Have you recently invested in a plot of land? These investments have become more popular as of late because they often quickly grow in value over time. Alternatively, you could have inherited land for a relative and now you’re thinking about the best way to utilise it. You might have already considered starting a business but which model will be the right choice? Well, there are a few options worth exploring here.
You could think about setting up a car wash. If you have a plot of land where there’s no car washes nearby this could be perfect. You’ll quickly drum up business here from people who have no interest washing the dust dirt of their cars. It can be quite a hands off venture too because all the systems can be automated these days. You can even set up a contactless payment point. You’ll just need a drilling contractor so you can source the water supply for your set up here.
If you have quite a large plot of land, you could consider setting up a farm. Unless you have invested in farming land, this requires a lot of set up, but it’s going to pay off in the long term. Your first job will be deciding what type of farm you want to manage. Live stock will often lead to more profits at higher levels but there’s more things that can go wrong with this idea. Crops are easier but will be almost entirely dependent on the seasonal weather. It can be quite difficult keeping a farm profitable so you should only pursue this option if you are ready to put in the right level of time and effort to get the best results.
Buy To Let Property
Alternatively, you could consider building a buy-to-let property. If you’re going to do this, then you need to think about starting with a survey of the land. It’s essential, you make sure that it is viable for building work. You should then look at how much it’s going to cost. You’ll need a considerable capital investment for this option and a fantastic credit rating to get the required loan too.
Or finally, if you have inherited land in an urban area – it does happen – then one of the best options for a business is a parking lot. This is a smart decision as parking is always in high demand. You just need to make sure you set up a spot that is going to be attractive and beneficial to customers. It’s essential that you invest in the right level of security too. You should also speak with a legal advisor to guarantee that you are covered with issues of theft on your property. Usually this will be a case of putting up the right signage and CCTV cameras.
We hope this helps you understand everything you need to know about setting up a business on your own plot of land. In doing so you can make the most of this opportunity and see your income soar.