6 Unconventional Business Opportunities for Vacant Land

vacant land in the wilderness

The average person might look at unused farmland as wasted space, but a savvy businessman knows that vacant land can be a profitable asset. 

If you’re looking for vacant land for sale, know that the opportunities can vary depending on the size, location and type of the land you have in your hands. However, with a bit of creativity, there is a plethora of options to monetize your property and start a business. 

In today’s read, we cover six unconventional business opportunities for vacant land. 

Harvest and Sell Timber

Trees are natural resources that can be harvested from your property and can secure you a significant income. The worth of the timber depends on factors such as species, size, age, and defects. For example, a large, high-quality black cherry would require a significant price premium. On the other hand, limb and crooked sweetgum might be priced significantly lower.  

The value of timber will further depend on the type of timber harvesting done and how much timber is sold in one timber sale. Usually, the greater the harvest expense per tree, the less the harvester will be willing to pay for it. Similarly, the larger the sale, the higher the price per sale unit.

If you want to learn the specific value of your timber, you can contact a forestry consultant. In addition to appraising, these experts can assist you with preparing the timber selling process. Another option is to contact the local State University. These services are usually free or low-cost. If you decide not to work with an expert forester, you can request offers from local sawmills. Be sure to obtain several offers before hiring. Also, ensure the company you hire follows all existing laws, and don’t forget to get a written timber sale contract.  

Lease Your Land for Wind or Solar Energy

There are several areas across the US that are ideal for wind turbines or solar panels. And with renewable energy being on the rise in the United States, the use of these resources will only grow in the next few years.  

If your tract of land is located strategically, consider leasing it to an energy developer. They would place the wind turbines or solar panels on your property and pay you monthly rental fees for a set period (usually 25-35 years). 

In most cases, they will also pay the property taxes for the land they lease. As a result, you can turn an annual financial burden into an income-generating asset without paying for any property upgrades, all while helping with the community’s well-being. 

Build a Storage Facility

Running a storage facility is a simple business model without the complexity of most businesses. There are two types of storage facility options: self-storage and outdoor storage facility.  

If your land is zoned commercial, consider diving into the self-storage business. The industry is lucrative and amasses $39.5 billion in annual revenue. Moreover, the typical profit margin of a self-storage business is 11%, above the profit margins for many other types of small businesses. 

The storage facility business has proved to be recession-resistant, yields a great return on investment of 16.9%, it’s easy to maintain, and leaves room for expansion. However, keep in mind that building a self-storage facility isn’t cheap. So, be sure to do a proper area-based analysis and establish a demand for storage facilities in your area.  

If you, however, want to start a business with minimum investment, an outdoor storage facility can be a cost-beneficial solution. You can use the property practically as is, making only minor improvements such as putting up a fence or a wall and a locked gate to address your clients’ safety concerns.   

Outdoor Advertising

Commercially zoned vacant spaces close to a busy street, a highway, or a visible crossing, are great for outdoor advertising. You can build an actual billboard on your land and lease it. Generally, the bigger the billboard, the more money you’ll make from rent. You’ll need a larger upfront investment, but you can generate up to $10,000 a year from a single billboard. 

Another option is to lease your plot of land to an outdoor advertising company. The company will evaluate the land, assess its possibilities, and then provide you with an offer. In this case, the company will cover the construction costs, maintenance, and ongoing expenses. This is a relatively easy way to earn additional income from your property that isn’t otherwise of much use to you. 

Build Campground

If you want to use your plot of land to ensure a consistent revenue stream, consider building a campsite. The market size of the campground and RV park sector totals $5.48 billion, indicating it’s a profitable business to be in. Depending on your location, finances, and market demand, you can set up a conventional campground with tents or a luxury campsite with fully-equipped cabins.   

Beyond being very profitable, owning a campground is a rewarding experience. You’ll be your boss to manage the schedule based on your needs. Additionally, a campground is usually a seasonal business, so you can work for six months and have the other six to recharge yourself.

Profitable Farming

Most rural parcels of land fall under agricultural land. If your plot has the right type of soil, climate, and size, and there’s a solid demand for farming in your area, this could be a great idea to explore. With the appropriate planning and dedication, farming can be a gratifying profession.  

In addition to traditional row crops like corn, beans, and lentils, consider tapping into more profitable options. 

You can make sustainable income by growing crops that are in high demand and yield a great return. These include lavender, goji berries, cherry tomatoes, arugula, microgreens, and gourmet mushrooms. Planting a vineyard or orchard can also be a lucrative business. 

If your raw land is agriculturally zoned, you can build farmhouses and barns. If you have spare space, consider opening a bed and breakfast. This is another profitable business option that can bring you an extra income.  

Moreover, if you don’t see yourself as a farmer, consider renting your piece of land. Currently, 39% of the 911 million acres of farmland across the US is rented. Typically, your plot of land can be sold for a high rate per acre. The average value of cropland is estimated at $4,100. So, be sure to get a fair price for your farmland, and it will surely make a significant difference to your finances.  

Final Thoughts

There are numerous ways to put your plot of land to good use. If you’re willing to see out of the box and tap into the unconventional uses, you’d be surprised what can be done with your property. Hopefully, we inspired you to think creatively, roll up your sleeves, and start making money. If you’re on the lookout for affordable vacant land for sale, don’t hesitate to contact Discount Lots — we have the best selection of vacant land online.

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