Empty warehouse space can earn you a considerable income if you want a side hustle. You may have acquired a warehouse through inheritance or previously catered to a business that no longer exists. We can go on and on about how you ended up owning a warehouse, but this blog has other points. It will be more interesting to talk about how you can turn your property into a valuable source of passive income. There are many ways you can do that. Let us look at a few important ways to accomplish this goal.
#1 Lease it to Another Company
If your warehouse just got empty, the quickest way to generate an income from it will be to lease it to another business. Many industries can utilize large open spaces. Such sectors include breweries, manufacturing firms, and distribution, logistics, or storage companies. Although, before you begin to work out a new lease arrangement, ensure your warehouse is still structurally functional. Moreover, before advertising, performing a thorough maintenance check on the facility’s structure, plumbing, and wiring would be best.
#2 Turn it into an Event Center
Another fantastic way to use your space is by transforming it into an event center. You will need a few amendments, maintenance jobs, and fresh coats of paint to give the facility a shiny, recent look. Also, it is best if you host many events in this space. You can use the warehouse to host a broad spectrum of functions. Some examples include training, organic farm events, art exhibitions, concerts, and indoor sports. To generate maximum profits, you must keep your options open.
#3 Develop a Flea Market
You can also turn your empty storage facility into a flea market or marketplace. To accomplish this, you must embellish the space with a few stalls, a better ventilation system, and new wirings. After doing these chores, you can advertise your empty warehouse to attract interested individuals. Its businesses related to farming, crafting, and retailing will contact you to see whether they can get a spot or stall inside the facility.
#4 Convert it into an Office Space
The office space option can be expensive. However, earning a steady monthly income is an excellent long-term investment. Besides, this option will be more convenient to opt for if you already have an office set up inside your empty warehouse. If you want to utilize this option, we recommend making a few changes to the space to make it look more appealing to potential clients. For instance, you can set up cubicles, refurbish the paint, and add office equipment to the facility. These additions will also help you negotiate a better price for the property.
#5 Build a Parking Lot
The parking space idea can fetch you great returns if you live in a busy location. Moreover, it will also serve as an excellent solution for local businesses. But this work involves a little extra effort. First, you must set up a vigilance system that ensures only people with parking permits are using your facility. So, you must invest in a quality automatic gate outside the warehouse. This service has a massive market, as parking constitutes a significant part of an average American’s monthly budget. Furthermore, depending on your space’s location, you can also bump up the price of the parking tickets and permits.
#6 Create a Fitness Facility
Another profitable business idea for your empty storage facility is a recreational center. You can use the facility for any sports, such as paintball, soccer, go-kart, or football. Moreover, you can also establish your gymnasium and set a monthly fee package for all members. It is also essential to consider that you will be responsible for buying, repairing, and replacing all equipment as a business owner.
#7 Establish a Storage Unit
Converting your empty warehouse into a storage unit center is another viable option to fetch you some good passive income. The idea of an internal storage unit will appeal to small businesses that are always looking for secure places to store their inventory. You can give your entire space to one company or split it between a couple.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.