So you’ve got a plot of land, and you want to use it to create a business future for yourself. All in all, that’s a good position to be in; you can benefit your personal finances, change your career, and start an entirely new chapter in your life. At least, that’s the idea.
The only downside is that you’re not sure what kind of business you want to build.
The above is not that uncommon a situation. There is a variety of reasons people find themselves in possession of a plot of land — inheritance, spotting a bargain, or buying land adjacent to your home to prevent your house value plummeting — and know they want to do something beneficial, but aren’t quite sure as to what.
Below are a few ideas — some standard, some a little out of the ordinary — that can help you make the most from that plot of land.
An outdoor market
Outdoor markets might sound a little “old world”, but they’re actually incredibly popular. Farmers’ markets can bring in a decent amount of money in stall hire, ensuring a steady flow of income from artisanal producers and those selling homegrown wares.
An outdoor market is also surprisingly easy to setup; there’s not much you need to provide, as stall holders will generally supply their own banners and advertising. It’s definitely an idea worth considering if your plot of land is in a commercial area with plenty of foot traffic.
Build rental properties
This is a more standard option, but it’s still one you should consider. If you have the funds available, then building rental properties could be a route to your personal financial security.
However, the types of land that are ripe for rental properties are rather specific. If your land is out of town or in a rural location, then you may experience problems persuading renters to live in such a remote location. If you can afford to wait awhile to start your business, it’s worth checking to see if civil engineers such as Cochran will soon be involved in road installations to improve transport near your plot in future– if not, rental properties might not be the best use for your land.
Install storage units
Storage units are always popular, and they can be based anywhere– some customers will even like the idea of their items being stored in a remote location. Storage units make for viable business plans, and are relatively simple to run, so it’s definitely one to keep in mind.
Create a car parking lot
A parking lot is the perfect hands-off business. With automated systems, you don’t even have to worry about actually being on site if you choose not to. All you need to do is level the earth to create a car-friendly surface, install ticket machines and barriers, and then the lot will largely run itself.
However, like rental properties, you have to carefully consider your location when choosing this option. You have to ensure that your land is in an area where people want to park, so being close to existing shops, restaurants, and other facilities is an essential. If your land is not currently close to such an area, you can always check upcoming building and retail projects to see if any developments are forthcoming near you; if this is the case, you could profit from being the first to provide a great car parking lot for future patrons.
Of course, these ideas are just the beginning, so don’t be afraid to investigate all options– you never know, one of your ideas might just be the one that makes your fortune.