Ranking your own site for local kws, then selling space?

I'm thinking of ranking my own sites for certain local SEO keywords, then reaching out to business and renting ad space bassically to get them featured on the site.

This way they NEED to keep paying if they wanna be on there (compared to ranking them, then hoping they don't stop paying) and I have full control over how I want to rank and what onpage/offpage techniques I wanna use.

Just wondering if anyone's done something similar, and looking for advice on this as I'm just gettinf started…

Ranking your own site for local kws, then selling space?