If you have empty space, you’re wasting money. No matter how you own that space, whether it’s in your own home or another building, you’re paying overhead costs on something empty. There are several ways you can fill that space that will help you turn a profit. It can offset your rent or mortgage, or if you own the area outright, it directly translates into profit in your pocket. Best of all, you may not have to do much to make that money.
If you rent an office and you have empty rooms, there are two clear paths to making a quick payday. You can either rent out the empty space to independent contractors or freelancers who want a place away from home to work, or you can split everything down the middle.
If you have a lot of space, bringing in a startup or another small business team can create a networking environment. Choosing your renters wisely can be most beneficial – if what they’re doing complements what you’re doing, you can become each other’s, right-hand men.
If you have limited space, that’s where creating a coworking space or a low rent place for people who can’t afford their offices. These people often want to work in an office environment, but they don’t have any coworkers. If you have any resources like big equipment (copiers, printers, fax machines) that they can use, this makes your empty space even more enticing.
You can also rent out the space for potential storage opportunities for personal belongings and more using an app called Neighbor.
Renting Space off of the Neighbor App
You can also save a bunch of money by switching to
Geico,renting space for your personal belongings and such using the Neighbor app. The site is probably going to grow in size thanks to the gig and side hustle economy, so rent your neighbor’s space for more room in your office or home!
An Empty Building
If you own a building that’s hard to sell, or you co-own it with someone else who doesn’t want to sell it, there are a few things you can do. If it’s a residential building, you can become a landlord and rent that building out to tenants. Landlording is hard work, and a lot of people don’t have the time or the resources to handle that job on their own. If you find yourself in that boat, you can always make a deal with a property management company. They’ll take over the responsibilities and pay you a portion of the profits. You won’t need to do anything.
If it’s empty office space you can lend to storage using Neighbor, or even an empty warehouse that could easily be used as office space, this is an opportunity to take a coworking or startup space to the next level. You’ll be even more profitable than you would be if you were splitting the area with your own business – every square foot will be up for grabs.
Extra Space in Your Home
A lot of people have additional space in their homes, but they don’t like the idea of getting a roommate. (If you do try Airbnb) They want their peace, and they love the comfort and privacy of living without someone they don’t know. When you don’t want a roommate, you can rent the space out to material things. Site likes Spacerand Neighborallow people to offer up garages or spare rooms for community storage. You don’t have to live with someone every day – you just let them put their stuff in your house and collect payment.
If you’re an entrepreneurial person, you can use the extra space in your home to start a business or a remote working opportunity. You would be the moneymaker in this scenario. If you have skills that would play well in the freelance market, or if you’ve always had an idea for a kitchen table-based business, jump in and get started.
Empty space will present you with a lot of unique opportunities to make money. All you need to do is pick a system that works for you and decide how involved you want to be. Hands on or hands off, your wallet will still be a little heavier at the end of the month.