Here at WBD, we like to use the phrase, "Smart business is knowing all of your options." And one of these options for business owners includes commercial financing that can be advantageous, budget-friendly and flexible, the SBA 504 loan program. Secure Storage of Watertown owner, Tim Moy, is a great example of a business owner who looked into and knows all about the advantages of the 504 loan - including using the SBA 504 loan program now for three projects! Smart business indeed!
Tim Moy established Secure Storage of Watertown in 2016. It's an impressive facility with all of the features and extras a renter would need and more. All of the 353 rental units are climate controlled with sizes ranging from 4' x 5' to 10' x 30', with around the clock access. Customers access the storage facility by entering a unique code for entry, and each personal unit is secured with a padlock provided by Secure Storage, not to mention the security cameras which offer added protection for customers.
Mr. Moy was generous enough to offer WBD his knowledge and experiences that have helped him find success along the way.
WBD: Can you tell us about your business – how it started, keys to success, challenges?
Tim: "Secure Storage was started with the idea that we can be the leader in Self-Storage in the Midwest. We assist with site location, zoning, construction management, financing, marketing, accounting, property management and maintenance. In addition to assisting our clients with these services, we also owner occupy some of our own properties. As for the top keys to success, they are 1) Operating like a business, our CPA (MBE CPA) firm background along with affiliate company in Marketing (Right to Evolve), helps us use best practices of business 2) Our in-house management team and 3) Our in house construction team."
WBD: What projects, both real estate and equipment, has WBD and namely the SBA 504 program worked with you on and how has it enabled you to meet your expansion goals – production, new products, better serve customers?
Tim: "We currently have 3 projects under SBA 504. Two have been refinancing and one is new construction."
WBD: Did you have a good experience working with WBD? Would you work with us again?
Tim: "We highly recommend WBD and SBA to storage managers and franchisees as well as CPA customers. In today’s environment there are many unknowns, but taking advantage of a favorable long-term fixed rate can reduce a significant unknown for a small/medium sized business via reducing interest rate risk."
WBD: What have been your keys to success so far – employees, timing, hard work? Challenges?
Tim: "We have five-star staff who are very customer responsive along with beautiful properties in premier locations, and we are constantly looking for ways to better serve our employees, customers and community.
One of the challenges we have faced is how to fully meet the needs of our customers in a climate that experiences the gamut of temperatures and humidity levels. We are so grateful for a partner like WBD that allows us to refinance or start from a solid foundation so that we can stay on the forefront of industry breakthroughs in Self Storage."
WBD: Do you have any advice for other business owners in taking that next step to growing their business?
Tim: "Build your team. Whether it is internal or external, figure out 'who is on the bus' and 'define their roles.' We call this working 'on the business vs. working in the business.' We are believers in People, Process, Product."
Thanks Tim for working with WBD and using the SBA 504 to help expand your business. We wish you the best of luck and hope to work with you again.
For any of our readers looking for state-of-the-art storage space in the Watertown or Baraboo area, visit https://securestorageunit.com/watertown-wi-storage/ or https://securestorageunit.com/baraboo-wi-storage/.