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Local business consultancy firm Vai Virtual gives us another perspective on what customary landowners could do to make use of their land.
Original article from vaivirtual.com
There are many customary landowners selling their land very cheaply. You really should not consider selling your land at all because once it is gone, chances are you are never going to get it back. It is a huge loss and something you will regret for the rest of your life.
So, what are some of the ideas you could consider working your land?
Residential properties
This is a popular option where you can build units on the property and rent them out. Obviously, this will require a significant amount of investment but nonetheless an opportunity if you do partner with a third party.
Commercial Storage Yard
If you can build a fence around your flat vacant land, then you have got an opportunity to lease it. Many large companies are looking for storage facilities and as Port Moresby or other urban cities and towns grow, there is a need for businesses to look outside for space. If you have unused land, this could be an option. Does not require a lot more investment than residential property investment.
Commercial Storage Yard
What about a warehouse? You could build a large warehouse to store almost anything. A lot of companies are looking at storage facilities so building a warehouse could a viable business opportunity. You should also consider security as part of this business idea as many if not all businesses consider this a pre-requisite.
Trade Store
If you have busy foot traffic in your area, then you could consider setting up your own trade store or lease the area for a third party to operate a trade store.
Container Yard
You may have noticed that many businesses now have their containers delivered to their business premises. They take up a huge space. If you have large vacant land and preferably flat land you could offer nearby businesses an opportunity to store their containers. Once again, safety and security are vital.
Camping Ground
This might sound a little ridiculous about if you have vacant land near a lake or sea, what if you could offer it as a camping ground. There aren’t many safe and secure recreational facilities and offering camping facilities on your land would be a potential opportunity.
Billboard
Advertisers are always looking to put their brands on the face of their target customers. If you think you have customary land in a high traffic area, you might just have the land for a billboard or two to be erected. Selling advertising space isn’t a new idea but certainly something you could seriously consider if you have the spot that might just be perfect for the advertiser.
Sub-divide into lots
What if you could just sub divide your block of land and offer businesses to set-up their own business. With your large block of land, you could literally have a variety of businesses taking up the sub-divided lots. If you are more creative, you could basically have a theme of non-competing businesses fitting into your masterplan.
Market
What about rearranging your plot of land so that you can get local sellers to sell their wares at your place. If you are at a busy intersection, this might just be the ideal opportunity for commuters to stop and buy whatever is being offered. You charge a fee for each stall holder. And if you’re quite innovative and have sufficient funds, you could add extras like tents for hire. The opportunities are endless.
Sports field / Outdoor Gym
The city is getting crowded and sportsfields are now being used for anything other than sports. Recreational areas are limited. But one thing for sure is that sports clubs or fitness enthusiasts are looking for spaces to train, to exercise. Could your land be fitted with outdoor gym equipment, gated and be made available to fitness freaks to use?
Bottom line is – DO NOT sell your land. A lot of people say don’t sell your land and that’s correct. But they do not provide helpful ideas on how to utilise the land so that you get tangible benefit out of it. Obviously, land that’s sitting idle is automatically going to churn out bank notes. Creativity on how to utilise your land is a key factor in benefitting from it taking into account you strengths and weaknesses whether they be money or business knowledge.
Got any questions – fly us an email at consult@vaivirtual.com.
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