A source of income can be generated with space. What do you have that’s available as a possible source?

A very simple idea that homeowners and business people can set into operation. As we know in this day and age there are small businesses and entrepreneurs. What do you have that can be turned into a small money generator?

A large room that provides light and is spacious can be converted into a conference room and become a reputable and affordable location. Add light snack and coffee services and therein lies a affordable enterprise. A bright room can be rented out as a work studio for artists and photographers. Property rental management is a popular business venture and set at competitive prices, can be quite lucrative.

A corporation can rent out office space for solo entrepreneurs. Providing a corporate address, office suite(s) and professional location while simultaneously their rental income offsets your own costs.

A time old practice is renting out the family cottage to others. Another option is to buy your own, renovate and then set it up as a rental location. Cottages can be rented out year round if one is willing to provide the maintenance this may involve.

Marketing this enterprise can be done through various methods. The following is only some ideas that can be used ;

– Letters, send letters to your target market.
– Travel and Guide books, get yourself listed for a effective source of clientele.
– Travel sections, of newspapers and magazines to build visibility.
– Travel agencies, leave brochures and contact information.
– Secretary Association, send your offer and contact information.
– Trade and Business Associations, networking helps build referrals.
– Chamber of Commerce or Better Business Bureau, get listed locally helps build referrals.
– Newspapers and Newsletters, run alternately can be quite affordable.
– Website, get listed with the above or pay for advertising.
– Blog, update weekly about the area, keep it professional, monetize the site and generate extra income.

The marketing efforts and initial clients can help build credibility with the WOM (word-of-mouth) referrals that can be achieved. WOM is a powerful marketing tool to harness as this will build your client base and popularity. Ensure a quality presentation of your offers. Also, research for any legal or zoning requirements before starting this service. 

Ensure that you maintain follow up letters to existing clients. Send information about new services, upcoming events, special discounts or community activities. Follow up practices also gives you the opportunity to show you care and are thinking of your client. Knowing your clients own activities, such as anniversaries, will also give you reason to contact them and share in their celebration plus keep business.

A end note, please do begin with a business plan to provide a long or short term overall outlook of this venture. Review it quarterly during the lifetime of your business and tweak it as necessary. Remember, a business plan is the means to provide direction and goals.

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Article(C)2009 Dame Scribe, all rights reserved. Dame Scribe creates articles and posts online. She creates articles on business skills & development, health, science, technology and society and has a strong passion for writing.