In the wake of a steady shift away from traditional brick-and-mortar business to the online, e-commerce space, empty buildings and vacant plots of land are becoming a rather common site these days. If you’ve ever walked into a once-vibrant shopping complex or mall, or you’ve walked down a rather eerily sparsely occupied outdoor market, you’ve probably wondered whether or not such vacancies have some opportunity for you – if you’re an entrepreneur at heart, that is. Empty buildings do indeed present a good window of opportunity to the true entrepreneur at heart because you can make use of that setup without much start-up capital.
Find Out Who the Owner Is
You’ll be surprised to learn that some buildings stand empty for very long periods of time, so too plots of land on which very little development has happened, if there’s been any development at all. Chances are there’s always a plan for those empty buildings and vacant plots of land, but as with every other area of life and business, things seldom go according to plan. You’d perhaps be shocked to learn of empty buildings and vacant plots of land lying in limbo for up to 20 years and more. In this particular scenario it would naturally prove to be quite a challenge to find out exactly who owns those assets, particularly if you’re looking for an owner who has some sort of control over the immediate precedence of that asset. Are any business proceedings halted as a result of there being a backlog of unpaid taxes, for instance? Is it perhaps a building or piece of land which was inherited by a few beneficiaries whose varied plans for the property have halted any form of development?
Once you’ve found out who the owner is though, you can start to think about negotiating terms for the operation of a business venture.
Types of Business Ideas to Entertain
In the case of vacant land you’d naturally need a fair amount of start-up capital to perhaps develop the land into a profitable business, of which the profits you could share with the owner or pay the property off so that you can ultimately assume its full ownership. For example, you can set up a store of clothing where you can sell a variety of clothes.
The same goes for using empty buildings for large scale operations. A few high quality heavy duty trolleys along with some good shelving makes for a great warehousing or storage facility and a service which can be sold to a number of different companies, individuals, etc. I mean even e-commerce sites have to store their inventory somewhere, right?
Prepare the Place
Preparing the physical space for your business is a crucial step in bringing your idea to life. Start by assessing the condition of the building to ensure safety and overall good repair. Depending on the conditions, perform any necessary renovations or repairs to create a conducive environment.
Next, you should get yourself a Hot Pressure Washer from A1 Pressure Washers or a similar company, disinfectants, brooms, and a skip where you can discard the waste. You could also rent a floor polishing machine if you can take care of the floor job yourself. Once you’ve got the right equipment for cleaning, start with the top floors, and go all the way down for a systematic cleanup.
However, if the cleaning job is too much for you to take on alone, you may need to hire professionals, such as those offering commercial floor cleaning in Phoenix, AZ, to ensure the cleanliness and orderliness of the space. Following this, you may need to install essential equipment and furniture, be it desks, shelves, or computers for an office setup. If your business requires specific fixtures for other purposes, incorporate those accordingly.
Once the interior is set up, focus on securing the building. This involves installing safety measures like an alarm system and any additional precautions deemed necessary for the protection of the premises. This comprehensive preparation lays the foundation for a functional and safe business space.
In conclusion, inheriting a building or piece of land and turning it into a successful business is a daunting yet possible task. Here is a quick summary. To begin, determine who the owner is and negotiate the terms of the venture. Then, prepare the physical space by assessing the condition and making necessary repairs and renovations. At last, install safety measures and any additional equipment to create a safe and functional environment. With the right preparation and dedication, a business venture on inherited property can be rewarding and successful.