Setting the wheels in motion for start-ups | Storm Magazine
Issue: Oct 2020
Our CEO, Mike Hagbeck, was invited by Storm Magazine to take part in a webinar as a panelist to share how you can get start-ups off the ground. In the panel discussion, Mike shared that prior to relocating to Singapore, he had joined a self storage company back in Australia. His decision to move here stemmed from the lack of living and storage space that the locals face. He shared that in the self storage industry, investors not only need to be knowledgeable about properties but have to have a knack for doing business due to the retail elements involved.
To get better at choosing the right investors, we need to fine-tune our pitch and business plans according to their feedback to ensure our business fits the bill. Mike’s pointer is to not be afraid of rejections and failures since they are inevitable, to not put all your eggs in one basket and simply take a leap of faith. One of the challenges in having a regional expansion is ensuring that day-to-day operations are smooth sailing, which is why we have people of high calibre making sure of it in each country. A piece of advice Mike has for new entrepreneurs looking for funding is to become adept at getting across the business trends to investors to help them wrap their heads around the big picture, so that they can be convinced that your business is at the top of the heap. He also pointed out that the self storage industry’s resilience during an economic downturn makes for a great selling point.