Do you have an empty warehouse or a building that is not currently in use? Do you wish to turn it into a source of steady income? Luckily, this can be done without too much hassle.
Unoccupied buildings can turn into great money-makers with a little bit of creativity and smart thinking. Sure, you could just sell them to earn immediate income or think long-term and retain it to transform them into a source of passive income.
If you want to make money with an empty building, here are some interesting ideas that don’t require huge amounts of investment.
Table of Contents
- What can you do with a big empty building?
- Is owning a warehouse profitable?
- Frequently asked questions
What can you do with a big empty building?
A big empty building can be a great opportunity for entrepreneurs, community leaders, and investors looking to start a new venture, but it can also be a daunting task when considering the costs that come with it. However, with a little creativity and a tight budget, an empty building can be transformed into a valuable asset that serves the community and generates income. With the right plan and a careful approach, you can turn an empty building into a profitable venture, while making a positive impact on the community.
Start a self storage business
Setting up a self storage business is one of the most lucrative ideas for making money with an empty building. You can rent it to individuals as well as small businesses to earn rental income. Whilst you have the storage space in the form of a building but just need to renovate it to make it suitable as a storage unit.
You can ease the burden of managing your self storage business by investing in reliable self storage software. It automates the business management processes and eliminates the need to hire lots of employees.
Here is a basic step-by-step plan to reaching your goal of setting up a self storage business:
- Research the market: Look at the demand for self-storage in your area and identify any competition.
- Develop a business plan: Outline your marketing strategy, projected expenses, and revenue.
- Secure funding: Look into financing options, such as loans or investors.
- Find a location: This is why you’re here. You already have one.
- Obtain necessary permits and licenses: Make sure you comply with local laws.
- Build or renovate a facility: Create a self-storage facility that meets the needs of your target market.
- Purchase necessary equipment: Invest in moving trucks, storage containers, and other equipment needed to run the business.
- Hire staff: As your business grows, you may need to hire additional employees.
- Set prices: Determine what to charge customers for rent and other services.
- Market your business: Advertise your self-storage business to attract customers.
It’s important to note that this is a rough outline and the process can vary depending on the location and the type of self-storage you are building. Additionally, it’s highly recommended to seek professional advice from a business consultant or attorney to ensure all legal requirements are met and you are on the right track.
Once your storage facility is ready, make a comprehensive self storage marketing plan and execute it to promote your storage unit. Effective marketing, efficient management, and consistent efforts can help you earn a significant income with your self storage business.
Create a fitness facility
If your empty building is located in a residential area, you can convert it into a fitness facility or gym. You’ll need some initial investment for all of the necessary fitness equipment required in a gym, along with the refit costs to make the space workable and attractive to visitors. You may also need to hire fitness instructors to attract more memberships. It will help you earn a monthly income in the form of a gym membership fee.
If the building is spacious enough, you may include a sporting facility along with the gym. Include indoor games for kids and adults such as table tennis, paintball arena, indoor golf turf, or even basketball.
To set up a gym, you will typically need a variety of equipment, including weight training equipment (such as barbells, dumbbells, and weight plates), cardio equipment (such as treadmills, ellipticals, and stationary bikes), and any additional equipment that you want to include in your gym such as yoga mat, medicine ball, resistance band, pull-up bars etc. Additionally, you may need to purchase items such as mirrors, flooring, and storage racks. It is also important to have a good ventilation and air conditioning system in place, in order to keep the gym comfortable for users. Other necessary items include a sound system, TV, and lighting.
Make a parking lot
A low-budget profitable idea to make money with an empty building is to transform it into an indoor parking lot. This idea is workable if you live in a congested area with no parking lot or near an office where people need parking space. You can provide this space in your building and charge a parking fee.
You do not need to make a lot of changes to your building if it is already like a warehouse and it is an easy-maintenance business idea. Make sure you do not allow unauthorized access inside the parking lot, that there is enough lighting inside, and that you either automate the check-in and check-out process or hire someone for it.
Here are some key considerations before you get started:
- Zoning and permits: Before you can start operating a parking lot, you will need to make sure that the property is zoned for commercial use and that you have the necessary permits and licenses.
- Parking lot equipment: You will need to invest in equipment such as parking barriers, signs, and lighting to properly mark and maintain the parking lot.
- Insurance: It’s important to have liability insurance to protect your business in case of accidents or injuries on the property.
- Marketing: You need to advertise your parking lot, so people know it exists and where it is.
- Management software: if you have a large parking lot and you want to keep track of all the transactions and have a better control of it, you may consider using parking management software.
- Staff: Depending on the size of your parking lot, you may need to hire staff to manage the day-to-day operations and ensure that the parking lot is safe and well-maintained.
- Security: Hire a security guard or install surveillance cameras to ensure that the parking lot is safe and secure for customers.
It’s important to note that the specific requirements for starting a parking lot business will vary depending on the location and regulations of your area, so it’s always best to consult with local authorities before starting your business.
Event space rental
An empty building is ideal for an event space rental business. You can rent it out to people for conducting their events like marriages, birthday parties, get-togethers and parties.
To set up an event space, some basic requirements may include:
- Necessary permits and licenses for hosting events in the chosen location
- Amenities such as tables, chairs, and linens
- Audio-visual equipment, such as a sound system and projection screen
- Lighting, including both ambient and stage lighting
- Food and beverage service, including catering equipment and staff
- Staff or volunteers to handle event logistics and troubleshoot any issues that may arise
- Depending on the type of event, you may also need additional specialized equipment or services, such as a stage, a dance floor, or security personnel.
It is important to consider the type of event you are planning and what specific needs you will have in order to create the perfect setup for your guests.
If you are on a low budget, you can rent them for your clients, and once you start making money with your building, you can purchase all the required equipment.
Is owning a warehouse profitable?
The straightforward answer is yes. Owning a warehouse is profitable since you can make money with an empty building in a number of different ways. If you have an empty building or a warehouse, use the ideas discussed in this article to open a stream of passive income.
Frequently asked questions
How can I make money with my warehouse?
You can make money with a warehouse by renting or leasing its space to individuals or businesses. You can also convert it into a self-storage facility or start any other business within it. The obvious answer is to leave it as a warehouse and rent it out to businesses that need storage and distribution facilities. You can offer this as a managed service or let the client mange it themselves.
Here are a few more ideas worth considering:
There are several more ways to make money from a warehouse, depending on the specific location and features of the warehouse, as well as the overall market conditions and your business goals. Some potential options include:
- Using the warehouse as a fulfillment center for an e-commerce business: If you have an e-commerce business, you can use your warehouse to store and ship your products.
- Using the warehouse as a manufacturing facility: If your business involves manufacturing or assembly, you can use the warehouse to produce your products and increase your production capacity.
- Renting out the warehouse as a co-working space: With the trend of remote working, you can renovate and rent out the warehouse as a co-working space, offering amenities such as private offices, meeting rooms, and shared workspaces to entrepreneurs and small businesses.
It’s worth noting that making money from a warehouse may require significant investments in terms of money, time, and expertise, and the success of the venture depends on the specific market conditions, competition and the skills of the entrepreneur. Additionally, it’s important to consider the local regulations and zoning laws to ensure that the usage of the warehouse is legal and compliant.
Can a warehouse be used for living space?
Warehouses can be converted for use as living spaces, although it would likely require significant renovations and upgrades to make the space suitable for habitation. Some of the key considerations for converting a warehouse into living space include:
- Zoning and building codes: It’s important to check the local zoning regulations and building codes to ensure that the proposed use of the warehouse is allowed, and to determine what renovations and upgrades may be required to bring the space up to code.
- Insulation and heating: Warehouses are not typically designed for living spaces and may not have adequate insulation or heating, so insulation and HVAC systems would need to be installed.
- Lighting and electrical: Warehouses may not have sufficient lighting or electrical capacity for a living space, so new lighting and electrical systems would need to be installed.
- Plumbing: Warehouses may not have plumbing facilities, so new plumbing systems would need to be installed for the bathroom, kitchen and laundry.
- Soundproofing: Warehouses can be noisy places, so soundproofing would need to be installed to reduce noise levels.
It’s worth noting that converting a warehouse into a living space can be a significant undertaking, both in terms of time and money. It’s important to consider the costs and feasibility of the project before proceeding, and to consult with professionals such as architects, engineers, and contractors to ensure that the conversion is done safely and to code.
What small business brings in the most money?
There is no definitive answer to what small businesses bring in the most money, as it will vary depending on factors such as location, industry, and the specific business model. However, some small businesses that have been known to generate significant revenue include:
- E-commerce businesses, particularly those that sell niche products or provide a unique shopping experience
- Consulting and professional services, such as accounting, legal, and marketing
- Home-based businesses, such as catering, cleaning, or personal training
- Online marketplaces, such as ride-sharing, home-sharing, and task-sharing platforms
- Businesses that offer specialized technical or creative services, such as graphic design, web development, or photography
- Food and beverage businesses, particularly those that focus on organic, healthy, and/or plant-based options
- Personal care and beauty businesses, like hair salons, nail salons, and spas
- Landscaping and lawn care, home cleaning, and handyman services
It’s worth mentioning that these are examples and many other types of small businesses can also be profitable if they are well-managed and well-marketed, and that profitability is not guaranteed and it depends on the specific market conditions, competition and the skills of the entrepreneur.
What are the 5 most profitable businesses?
There are many different types of businesses that can be profitable, depending on factors such as market demand, competition, and overall industry trends. Some examples of businesses that have historically been known for their profitability include:
- Technology companies, particularly those involved in software development, cloud computing, and artificial intelligence
- Healthcare and pharmaceutical companies, which often benefit from an aging population and increasing demand for medical services
- Real estate development and property management companies, which can generate significant income through property rental and sales
- Financial services companies, such as banks and investment firms, which can generate substantial profits through fees and interest on loans
- Consulting and professional services firms, such as accounting and legal firms, which can charge high fees for specialized expertise and advice
It’s worth noting that the most profitable businesses are not always the most stable or easy to start, it also depends on the specific market conditions and the skills of the entrepreneur. Some businesses might require significant investments in terms of money, time or expertise to be profitable.
What business makes money fast?
Usually, service-based businesses like consultancy, freelancing, real estate brokerage, cleaning, healthcare consultancy, and others make money fast. Choose a low-risk business with low overhead and setup costs to start earning money faster.
There is no definitive answer to what business makes money fast, as it will depend on a variety of factors such as market demand, competition, and overall industry trends. However, some businesses have the potential to generate revenue quickly because they can be started with low start-up costs and can turn a profit relatively quickly. Examples of such businesses include:
- Dropshipping: It is a type of retail where the seller does not keep goods in stock but instead transfers customer orders and shipment details to either the manufacturer, another retailer, or a wholesaler, who then ships the goods directly to the customer.
- Online tutoring or teaching: This can be done remotely and can be set up relatively quickly.
- Online affiliate marketing: It’s a type of performance-based marketing in which a business rewards one or more affiliates for each visitor or customer brought about by the affiliate’s own marketing efforts.
- Online E-commerce: Setting up an e-commerce store can be relatively quick and inexpensive, and can be a great way to reach a large customer base.
- Virtual Bookkeeping: Bookkeeping and accounting services can be done remotely and can be provided to multiple businesses.
Please note that these are just examples and that the success of any business venture depends on a variety of factors, including the overall market conditions, competition, and the skills of the entrepreneur.