This jail once housed some of Boston's most infamous criminals. Now, guests pay up to $5,500 (for the presidential suite) to stay a single night in the historic building. Even the restaurants are named according to the theme with one restaurant named Clink and the hotel bar named Cuffs.
According to the Associated Press article the concept seems to be catching on. Apparently recent guests at the Liberty Hotel have included Mick Jagger, Annette Bening, Meg Ryan, and Eva Mendes. You can read more about the Liberty hotel (including a photo tour) in this Boston Globe article.
The lesson of the transformation of the old Charles Street Jail into the swanky new Liberty Hotel should not be lost on entrepreneurs. Not only is it an innovative example of reusing resources, it's also a great case study in thinking outside of the box. Jails don't usually become four star hotels.
You can use this concept in your home business. Do you have an asset that you no longer use that could be recycled into something else? Or, do you have a product line that no longer sells to its original market? Could you rethink these seemingly obsolete parts of your business and repackage them for a different market?
Your own repurposing of a product or asset need not be as expensive or on as large a scale as the new Liberty Hotel. However, repurposing could still be an effective home business option.
Here are just a few questions to ask yourself:
- Is the asset/product of historical significance?
- Is the asset/product a novelty item?
- Can the basis of the asset/product be redesigned for a different use or audience?
What about you? Have you done this? Have you repurposed a product or asset?
Leave a comment and let us know.
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