Having a big estate has its many potentials. Aside from giving you enough space to move around, you can also begin brainstorming ideas on how you can turn it into a profitable business. With enough knowledge on what’s trending in the market nowadays and enough capital, that huge vacant land of yours can transform into the dream business that you’ve always wanted. To start with, below are three ideas that a budding entrepreneur like you can consider.
Farm
The USDA’s Agricultural Outlook Forum stated in the 2020 report that the future of the country’s agriculture industry remains to be promising and full of potential. Despite the pandemic, many farmers across the US still managed to keep their farms fully operational. This is a good idea in business because regardless of the global situation, fresh produce and livestock will continue to be in demand.
There is no fixed number when it comes to the size of land that you will need, but according to farmers, you would need at least 500 to 1,000 acres of land to make a living out of farming. You would also need proper farming equipment. There are many new designs available in the market, but you could also consider buying second-hand items as long as they are at least five to ten years old. Some of the machines that you will need are:
- Corn head and grain platform – USD 175,000
- Big tractor for planting and plowing – USD 125,000
- Grain truck – USD 60,000
- Field cultivator – USD 25,000
- Pull-type sprayer – USD 35,000
- ATV – USD 10,000
- Grain dryer – USD 30,000
When it comes to livestock, you can begin with chickens, goats, sheep, turkeys, rabbits, cattle, pigs, and honey bees. You also need to invest in seeds, chicken feed, soil amendments, straw, fuel, electricity, and maintenance. These are all important items that will keep your farm up and running.
RV Storage Lot
An RV storage lot is a type of business that requires minimum maintenance and operational cost. In this industry, your service is to offer parking or storage or any recreational vehicle like campers. Many owners don’t have enough space in their homes to store an RV properly. That’s why they would need someplace else to park it safely.
To run a successful RV storage facility, you have to bear in mind that you are dealing with customers that have enough money to afford expensive vehicles, and they would want top customer service. Make your business competitive by offering extra amenities such as:
- vehicle wash bays
- electricity hook-ups
- showers and bathrooms
- dump stations
- water-filling stations
- 24-hour high-end security all around the lot
If you are looking at putting up an outdoor storage lot, the typical income would be between USD 30 to USD 100 per month for an average-sized RV. Since you already own the land, you could also look into making an indoor facility. This added protection against acts of nature would generate an income of USD 100 to USD 500 per month.
Gun Range
Setting the stigma aside, gun ranges are some of the most popular businesses in the United States nowadays. To start this type of business, you have to check first the firearms control laws of your municipality and state. In the United States and at a federal level, you have to check first with the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) for the laws about possession, legal use, and safety of guns.
Once you already have the necessary legal documents, the next thing you need to know is the specifics of the industry itself. Generally speaking, gun ranges are classified into three types: outdoor, hybrid, and indoor. An outdoor gun range can provide more flexibility than its two other counterparts. Since you are in an open space, there will be many benefits like mobility, a natural setting, multiple stations, and reduced building costs.
If you have enough capital, you can consider putting up an indoor shooting range with target systems. Currently, the United States has a total of 16,000 to 18,000 indoor gun ranges. The fee for this facility varies, but the typical income is at least USD 10 per hour.
Hybrid ranges, on the other hand, is a mixture of both indoor and outdoor. It is normally classified as a covered range that has an attached shooting shed. A typical hybrid range has at least ten firing lanes and has targets that have a distance of at least 30 to 50 yards from the shooting shed.
Starting a new business can be a little scary in the beginning. But making your dream a reality should be an exciting and fulfilling experience. Let this guide help you in taking that first step towards the realization of your dream.