If you’re the owner of one or more inhabited buildings and looking to make a profit from them, you might be wondering what your options are. Empty buildings can be converted into successful businesses but it’s important to consider various factors before deciding on your new venture.
You’ll want to focus on an area you’re interested in and ensure you have the time and dedication to commit to building a business. You’ll need to create a workable budget and forecast the likely profitability, especially if you’re looking to borrow money to fund your business.
If you’re struggling to think of potential ideas, you might want to consider one of the following:
Office space
If your building is in or near a major town or city that’s popular with a range of companies, why not consider converting it into office space? Depending on the state of the building, this might be relatively easy to do and represent a cost-effective option. If your building is open-plan, it might lend itself to a decent-sized workspace, whereas individual rooms can be converted into single offices.
A car park can be a huge advantage of an office building so, if there’s ample outside space, this could be a profitable venture.
Bed and breakfast
A building with lots of separate rooms lends itself to a hotel or bed-and-breakfast business. To open a B&B, you’ll need to ensure you have enough staff to provide a high-quality service for your guests. You’ll need to consider cooking, cleaning, front-desk services and calendar planning. Some B&B owners might look to take out appropriate bed and breakfast insurance which can offer some protection against the daily risks.
Wedding venue
Older buildings such as barns are in demand when it comes to weddings. They can provide a rustic atmosphere and are often marketed as a blank canvas, enabling couples to add their own decorations and personal touches to their big day.
You’ll need to consider factors such as how you’ll market your business, if you’ll run it all year round or just in peak wedding season, and any licensing requirements. It can be challenging running a wedding venue, so you’ll need to be prepared to work with lots of people and last-minute requests.
It’s important to remember that, if you’re changing the use of a building, extending or converting it, you’ll usually need planning permission. You should also check any other legalities, depending on the nature of your business, such as licences, which are normally issued by the local council.
Some buildings might be more challenging to convert, such as grade-listed buildings. While these can provide more character, you might find there are more restrictions when extending or adapting.
Whatever business you decide to set up, it’s a good idea to do your research and make sure it’s a profitable venture which will stand the test of time.
