Land, whether you bought it as an investment or you inherited it from your family, can be a very profitable asset.
It is a common misconception among many that land can only be valuable when a structure is built in it. This is why you find most pieces of land remain idle up until the owner decides what they want to do with it.
Therefore, it might come as a surprise to many when we say that your vacant piece of land has an equally high earning potential.
In this article, we are going to expound on several ways in which you can be able to make money on a small acreage either temporarily or permanently.
You can also check out this article for a more general look at How to make money on 5 acres.
9 Business Ideas for A Small Acreage
Rent Out Space for Special Events
Outdoor events are rising in popularity. If you have a picture-worthy garden property, you can be able to cash in a lot of cash from a variety of outdoor activities such as weddings, picnics, parties, festivals, and sporting events.
As easy as it might sound, this is not for the faint-hearted. Think about it, there will be hundreds of people, to say the least. This means that there will be a lot of trampling of the ground by people and cars alike. Also, there probably will be noises from people, generators, and music as well.
If you think this is a lot to handle, you can choose to work with an event coordinator who will help put in place measures that will control the use of the land. This includes putting restrictions on areas that are not accessible, that is, in case you have your house or other built structures in the piece of land.
How much you make will entirely depend on you since you are responsible for setting the rates which can either be hourly rates or per rental. You have the potential of being able to make up to $500 per hour depending on a variety of factors such as accessibility, amenities available, and the general aesthetic of the place.
Outdoor Photography Location
Do you have unique features in your piece of land? It could be wildflowers, trees, or a waterfall. These are all features that provide the perfect, natural backdrops for pictures.
You can therefore charge people a certain amount of money to allow them to have a photo shoot at your spot. Alternatively, if you are a skilled photographer, you could also make some extra cash with nature photography as well as people photography especially if you have any events taking place at your property.
As much as this option does not make you the most money, there are certain benefits to it such as being able to earn passive income and free advertisement on your property which comes in handy if you also rent out space.
Turn It into A Campsite
Every once in a while people will want to run away from the hustle and bustle of the city and retreat to a peaceful and serene time away from civilization.
Therefore, as a landowner, you can be able to make money from renting your field to backpackers for tent camping or self-contained RV people looking for a place to boondock.
The good thing about a camping site is that you do not have to invest a lot in it. A few rustic bathrooms, a water point, ample parking, and essential amenities such as electrical outlets, backup generators, and perhaps an outdoor kitchen will suffice.
How much can you make?
This depends on what you are offering. On private property, one can be able to charge campers about $20 or $40 per night. This depends on what you have to offer. With additional amenities such as fishing ponds, outdoor games, and other social activities you can be able to earn more.
With a campsite, you can easily be able to make a couple of thousands per month especially if your spot is highly desirable.
Vegetable and Fruit Farming
Food is essential for survival hence making farming one of the most lucrative business ventures in the world but is often passed over mainly due to the hard work that is involved.
You however need to know what to plant, mostly what is in great demand in your area, so that you can easily be able to sell the products once they are market-ready. If you do not have a relatively large piece of land, you can opt for greenhouse and organic farming.
Set up or rent out your land for a junkyard business and help save the environment by recycling junk. This business can be highly profitable especially under the right management. Some people can make millions of dollars every year by collecting, processing, and selling junk and scraps to companies that need them.
Lease Out for Parking Lot, Warehousing, and Storage Facility
With more and more buildings coming up in cities, finding parking is becoming a major challenge for motorists. Therefore, if you have a piece of land strategically located near a city center, you can convert it into a paid parking area where anyone can park their vehicle at a fee per day.
Christmas Tree Farm
Although this is a seasonal business venture, it is quite profitable. As a Christmas tree farmer, you can spend the entire year planting and nurturing Christmas trees then sell them during the festive period. You can even charge a little bit more to allow people to have the experience of coming to the farm, choosing their preferred tree, and cutting it down themselves.
People these days are always willing to pay more for a unique, or personalized experience.
Rent It Out
If you do not wish to get involved in any business, instead of letting the land lie idle, you can rent it out to someone who can use it for farming, livestock breeding, or any other business they deem fit. You will then be able to earn passive income every month from rent.
Yet another profitable venture for your farm. By keeping bees, you will be able to make money by processing and selling its by-products such as honey, beeswax, and propolis.
In addition to this, you could also go ahead to make other high-demand products from their byproducts such as candles and various skincare products. Just by selling honey, you can be able to make about $80 or $ 250 per hive or more.
Factors to Consider
- Accessibility and Safety
This is especially a factor when using your land for purposes of camping or holding events. A venue is more desirable when it is easily accessible by car from the main road. When having people around, make sure the area is free from hazardous items such as harmful chemicals and power tools.
Lastly, have in place emergency contacts in case of any eventuality. This includes ambulances, fire extinguishers, police lines, etc.
- House Rules
This will apply when you also happen to reside within the piece of land. With strangers around, you need to set boundaries as to where they can and cannot access as well as to what they can or cannot do.
- Local Zoning, Licensing, and Permits
By accepting payment for your land, makes it to be some sort of business. You need to check on laws governing the licensing of such a business and ensure you comply. For events, you might also need to acquire special permits beforehand.
- Homeowners Association Regulations
If you are part of a homeowners’ association, there are certain rules set to govern the use of your land that you should be aware of such as insurance cover and rent days’ limit.
- Consider how to handle the wear and tear of your land especially if you often host large events.