When it comes to business, bigger is always better. But how do you make a lot of money when you only have an empty lot?
The answer might surprise you- you can make the most out of what little space and resources are available. This article will tell you five different ways to turn an old or unused property into a worthwhile investment.
Below are some clever business ideas for an empty lot:
1. Start a small business incubator
What better way to put an empty lot to use than by helping small businesses get started? A small business incubator can provide the resources and support new companies need to get off the ground. Besides, it’s a practical way to earn passive income while helping the local economy grow.
An incubator can offer an excellent solution for both the business and the property owner. Today, many startup companies are looking for spaces that they can use temporarily until they grow large enough to afford their own office or warehouse.
Consider starting an incubator if your empty lot is near a business district or in a trendy neighborhood. It could be the start of something big.
2. Create a parking lot
If you’re lucky, your empty lot might be located in a busy area with high demand for parking. It could be an excellent opportunity to rent out space to drivers looking for a place to park their car.
You can charge by the hour or the day, which could be a great way to bring in some extra income. Plus, it’s a service that people will always need.
All you’ll need to start this endeavor is a few parking signs and some cones to designate the spaces. You could also put up a website or create a Facebook page to market your service.
If you have enough budget on hand, you can invest in a parking shed to provide extra protection for your customers. Two-bay oak double garages give a touch of luxury and are perfect for businesses that offer a premium service.
3. Build a mini-storage facility
Self-storage is a big business, and there’s always demand for more storage space. You can build your mini storage facility and start charging rent if you have an empty lot.
It is an excellent option for business owners who need to store extra inventory or equipment or for people who need to free up some space in their homes.
Building a mini-storage facility is a big project, but it can be lucrative. You’ll need to invest in security features like gates and fences, as well as storage units of various sizes.
Be sure to market your business well and set up a website to help people find you.
4. Start a community garden
Community gardens are becoming more and more popular for a good reason. They offer an excellent way for people to get involved in their local community, meet new friends, and learn about gardening.
It’s also an excellent opportunity to give back to the community. Plus, a community garden can be a fun and unique way to spruce up an empty lot.
Your empty lot can be the perfect place to start a community garden. You’ll need to install some raised beds or plots and ensure there’s enough room for everyone. You can offer different sized schemes for people to rent or even provide a space to donate produce.
If you’re not sure how to start a community garden, plenty of resources are available online. You can also find local gardening clubs that can help you get started.
5. Turn it into a park
If your empty lot is located in a residential area, it might make more sense to turn it into a park. It is an excellent option for people who want to keep their property green and provide a space for their community to gather.
You’ll need to install some benches, swings, and climbing structures to make the park enjoyable for everyone. You can also plant some trees and flowers to make it look more inviting.
Creating a park from an empty lot can be a big project, but it’s worth it in the end. Be sure to get the community involved in the process and solicit feedback on what they would like to see in the park.
These are just a few ideas for how to use an empty lot. There are many other possibilities, so be sure to explore all of your options. Whatever you decide to do, make sure you have a clear plan and be prepared to put in the work. You can turn your empty lot into a thriving business venture with a bit of effort.