Make 2016 the year of extra space (and money)

Feb 15

Make 2016 the year of extra space (and money)

We often the hear the phrase, ‘time is money.’ However, for many of us, it’s equally true that space is money, too.

If you have a spare room that’s not being used (apart for storing your camping gear or drying your washing), for example, you could be missing out on a rental opportunity.

On the other hand, that space could become a place where you set up a home office – or a storing and packing room that enables you to dabble in some online buying and selling.

Either way, making more space in your life this year could be the key to making more money.

Of course, this could mean parting company with some of your favourite possessions – or must it?

If the idea of making some extra cash with that underused space of yours appeals, start by pulling out the things you’re happy to do away with. Is there enough for a car boot sale? Can you sell these things on an online classifieds or auction site? If so, you’re making money already!

If not, consider taking it to a charity shop, giving it away to friends or making it available via the growing number of free-cycling websites. If the worst comes to the worst, take it to your local recycling facility.

Even giving it away will save you time and money in the long term. This is because for the items you do keep, you’ll need some kind of storage solution. This could be your garage, the loft or maybe a spare room at a friend or family member’s house. Alternatively, there’s secure self storage, where you choose the size of room that’s right for you and take as long or short term a rental on it as you need.

Naturally, the less stuff you have to store, the less you’ll pay to store it – and the less heavy lifting you’ll have to do. Which leaves you more time to cash in on your newly freed up space.

Take in a lodger

With a room now vacated, you have space to take in a paying lodger. Check the ads in your local area to see what you can expect to earn from your room and what type of tenant it may appeal to. If there’s a university in your locality, you could set a rental affordable for students and furnish it accordingly. If you’re in an area where there’s high number of big employers or you’re close to road or rail links, you could target a professional tenant. This may require a slightly higher standard of furnishing, however you can offset that by charging a higher monthly rent.

Start a home business

Using freed up space at home to start a small business can also prove highly profitable. The returns may be small to start with but the potential is unlimited. Whether it’s just you and your laptop in a home office, a place to buy and sell from, or even a small workshop or craft room to produce goods in, you’ll be in charge of your own destiny.

Whatever you do, as your business grows, you may need a little extra space from time to time and some specialist business services. Again, a good self storage provider should be able to help. Some offer services such as forklifting, flexible offices, couriers, virtual PAs and meeting room hire.

Perhaps 2016 is the time for you to make space to make money?