It’s been a strange few years. Many of us opted to change career during the pandemic, leading to new businesses springing up and others deciding to take their side hustles to the next level.
Then this last year has seen unprecedented economic change. The cost-of-living crisis has meant that people are looking for opportunities to save up in case they need to find funds in an emergency. For instance, if the boiler breaks or the car needs repairs, having savings in place can be crucial.
Whether you’re looking for money-making ideas to create a savings pot or you’re after extra income on the side, if you have a garage, it could be possible to reimagine the space. Here’s a look at how you can make money from this extra room in your home.
Set up shop
We’ve already mentioned side hustles. Do you have one? Are you crafty? Maybe you’re great at bike repairs? Whatever hidden talents you have, you could turn it into a money spinner and make your garage your workshop.
So long as you have the tools of your trade and the skills needed, you could find that you soon have a business set up from your garage space. Just remember to set it out as you need it. Build storage space with cupboards, drawers and door latches, and create a filing system that works for you.
Rent it out as a bedroom
Airbnb has taken off in recent years, with people renting out spare rooms, attics and second homes to travelers. Why not join these hosts and transform your garage into a relaxing room where people can stay for the night?
You’ll need to make sure it’s damp-proofed and tastefully decorated, but any initial expenses can be easily made back when people book their stay.
Turn it into a creative space
If you enjoy writing or you’re an artist, you could make your garage a studio where you can paint or write in your own dedicated space. By having your own place to get creative, you could potentially write a money-spinning piece or craft some lucrative art.
Are you thinking of ways to make money from rooms in your home? What will you do with your garage? Then being creative is the way to get going.
Renting out as a parking space
Renting out your garage space as a parking spot is a way to make money by utilising this space. This can be especially useful if you live in a densely populated area or near a destination where parking is in high demand.
You can rent out your garage space to individuals or businesses looking for a reliable and secure place to park their vehicles. You can charge a daily, weekly, or monthly rate for the rental, depending on the demand for parking in your area. Also, you can market your parking spot on online platforms such as Craigslist or Parkable, or even put up a sign in your garage window.
However, check with your local laws, regulations, and your homeowner’s association rules before renting out your garage space as a parking spot.
Starting a car wash business
Starting a car wash business involves setting up a facility where customers can bring their vehicles to be cleaned, typically by machine or by hand. There are different types of car wash businesses, such as self-service, automated, and full-service.
If you decide to start a car wash business, you will need to invest in equipment such as pressure washers, soaps and chemicals, hoses, and drying equipment. You will also need to secure a location, either by renting or buying a property and obtain any necessary permits and licenses.
A car wash business can be run out of garage space. You can set up a self-service bay where customers can use the equipment to clean their own cars, or you can offer full-service washing and detailing. You can also offer additional services such as oil changes, tire rotation, and car detailing services.
It’s important to research and understands the market, competition, and regulations in your area before starting a car wash business, as well as to create a detailed business plan, budget, and projected cash flow.
Your garage can make you a lot of money if you are smart enough to understand the potential business ideas. We have given you some ideas to think about so you can earn well out of your parking space. However before you start with any idea it is important to do all the necessary research because different regions may have different regulations. Also be considerate about your budget and goals before thinking about making the capital out of the garage.
In 2023, you can have lot of opportunities if you are smart And it is possible to make money out of your garage