Building a $100 mil Self-Storage Business with Nick Huber

I am excited to have Nick Huber who is the founder of the Sweaty Startup, sold his service business in Jan 2021 for 7 figures and now owns and operates a self-storage portfolio with 61 self-storage properties, In this podcast episode, Nick shares his journey in the world of startups, starting with a pickup and delivery student storage company while in college. He explains how he gained experience in running a company and eventually sold it. With the profits, Nick and his team started investing in commercial real estate. They discuss their focus on the student property market and offer advice to recent graduates interested in entrepreneurship. Nick also talks about his large online following and networking strategies on social media platforms like Twitter. He shares insights on building a following, showcasing expertise and adding value to others. Timestamps   The start of the journey [00:00:29] Nick discusses how he started a pickup and delivery student storage company in college and gained experience in running a business. Advice for recent graduates [00:03:09] Nick gives advice to recent graduates on pursuing entrepreneurship, suggesting starting with a normal business to gain experience, cash, and a network. The capital needed for real estate [00:05:09] Nick explains that to start in commercial real estate, one would need around $305,000 to $400,000, plus a reserve for unexpected expenses. He also discusses the importance of being well-capitalized in the real estate industry. Title: Real Estate Investment and Operations [00:09:37] Nick discusses the process of investing in real estate, managing the business, and approaching investors. Title: Property Sourcing and Management [00:10:34] Nick explains how his company remotely manages properties across different cities, sources deals, and manages the properties themselves. Title: Challenges in the Real Estate Market [00:12:04] Nick talks about the current challenges in the real estate market, including the difficulty in finding deals and the impact of interest rates on affordability. The Advantage of Building an Audience [00:20:13] Building a large online audience and leveraging it to generate business and sales. Synergy in Service Businesses [00:21:16] The benefits of having multiple service businesses that can support and complement each other. Learning and Decision-making as Skills [00:22:49] The importance of continuous learning and practicing decision-making skills in business and entrepreneurship. [00:30:12] "Entrepreneurship and Building a Network" Discussion on the importance of networking and connecting with like-minded individuals in entrepreneurship. [00:31:07] "Building a Personal Brand" Exploration of the two reasons why someone would follow you on the internet: making good arguments and accomplishments. [00:35:14] "Networking Strategy and Building Trust" Explanation of how networking on Twitter has led to meeting mentors, collaborating with business people, finding investors, and selling services. The investor as the number one customer [00:40:17] Nick discusses the importance of viewing investors as the primary customers in the self-storage business. Underrated tools for small business owners [00:40:46] Nick mentions Airtable and Customer.io as valuable tools for small business owners, particularly in terms of customer relationship management and automated emails. Subscribing to the newsletter [00:41:30] Nick invites listeners to follow him on Twitter or subscribe to his newsletter on the Sweaty Startup website for insights on hiring, managing... This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit partnergrow.substack.com