How to Turn Unused Farmland into an Additional Revenue Stream While Helping the Environment and Community
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Originally Posted On: https://dirigodevelopment.com/dirigo-blog/unused-farmland-into-revenue-stream
Here’s a statistic that might shock you: almost 45% of Americans have a side hustle helping them earn extra money. Whether you’re looking to pay off debt, save for a vacation, or simply want to line your bank account, there are countless ways to increase your revenue stream.
What if you have unused farmland? Can you somehow profit from it?
The answer is a resounding “yes”.
Unused farmland is an excellent way to earn extra money while doing something you enjoy. This helpful guide explains the best way to turn your property into a lucrative side project so you can start earning extra money.
Large Revenue Streams for Unused Farmland
Sell Your Unused Farmland
Selling your land is one of the easiest sources of income from unused farmland. You can keep unused land as-is and have your realtor list your property —it’s that simple. This helps you cast a wide net as you attract a variety of prospective buyers.
Solar Energy Fields
If you’re looking for additional sources of income, consider hosting a solar project on your unused farmland. If you own an eco-friendly farm, then there’s no better way of providing your family and neighbors with cheaper, greener electricity.
When you host a solar field or a battery storage project, you can monetize your unused farmland while adding 100% renewable energy to those around you. You’ll also earn money from long-term lease payments instead of letting your land sit unused.
Create an Airbnb
Globally, Airbnb has roughly 5.6 million active listings. If you enjoy meeting new people, you can turn your unused farmland into an Airbnb.
Tiny homes are trending, and you could easily store one on your property to use as an Airbnb rental. You may even have a shed or cabin on your property that you could convert to a bed and breakfast.
If the thought of building a tiny home doesn’t appeal to you, you can always rent your unused land out as a campground. No cabins necessary!
Storage Revenue Streams for Unused Farmland
Outdoor boat storage costs anywhere from $20 to $50 per foot (for each boat), for the entire season. Making money with farms is as easy as renting your unused farmland for boat storage.
If you’re close to a city or densely populated suburban neighborhood, you may find that boat owners struggle to find adequate boat storage, making your land a viable option.
Should you decide to offer indoor boat storage, you’ll need to secure the appropriate storage facilities. Always check with your township about local ordinances and what’s needed to store boats on your property.
RVs are also challenging to store. You can extend your storage facilities to RVs, enticing people with competitive prices.
Research other RV storage areas near you to see what they charge and how you can compete. You might offer an incentive to those looking to pay for a year in advance as a means of attracting prospective renters.
Year Round Storage
It might surprise you that the storage facility industry is valued at $38 billion. Are you interested in a piece of the pie? Then offer year-round storage to profit from your unused farmland.
You can offer indoor and outdoor storage all year long. Be sure to price yourself competitively and research other storage facilities in your area, just as you would with boat and RV storage.
You can even rent your unused land to companies looking to store heavy machinery. Remember to purchase the appropriate type of insurance and maintain any buildings used for storage. This ensures the equipment is protected from the elements.
Crops & Animal Revenue Streams for Unused Farmland
Do you have a green thumb? As a landowner, you can turn your unused farmland into your own private garden and sell crops. You could also use the items in your garden and make artisanal foods, such as bread, cheese, and preserves.
The best way to sell crops is by joining a farmer’s market or setting up a stand in your front yard. Contact specialty restaurants to see if they’d like to purchase your custom-baked goods.
You can also help the less fortunate by donating excess produce.
The average cost to board a horse is $300-$700 per month. If you’re interested in making money on your unused farmland, consider boarding horses.
You’d need to build stalls or other types of horse shelters and you’ll need to purchase all of the equipment to care for the horses in your charge. Don’t forget to include adequate space to store horse tack (equipment).
Pet Boarding and Training
Are you an animal lover? Then why not turn your unused farmland into a kennel or training facility?
You can install a fence so the animals have plenty of open space to roam around and even create an obstacle course for training exercises.
Sell Livestock Byproducts
There are countless types of livestock you can raise and profit from. You could raise cows and sell their milk or raise goats and sell goat milk or cheese.
If you have sheep, you can breed them to produce wool in excess and sell it to knitters or hand spinners, attending farm shows to attract customers.
Profit From Unused Farmland
Unused farmland can be turned into a profitable commodity with a combination of creativity and determination. Consider what interests you and what you’d like to try your hand at, and concoct a plan.
If you’d like to host a bed and breakfast, consider turning your unused land into an Airbnb. You can also raise livestock for products or consider leasing a parcel of land for a solar farm which requires no cost from you while allowing you to receive monthly income for the term of the lease. Especially if the unused land will not work for growing crops or grazing for animals.
Dirigo Development tackles solar energy farm projects. Contact us today if you’re interested in learning how your unused farmland can transform into passive income.