Are you seeking new ways to make money and produce additional passive income? If you want to learn about ways to make money from your garage and own a business model that anyone with an unused garage space can do, then keep reading!
If you currently own a home and heard of others turning garage business ideas into a reality, then you might have heard about the potential source of revenue it can generate. The extra garage space in your home is extremely useful, accommodating many functions like living area, business establishment, parking lot, workspace, or studio.
Here is a top ten list that outlines how to convert your unused garage into an income-producing asset that will help with monthly bills.
Rent storage space out for money
It’s an easy way to make some extra cash and doesn’t require any long-term commitment or extensive work. You have to list your available space and let willing companies do the rest. Storing items can be an incredibly profitable venture for households in America, as one in ten homes have extra storage space. You don’t have to spend much to turn your garage into a source of revenue: on average, it’s possible to make up to $1 per square foot with minimal cost for upkeep or utilities. All you need to do is rent out the room and start bringing in money monthly. And because you already cover the costs associated with heating, electricity, and security, there are no added expenses involved either. To maximize safety and profit potential when renting out your space, try utilizing Spacer.com, a platform that enables property owners to find renters, receive payments from them each month, and safeguard their property against potential issues. With even a single or double garage at your disposal, there are plenty of ways to monetize this opportunity and bolster your mortgage payment!
Make your hobby into a side hustle with your unused garage space
People often engage in hobbies solely for fun and enjoyment, without any intention of making a profit. But, if you’re looking to increase your income or embark on an entirely new career path, why not look into whether there is money to be made from what you love? Transforming a disused garage into an artist’s atelier could open the door to all sorts of creative possibilities – even enabling you to become gainfully employed full-time or part-time by pursuing your hobby. Moreover, shoppers are constantly on the lookout for unique pieces they can buy online. So with some determination and effort, perhaps you’ll manage to turn that idle hobby into a prosperous enterprise – just like Amazon, Google and Disney did when they began out of their respective garages!
Convert it to an extra living space
With the primary objective of creating a safe, comfortable environment to reside in, homeowners now have an alternative to turning their garage space into a multifunctional area. This newly converted room could be put up for rent during the holidays or simply be used as an additional bedroom in a house with existing tenants. To successfully transform the neglected area of your home, here are several necessary tasks you’ll need to do before it’s fully habitable: carpet installation, purchasing essential furniture pieces such as beds and dressers, proper climate control maintenance and temperature regulation, patching any roof leakage problems and coating all walls in paint while making sure all exposed electrical wiring is taken care of. These measures will not only help upgrade the place from being just an unutilized garage to a livable guest room that could generate additional income but also give you the pleasure of owning a four-bedroom house.
Of course, garage security is non-negotiable so make sure to find who does good garage door repair in your area and consider adding cameras, install the best locking system, improve exterior lighting, etc.
Rent it out as a shop
Garages aren’t simply expansive parking lots, they are much more. From working on cars to repairing them, from changing oil to creating something new for their homes – these facilities offer great benefits. Unfortunately, those living in apartments don’t have the same privileges, yet homeowners can make a profit by offering up their large garages for auto detailing and minor bodywork services.
Why not rent out your tools to others
Does your garage seem perpetually cluttered and cramped, regardless of the amount of effort you put in to keep it tidy? Worry no more; services such as Zilok and Tool Lending Club offer a great solution for when you need specific tools for an occasional job or don’t want to spend too much on purchasing them. Simply list what’s available from you online – this makes it easier for renters to browse their options before they make their order, pay any associated registration and insurance fees seamlessly, so there won’t even be the hassle of having to deal with shipping!
Turn it into a workspace or home office
When the pandemic struck, millions of people had no choice but to work remotely for an indefinite period. For many this was a new experience requiring makeshift home offices, not always ideal or comfortable. One solution that could benefit smaller businesses and individuals is to repurpose their garage into an office. Not only does it provide a space where people can once again collaborate in person, as opposed to online, but it could also be rented out on a daily basis. An investment now will reap rewards in the future, giving you or your team the perfect workspace.
Rent it to a small business owner
As a result of the COVID-19 pandemic, countless small businesses were shut down and were forced to transition into selling their products online. This had a major effect on not just the store being closed off to customers but also meant storefronts could no longer be used either. Many business owners had to find new ways to pivot, leading many to operate out of their homes – an unsustainable solution as living spaces would quickly be taken up with product packaging, shipping, and storage. As such, offering up unused space in garages or sheds for these business owners to utilise is an effective way for them to get back on their feet during this trying period. Homeowners can provide some much needed respite for local business by granting access for retail clothes, antiques, cookware and even storage containers that require space outside of residential settings; no matter what the industry or product type may be, there’s sure to be somebody out there who needs help with storing additional items away from home.
Renting it out as a parking space
Living in a major city can be stressful – with its tight living spaces and rising thefts, more and more people are searching for off-street parking. This increased demand provides a great opportunity to make some extra money from the empty garage space – something that’s easily achievable with online parking companies who are always looking for people like you who want to rent your driveway out to make a quick-buck! All you need to do is create an account, list your spot, set your monthly price ($200-$300), and wait for tenants to book! It’s as simple as that: you can leave the work to the professionals while passively watching payments roll into your bank account!
Turn it into a woodwork space
Woodworking has been a popular hobby for hundreds of years and it is still going strong in 2022! When I was a little kid, I used to make my own chairs, figurines, toys, and even baseball bats in the garage at home. This inspired me to think of how an unused garage can help out someone else who wants to pursue this hobby or small business idea. For instance, why not rent out the garage to a neighbor with a kid that’s eager to try woodworking? Not only would this be a passive income stream for you but also the people who are interested in such hobbies get their chance as well. Furthermore, platforms like Etsy have enabled more small business owners to make money by selling their creations online. Thanks to technology and its capabilities today, individuals have found success from something they love doing without needing huge investments or hard-to-get resources. You may even receive something unique from them as well – crafted from the passion of another!
Rent it out as a content studio
Are you familiar with the concept of social media? An ever-increasing number of small businesses and e-commerce ventures are searching for spaces to produce content. From hosting their website sales, to shooting models in their most recent apparel -content studios have become a very successful business. Perhaps you should contemplate listing your garage on Peerspace.com, an online service which permits those within the industry to reserve locations for activities such as meetings, photoshoots and occasions.
Run your eCommerce business
The global pandemic resulted in many people making their purchases online. To keep up with this shift in consumer behavior, companies had to find ways to transition their operations onto the internet quickly. Moving your business headquarters into your own garage is a great way to maximize profits while avoiding costly commercial rent fees. This setup allows you to conveniently store, package, and deliver orders without leaving your home. Thus, making it possible for eCommerce businesses to stay afloat during these tough times while keeping their expenses at a minimum.
Repair services for small business owners
If you have a garage, you can use it for repairs. You could offer auto repairs, home maintenance, lawn care services and more. You could also use the space to offer a repair drop-off service for customers who need items fixed quickly. For instance, you could fix computers, cell phones and other electronic devices in your garage. This would be an easy way to start up your own business from home!
Sell items you no longer need
If you have items that you no longer need or want in your garage, try hosting a garage sale. Gather up all the items you’d like to get rid of and set up a table in your driveway or yard. Place price tags on each item and let customers come through to find their desired treasures. Be sure to provide bags for any purchased items and take payment for them. Once you’ve sold the items, be sure to clean up the space and thank your customers!
Wash and offer a Laundry Service from your Garage
Here is a step-by-step way to use your garage space as a small laundry business idea:
1. Clear out your garage to make room for a washer and dryer. Move any furniture or other items that might interfere with the laundry machines to another area.
2. Install electrical outlets and/or water connections if needed to accommodate the laundry machines.
3. Set up a table, preferably against a wall, to store laundry supplies such as detergent, bleach, fabric softener, etc.
4. Purchase two commercial grade washing machines and two dryers that are designed for heavy-duty use, such as those found in a coin-operated laundromat or hotel.
5. Hang signs around the neighborhood or post flyers advertising your new laundry service, including details such as hours of operation, prices per load of wash/dry/fold service, payment options accepted, and how soon customers can expect their orders to be completed.
6. Consider implementing online scheduling options or an app that will allow customers to request pickup/delivery of their items directly from their phone or computer.
7. Keep your equipment in good condition by cleaning lint filters after every cycle and having regular maintenance checks done on both the washers and dryers to ensure they are working properly.
8. Set up bins inside the garage where customers can drop off and pick up their clean clothes once they have been washed and dried.
9. Establish customer loyalty by offering incentives such as discounts on certain services or bulk order discounts for returning customers who often use your services.