By Ed Clement
Working smart is the key and clearly not so easy. The first step is choosing a business that consistently makes multimillionaires. Here are seven keys to choosing a business.
1) Work for yourself. Working for others might provide you with the experience and money to go out on your own but is highly unlikely to make you wealthy. A salary is the drug your employer gives you to forget your dreams. A lot of people don’t realize that profit is better than wages. Wages will make you a living, but profits can make you a fortune.
2) Choose a business that solves a problem and become an expert at solving that problem. But remember getting started is more important than becoming an expert.
3) Don’t worry about your competition, they do not pay you. Take care of your clients and find ways to better serve your clients. And you will be able to charge more than your competition.
4) Choose a business that traditionally makes a lot of millionaires. Real estate has made more people millionaires than any other business. And according to the WSJ, self-storage was the most profitable real estate business in 2021.
5) Choose a business that allows you to grow and profit with other people’s money. Self-Storage is very loan friendly because it rarely fails. For every dollar you invest you often get $7 dollars from a lender. So, for example, if you invest $1 Million and borrow $7 million you are making profits on $8 million dollars invested.
6) Choose a business that shelters income from taxes. If you are a doctor trading hours for dollars and make $300K, you most likely will give away 1/3 of that profit to the IRS. In real estate, you have depreciation to reduce taxes.
7) Choose a business that has an asset(s) that grows (appreciation) in value year after year.
The Storage Authority team is excited to guide you on your journey to becoming self-storage owners.
Let's build one for you or convert your existing facility to the Elite Storage Authority brand!
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Ed Clement is a franchise director at Storage Authority. One of his passions and responsibilities is helping franchisees find land by sharing how to find land both online and offline. Ed has a strong background in real estate, investment banking, and management consulting. He is available at Ed@StorageAuthority.com or 727 946 0745 to answer your questions and share the Storage Authority Franchise opportunity.