Did you know that a whopping 69% of entrepreneurs start their first business at home? However, over 50% of enthusiastic home-based entrepreneurs give up within a few years of launch as a result of not being able to move their business out of their home and into professional premises. Finding the right place for your professional activities can be challenging. Some businesses need customized features that are no available in shared premises or a turnkey workplace. But with over tons of vacant sites in the U.S., there is a way for creative business investors to transform an abandoned space into an opportunity.
Indeed, communities are worried about their abandoned spaces. As a result, startups with a limited budget can find a place in a residential zoning district at a bargain price. For instance, you can buy a family home for under $6,000 in Cleveland, Detroit, or Pittsburgh, where certain limited commercial uses can be permitted in residential areas. Similarly, a vacant site in town can be repurposed for larger commerces if zoning allows so. The question is: Can you turn an abandoned site into a business gold mine?
Startups: Renovate a Vacant Property
The key is to renovate the property with experts. Ultimately, when the town is selling houses that have been long abandoned, it’s fair to assume that there is a dire need for repair and conversion works. One rule to get it done for professional purposes is to insist on written and itemized quotes, as you’re are ultimately purchasing on behalf of your company. Your contractor might also be able to find plenty of reclaimed building materials, which would keep repair costs down. Additionally, the small square footage of a residential home also affects the cost of an office designer positively, as you can create an engaging workplace for a portion of the cost.
Commerces: Convert an Abandoned Site
If, instead of a property, you’ve purchased an abandoned site, you need to seek clarification from a zoning attorney, who can ensure your commercial plan complies with the zoning system – residential and commercial. If you’re allowed to convert and build, you might want to run a topographic survey of the site especially if you’re planning on a commercial conversion, which will attract customers. Indeed, an abandoned site can have experienced ground transformations over time. The survey will highlight potential risks as well as safe spots for heavy load conversions – such as a car park. For commercial businesses, every construction project needs to include surveys related to weight and pressures to avoid a collapse.
Put Your Business Cap on from the Start
To survive, your professional space needs to evolve, which is precisely why you need business premises outside of your home. As you develop your office or your commercial site, you can also work closely with a safety auditor to avoid personal injury risks on your premises – it’s crucial if you are trying to retrofit a business into a former residential property. Similarly, business taxes, room for improvements and extensions, and partnerships in your premises need to be part of your strategy from Day One with legal experts on your side.
The bottom line is that there are plenty of exciting options to transform your business. Opportunities with abandoned properties and sites are more common than you think, and they might provide your business with a platform for growth.