Taxes on property, costs of utilities and daily necessities, payment of mortgages, medical bills etc., drains out your bank account in no time. So, one needs to resort to multiple other ways of earning money. This can be done through renting out spaces in one’s home and transforming your home into one that generates money to pay off all of your accumulating dues. In fact, it is quite easy if you set your mind to it.
Your home can be your comfort zone and stay place as well as a major source of income generation.
In this article, we enable you to make some easy money and clear all of your dues by adopting the sharing economy business model.
Build a rental suite
If you have that extra open space around your house or a garage that is empty along with some saved up cash, you can build a room there with all the basic requirements, necessities and amenities. You can then rent this room out to tenants who are looking out for a home or a place to stay in exchange for rent. This may seem like an extra expense in the beginning, but the returns from it will definitely add to an additional source of income.
However, before you build or make renovations, make sure to check out the local regulations in Ohio for the building of legal suites. In some areas, there are special regulations and formalities involved in building separate rooms, along with attached kitchens and bathrooms.
Rent out storage space
If you don’t want to incur the costs of constructing a suite, then you can rent out storage space to companies in need of a storage room to stock up their office goods. Most startup companies in Ohio are on the lookout for such spaces which have already been renovated and furnished. This actually cuts them a lot of costs on renovation and revamping of the place. Make it easier for them to store their files, records, books, and registers in relation to their business, safely at your place.
Convert your garage into a warehouse
Most of the garages in Cuyahoga County and Geauga County are quite large and spacious, that they can be easily converted into a warehouse for the storage of goods and products. It also does not require much in terms of renovations, so there is no concern of a large initial investment. In Ohio, there has always been an ever-growing demand of spaces for storage of all kinds of things that can be damaged by harsh climatic conditions or man, and you have the solution for just that.
Rent out your parking space to others in need
There are lots of people who own boats, posh vehicles, trucks, vans, RV’s and motorbikes, but they don’t have the adequate garage facilities to keep them safe. You could help these people out by renting your parking space to them to store their vehicles in return for money. Most of them are looking for all year storage options, while others are looking out for storage during the winters.
Helping others in the storage of their vehicles could get you earning a decent income, especially if you have ramped up the space to suit the storage requisites by offering a special protective cover from the forces of nature. It could be by building waterproof roofing, ledges, and even small inlets for boats and rafts.
Hold events on your farm
If you have a spacious acreage or a farm, then you can convert it into a place for holding events like openly aired evening parties, musical concerts, fancy fetes, music festivals, and special event dinners. It won’t cost you much. All it needs is some kind of overhead roofing in case of rains or snow, facilities for lighting and music, good sockets and plug points, spaces for seating arrangements, and such.
Most farms are converted into small outdoor wedding venues which give it a natural touch, greenery all around, and the perfect scenery for wedding photoshoots.
Set up a home-based business
Home based business is perfect if you are looking forward to working indoors within the comforts of your home. You can convert a separate portion of your home entirely for the running of this business by renovating it and setting up to suit your needs and requirements of the business. Your business does not have to incur the major cost of renting an office space that cuts into the profit of many. And most importantly, you get to spend that extra time with your family and kids!
Thus with the above tips, there would be no more worries about clearing up your dues and pending bills. You have the solution to all your answers right under your feet, literally.