A lot of businesses and property owners are sitting on space they don’t really think about, but that could actually improve their profits if they made a few changes. It could be a large cap park, for example, or an open yard area, perhaps some flat roofs, or just some strips of land that aren’t actually used for anything right now.

Those things are there, and they take up room, and they don’t actively cost much apart from a bit of upkeep… but they’re not generating anything either. And in a competitive market, it could be that opening up those opportunities makes a massive difference. Keep reading to find out more.

Start By Looking Differently At What You’ve Got

Instead of looking at what you might be able to add or build next, it could be a lot more useful (and eventually profitable) to think about what you’ve already got that you’re not using in the right way, or in a way that would give you another revenue stream.

Car parks are a pretty good example because they’re necessary, but most of the time they’re just spaces with cars in them, and they don’t give you any extra value. But that doesn’t mean they’ve got to stay that way.

Revenue Through Energy Generation

One very popular idea at the moment is installing a solar carport because it means that instead of leaving parking areas exposed and underused, a structure can be built over them that generates renewable energy at the same time.

That energy can be used directly by your business, and if you do that, you can reduce your electricity bills – you can even feed whatever you don’t use back to the grid and get paid for it. It’s good for all businesses, but if yours uses a lot of energy, it can make a real difference over time.

Added Benefits Beyond Income

There are some other benefits as well.

Covered parking can protect vehicles from weather damage, and that can be very appealing to employees or customers, and on top of that, it can make your business look more professional too.

In some cases, solar installations can give you funding opportunities, tax advantages, or improved energy ratings for a building, all of which can be great for your bottom line.

Think Long-Term

Turning underused space into revenue won’t usually give you instant profit – it’s usually a longer-term strategy, so it’s wise to keep that in mind.

But long-term thinking is also what’s going to separate steady growth from going too far too fast and then being under constant pressure about it all. Basically, if a piece of land or roof space or anything else can generate income or reduce overheads year after year, it’s certainly an asset you’ll want to pay attention to.

Final Thoughts

Underused space might not be obvious at first because you’re so used to seeing it that you don’t really think about it anymore. But with some good planning and some good research, it might be you can elevate these spaces into something much more useful and much more financially positive.