 to 8O% of self-storage rentals are by the ladies. If the location is not in an area the ladies would go to on their own day or night, it may not be a suitable location. Self-storage in industrial areas is a thing of the past.

Facility size: In order to make a good six-figure income and be large enough for the Reits and larger players to purchase for a good resale value it should be between 50,000 to 60,000 net rentable square feet. In order to keep the cost down to fit the $500K equity model, it will be single-story facility with a total cost of approximately 5.5 Million dollars built in 2 phases. Multi-story facilities cost more to build and typically can’t be built in phases.

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Demand: There must be sufficient demand in the 3-mile radius and no other new or proposed facilities in the 3-mile radius. There could be a large needed demand in the area but if you have multiple facilities renting up at the same time, the rent-up period (and associated carrying costs) can double or even triple. Typically, in the US there is an average of almost 8 Sf of existing self-storage per person with the average capacity at 85 – 90% occupancy. So, until we do research and understand a specific area, we often use a total demand of existing and proposed self-storage of 8 sf of self-storage per person in the 3-mile radius as equilibrium for a quick demand review until we study the area and demand in more detail. Radius can be used to assist in determining the approximate existing self-storage square footage and area unit pricing.

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Further competition review and feasibility study: Not all self-storage is created equal. Many self-storages are ancient, poor shape, have no pavement, no security and are not open most of the time. Often these facilities will not be your competition. Your goal is not simple to be full but to be full at premium rates. So, it is important to visit your competitions to determine rates, occupancy the quality of the facility and management. If all your competition is charging $85 a month for a 10’ x 10’ unit this is not a good sign. Either there is too much competition, so rates are depressed or the owners simply do not raise their rates, either way, a bad sign for future development.

In Houston, the average existing sf or self-storage per person is over double the national average and in New York, the average is less than half the national average. And in both places, there are good and bad locations. Unless you have the years of expertise a feasibility study by a self-storage expert is highly recommended.

Loan: A typical bank loan will require 25 to 35 percent down and will not provide any working capital. A traditional loan would often require one to two million dollars or more cash equity. Many new developers are going with an SBA loan that only requires 10 to 15 percent down. With an SBA loan, the numbers can look like this: $5.5MM project with phase 1 being $3MM. Fifteen percent down is $450,000 leaving $50K, out of your $500,000 cash equity for phase 2 soft cost before the phase two loan. Often phase 2 will not require more than the $50,000 equity because there is equity in phase one to provide for the SBA 10 to 15% owners cash equity.

Team: While listed here last is the most important item and should be done before you make an offer on land as they will help you review the land, make the offer, complete your initial due diligence and then move on to the design and construction phase efficiently. Your team should include a land use attorney, banker, a land broker, civil engineer, architect, and a contractor.

Secret Sauce: There are thousands of questions to be answered in the development process. In addition to the team members above you will also need a self-storage mentor who has built and owns multiple self-storages. None of the previous experts listed are all around self-storage experts. If you do not have a mentor, it will be important you hire a self-storage expert to help answerer those thousands of questions and go around the land mines so planning, design and construction mistakes do not cripple you. Your mentor or expert must also be there to make sure you hit the ground running with a detailed operational plan and the execution of a premier marketing plan.

The Steps to Storage Authority Mulberry FL Grand Opening.

 

Storage Authority Mulberry FL is open for Business! www.MulberySA.com

First, it was just a thought and then a dream.

1 Planning

And then a sketch

2 Rendering

And then a Rendering.

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Then a Feasibility Report.

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Then a Set of Plans.

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Then Construction.

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And a Lot of pre Opening Marketing!

Grand Opening

And more marketing!

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Of course, if it was just that simple there would be a lot more Self Storage Millionaires. A lot of planning and work goes into turning a dream into a reality. 

Grand Opeing

And the Grand Opening was a huge success!  And in their first month open they already have over 50 units rented.  Great job Scott & Daine!

April 2019 -$2,500 Storage Authority Referral Fee +10 Opening Tips

 

 

 

Storage Authority® News

 We are excited to invite Everyone to the Storage Authority Mulberry Grand Opening celebration on April 25th.  In case you can’t make it here are a couple of photos.


Website Storage Authority Mulberry FL

On May 11 Storage Authority Walters Rd, Houston TX is having its Grand Opening Celebration and you’re invited!  You can even win a 50″ flat screen TV!  Just in case you can’t make it here are a couple of photos.




Website Storage Authority Walters Rd. Houston TX

The Inside Self Storage World Expo earlier this month was a wealth of information.  Here is our President moderating the session on Using Data to make Self Storage Investment Decisions.

Need help with your research for a facility check out Radius!

The Dream team at the ISS expo: Garrett, GP & Marc

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As part of our Dynamic Ease Self Storage Development Series, we help our franchisees around the development landmines, including finding land, designing,obtaining approvals, financing and building a premier self-storage facility.

Learn more at: www.StorageAuhorityFranchise.com 
Or email or call Garrett Byrd (Garrett@StorageAuthority.comor Direct 941-928-1354)

Ten things to make sure your Grand Opening is super successful. 

1) Schedule it out 45 days after you open to get prepared.

2) Have town staff  there for a ribbon cutting

3) Have the local fire dept there with a truck.  Don’t forget to give them a donation

4) Have a person in costume with a sign waving drive-by traffic in.

5) Have lots of great food.

6) Have several giveaways & games for prizes for kids

7) Have a one-day rental special.

8) Have extra staff to give tours, help with parking, food etc.

9) Figure out parking in advance – have signage and a parking person.

10 Invite everyone, send out a newsletter, market your Grand Opening and market some more.  Call and visit the local community and email and hand out Grand Opening flyers.

Storage Authority Vendor Updates

For vendor contacts or recommendations feel free to email marc@storageauthority.com for the best of the best!

G5 continues to update our websites every month! New pictures & Videos and new technology.  Just added Open Tech Storage Genie video to the websites.  What makes your website better every month. Now a social reputation platform tied into your website is a must!

Jenny and the team at signquick have updated our Office & Gate sign manual to make life easy!  I love the magnetic unit size signs for the show units

Our packing & moving supplier Supply Side now provides metal slat walls for product displays – so much better than the wood/particle board that chips and does not have the quality look we demand!  I love the Storage Authority Lock packaging they provide for us!

The new Open Tech Alliance kiosks are just incredible.  And with the new price point, everyone can afford one.  The reality is there is no choice – you need one!

Vendors don’t forget we pay you a $2,500 referral fee for each lead you provide that becomes a Franchise.  Call Garrett for detail: 941-928-1354 

Things we love to do besides self-storage.

Marc our president is more of an engineer than an artist but every once in a while he dabbles in multimedia art.  Here is some of his work.

What would you do with more time & money?

Getting started is the hard part? Or is it? How about just saying yes!

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          ARE YOU READY?

Click here to Get Pre-Qualified to Begin your Journey to Financial Freedom with Storage Authority Franchising!

 

It’s not about money or connections — it’s the willingness to outwork and outlearn everyone… And if it fails, you learn from what happened and do a better job next time.” – Mark Cuban

Storage Authority Blogs You Will Enjoy!

Complete Storage Authority News Room

Alexa how much does my competition charge for a 10 x 10?

Recent Storage Authority News Letters

March 2019-Houston We Have Lift Off!

February 2019 Newsletter- 9 Tips for Self Storage Oversized Profits using Merchandise Sales

January 2019 Goal ~ Build Self Storage Facility ~ Imagine That!

Storage Authority Video of the Month


Storage Authority Gate Entry Hands-Free Access

Ready to get ahead with the two best number one Self Storage Development and Marketing books?

Check out www.SelfStorageMarketing101.com

 

Share
Tweet
Forward

 

Please share!      We Love Referrals.

Storage Authority

677 N Washington Blvd.

Sarasota FL 34236

www.StorageAuthorityFranchise.com         Garrett@StorageAuthority.com

1-941-928-1354

Smart Connected Facilities = High Touch, High Technology

StorageAuthority_Horz_logo

 

Here are three examples of what it means to have a smart connected facility which enhances the customer experience and reduces the facilites over all cost.

 

1.) Storage Authority Gate Entry Hands-Free Access

Storage Authority Franchise site with Smart Connected gate access capability. Opening the gate via hands-free geo-fence proximity partnered with and powered by Open Tech Alliance Insomniac Centralized Intelligent access(CIA). Re-inventing Access Control with the Industry’s First Smart Connected Self Storage Solution: INSOMNIAC Centralized Intelligent Access (CIA)

 

2.) Storage Authority Demonstrates Alexa Gate Control

With Storage Authority you have a smart connected facility which enhances the sites and customer’s overall experience.

The OpenTech AllianceTM IoE intelligent platform of smart connected self-storage solutions and Amazon Alexa allows Self-storage operators to execute commands and receive information about their facility simply by giving voice instructions.

Tying our software in with Alexa a few verbal examples you can use are…

  • “Alexa, ask Storage Genie to open ‘Front Gate’.”
  • “Alexa, ask Storage Genie how many visitors are here?”
  • “Alexa, ask Storage Genie who just entered?”

3.) Storage Authority Smart Connected Kiosk

Storage Authority Smart Connected Kiosk. Enhancing the customer’s experience, reducing the facility’s cost!  In the same way, ATMs made banking more convenient, the INSOMNIAC kiosks make self-storage renting more convenient. (And more profitable for those who offer that convenience).

 

Garrett Byrd is VP of Development at Storage Authority LLC. www.StorageAuthorityFranchise.com  .   He can be reached at Garrett@StorageAuthority.com or directly at 941-928-1354 to answerer your self-storage franchise, development, marketing, sales, and operational questions.  Storage Authority helps busy professionals make an additional six-figure income while keeping their current career.

Four things you need to become wealthy in America. Simple but not easy, until its done! By Marc Goodin

 

Wealthy in America: You can continue “your lifestyle” without working another day.  For most of the population that would convert into something like a good six-figure income and a multiple millions dollar net worth.  Does $250,000 a year plus income and $4 million net worth work for you? If so, please read on!

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It takes 4 things to become wealthy.  The hardest item is becoming an expert in the subject of your choice.  This is the hardest because it often takes 10 to 15 years.  And of course, most people never become an expert in their lifetime because who has the kind of time? Have you notice most people become overnight millionaires in their 50’s & 60’s.  Many professionals are very good at what they do and have 20 plus years’ experience but that does not necessarily make them an expert.  An expert is someone who you know can get the job done when the guy with 25 years of good experience is a risky choice.  You could become an expert in 5 years if you learned from other people experience and your sole focus was to become an expert.

The second thing you should plan on is owning your own business. If you are an expert working for someone else, they will be making the lion’s share of the profits.

The third item is you need to learn how to multiply your expertise.  If you are a great engineer or attorney charging $500 an hour, you will still be getting paid by the hour so when you stop working you stop getting paid.

The fourth and last item you and your team needs is solid business experience.  This includes development, operations, sales, and marketing.  If you’re the best people need to know it and understand how they are getting the best value from you.   There are so many people that think the best way to compete in the market place is to be the lowest price.  Competing on price is the absolute worst selling feature there is!  There is always someone who will have a lower price. Competing by having the best features is also a short-sighted option.  Great product or services are important, but others will soon copy your features. So once again it comes down to you being an expert at your chosen subject and having the business expertise to monetize your knowledge.  No one can duplicate you but you.

Notice I did not talk about hard work, perseverance, ambition or action.  You will have all these traits and more to become an expert and to own your own business.  Millionaires have been created over and over in just about any business-like engineering, hair stylist, mechanic, retail sales, self-storage, car sales……………to you name it, with these four items.

Let me tell you a few stories in my areas of expertise of Engineering & Self Storage to help you understand how the four items can evolve over time.

When I was 24 years old, Richard, the owner of a local civil engineering firm “Meehan & Associates” agreed to meet with me for a job interview. I had 4 years of good experience and was a project designer at a 50-person firm.  I was looking to be a part of a smaller firm where I could also learn the business side of engineering.   He suggested I come back in 10 years when I have more experience. I think I scared him right off the bat when I told him I wanted to be his partner in the next couple of years. Experts must think big before they are experts.

I did get a job at a small engineering firm (10 people) and got the experience and actually became an expert developers engineer.  About 11 years after my first interview with Richard Meehan he gave me a call and asked if I was still interested in being a partner. He accepted a minimal purchase price for 50 percent of the company because he understood we would be the one who got the call when only the best experts would do and be extremely well paid.    I am sure you called Rich he would tell you it was one of the best decisions he ever made.

It was rough going with the staff for a while.  They could not believe that Richard and I would be billed at $200 an hour when a professional engineer was being billed at $95/hr. at that time.  And then they went crazy when we increased the staff Professional Engineer’s billable rate to $125.  They thought we would never get another job.  But just the opposite happened.  We got so many jobs we traded our c and d customers for happier A & B customers. We went from $800K yearly income to $2.5Million income in one year by being experts in all aspects of development.  And the whole staff and our customers were happier in the end because we always gave our customers much more than they expected and they knew they had the best chances of success on their projects with us.

So, in some respects, I duplicated myself by having engineers on my staff do a lot of the basics

Of course, we were smart enough not to take jobs on an hourly basis.  We would figure the job based upon our expected hours and my hourly rates. And then we added 20%, as we knew from experience every project has unknown special needs that can’t be determined day one.  When these special needs (or extras) came up our clients were amazed we did not charge extra.

To be an expert you cannot think like everyone else.  You get to do things the right way and charge for it.  Here are three examples of “expertise” from my civil engineering days.

We had a housing developer who came to us with 100 acres with a beat up 1800’s historic house on the property.  By the time he came to us the town and neighbors were already up in arms, believing he would develop one of his massive new subdivision on the historical property.  He wanted to live there.  But to meet his requirements he needed to move his horse farm there.  That required a creating a large pond, horse fields, and riding trails.  While this would normally not be a be big deal it turned out much of the site was regulated wetlands.  And the last thing the concerned citizens were going to allow is filling of the wetlands so that someday the property could become house lots.

After sitting with the developer for an hour to listen to his goals, I said we have a good shot of approval, but it will take more than just good engineering to get this approved. I gave him a fee of $10,000 to design the pond, horse trails and fields and an additional fee of $20,000 to convince the neighbors and commission of your goals and integrity.  He needed to have both services for any chance of approvals. In the end, he was shocked but knew we were right as he had already gotten nothing but bad news from others.

The application and presentations included lengthy full color “mini-books” on the history of the property, the proposed historical renovation to the home and barn, the owner’s love of horses and their prize-winning stable of horses.  In the end, it was a win-win for everyone.  But if not for being an expert on both design and marketing and integrity, the proposed pond in the wetlands would have been denied and the historical site would have been one more subdivision.  Today when you drive by the site you are in awe of one of the most beautiful majestic views that were created with the attention to details, we promised the town.

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Regularly I had developers come to my office with projects that appeared impossible because they did not meet the local zoning regulations.  Sometimes the Town staff even directed them to me because they knew I looked deeper than the written word.  For about 8 out of 10, I would let the developers know the chances were basically zero because they did not meet the regulations or the internet of the regulations and there was no reason for the town to change or bend the regulations for them.  For around 20 percent I would tell them there may be a 50 percent chance of getting approvals, even know they did not meet the written words of the regulations. Since we could show how they met the spirit of the regulations and since we could offer a better fit for the site than other uses that met the regulations there may be an opportunity to work with the Town.  When I told them, it would take about 10 hours of my time and cost them $10,000 some would question the seeming $1,000 an hour rate.  But they were paying for my expertise, insights, integrity, and knowledge that took 2O years to obtain.  I simply reminded then that for the risk of our small fee, they could turn a $500,000 property into a Million Dollar property.  And 10K is a bargain for that opportunity.  Of course, I was prepared to provide examples and references, so they further understand the value they were getting.

On the self-storage front, I had a family friend meet with the town staff and inquire about putting self-storage on his 20-acre property.  They told him flat out that the property was in a residential neighborhood and self storage is not permitted in residential zones.  Disappointed he called me.  I knew the local property and regulations and suggested we meet.  Over coffee, I explained he had one long shot to get approval. The regulations had a single sentence that said in any district a non-conforming use may be replaced with a less non-conforming use.  The plans would still require review by the staff and approval by the Planning and Zoning Commission of which both were anti-development.

The site was a gravel pit many years ago that was left in the raw.  I explained If we simple left it up to the staff or Town Commissions the self storage proposal would not meet the lessor non-conforming use regulation. But if he could get each and every one of the 18 neighbors to agree to write a letter in favor of the project or sign a petition in favor of the self storage and then have them come in speak in favor of the project at the public hearing, he would have the self-storage gods on his side.  I explained what to say to the neighbors; no more dirt bikes and kids hanging out at night, no 20-acre subdivision that would create more traffic and use up tax dollars, etc.  I suspected that would be the end of it.

But to my surprise, Jamie came back to see me in two weeks with a petition in favor of the project signed by all the neighbors. (He did know many of them as he had been delivering their oil for many years) At this point, Jamie still had concerns about risking the design costs and getting approval, as the staff and commission chair had told him they were not going to approve self-storage anywhere in Town but in the Industrial Zone.  He asked If I had enough faith in the property to be his partner and I agreed as long as he would get several neighbors to come to the meeting.  We had to insist the project be put on the agenda for the whole commission to decide if our premise of a lessor non-conforming use was valid.  The gravel pit had been abandoned for years so it was easy to get denied if the board that was the right thing to do.

Obviously, the plans were designed to a T and the presentation hit all the hot issues, lots of tax dollars, quiet, no school kids, no traffic, great design feature etc. But what clinched it was the residences response when at the end of our presentation when the commission Chairperson asked, “Is there anyone in the audience who wants to talk in favor or against this project” One lady quickly stood up and spoke for 15 minutes in favor of the project. She said it’s about time someone fixed the problems of this site as the Town has done nothing to police this dangerous kid’s hangout and ongoing noise and headache for the neighbors.  My favorite line was when she said my daughter got pregnant back there.  And right after her speech, 18 more people got up and said “I am in favor of the project and ditto to everything the first speaker said.  We got the project approved and Jamie and I are still partners today.

It took an exceptional design and other expertise to get approvals and build this property but it was well worth it as it made each of Millionaires. And to this day we are still the only self-storage in town.

Enough stories.  I know many of you reading this, are thinking you simply do not have the years to become an expert.  And secondly, you’re not even sure what subject you would like to become an expert where you could duplicate yourself.  While there are many possibilities there is one exceptional business opportunity, I can help you with.  Self Storage!

I am a self-storage expert and developed Storage Authority Franchising to help others become multi-millionaires in the self-storage business.  You can google me, read my best-selling self-storage books, visit my LinkedIn page, read my Inside Self-storage magazine articles, talk to past clients or Storage Authority Franchisees, visit our website www.StorageAuthorityFranchise.com or visit with me for a cup of coffee and you will have no doubt that with Storage Authority on your team you can become a self-storage expert in record time with our systems in place day one for you.

You will learn we can transfer you many years of knowledge, proven systems, platforms expertise, saving you years of time and tons of money it would cost for you to become an expert. The Storage Authority goal for each franchise is simple.  For each one to make a good six-figure income from their self-storage ownership.  And develop a multimillion-dollar nest egg.  And to do it in 5 years after you say go!

I am not saying developing this income will be easy or even close to being guaranteed.  In fact, this kind of financial security does not come easy or everyone would have it, instead of just the 1 percenters out there. But where else can $500K+- cash equity and a bank loan for the project balance provide such wealth.

I understand there is a bit of self-boasting in this article but that is what it takes to get the word out sometimes, and exactly what your manager will be doing day in and day out for your beautiful premium Storage Authority Facility.

To Success!

Marc

 

 

Marc Goodin is President of Storage Authority LLC. www.StorageAuthorityFranchise.com  He owns 3 self storages he designed, built and manages. He has been helping others in the self-storage industry for over 25 years.   He can be reached at marc@StorageAuthority.com or directly at 860-830-6764 to answerer your self-storage franchise, development, marketing, sales, and operational questions.