With the rising costs of rent, your business space is easily one of your most expensive assets.  If you have unoccupied desks, rooms, storage or parking, a little creative thinking can turn these costs into new streams of revenue.

Popular websites like AirBnB allow consumers to rent their unused assets and can give you the inspiration to do the same for your business.

Your unused business space can represent one of two things: either your business isn’t performing optimally or that your business has room to grow to grow into that space.

Regardless, you can and should be looking for opportunities to profit from all of your business space.

How can you maximize the benefits of your fixed cost business space?

Make the most out of your small budget by changing the way you look at your vacant space.

Every inch of the property you buy or lease is a point-of-sale opportunity limited only by your imagination and can generate money, build goodwill and create new relationships.

Let’s take a look at a few of the ways you can transform your vacant space into strategic profit centers.

• Co-Op – One of the best ways to profit from your vacant business space is to create a co-op. Rent empty office space and desks to local entrepreneurs who otherwise couldn’t afford office space. Focus on complimentary businesses with customers that can gain value from your partnership.
• Lease Parking – Parking space is scarce for many businesses, which limits the amount of customers they can serve.  Rent your extra parking to neighboring businesses or even lease larger lots when your business is closed to community events like a Farmer’s Market.
• Pop Up Shops – If renting out your extra space full-time is overkill, you can lease space for shorter, specific periods of time to newer businesses or those looking to branch out.  Host a week or month-long pop up shop to generate revenue and draw new prospects into your business.
• Window Displays – If your business enjoys a high volume of foot traffic, renting out your unused window space is the perfect vehicle for generating advertising revenue.  Work with other nearby businesses and rotate space to promote new products and promotions.
• Empty Wall Space – Your empty walls are probably the easiest of your unused spaces to put into play. Commission a local artist to create an intriguing mural that captures attention for your business or rent space for painters and photographers to show off their work.
• Storage Space – Another easy revenue stream you can add to your business is to rent out your extra storage space or facilities.  Help businesses in the midst of relocating or those with seasonal needs for their equipment.

Look around your business.

Are you letting valuable space go unused?

Turning this space into a profit requires some out-of-the-box thinking and resourcefulness, but these tips will put things into perspective and get you thinking about your wasted space as new opportunities.

Spring Into Action: Make a list of all the unused space in your business and one way you can profit from each. This should take approximately 30 minutes.

  Have a question? Just ask in the box below!