If you are yearning to commence a business, which is eco-friendly, then recycling business comes in handy. In fact, you can earn lots of cash with recycling business since it has not been explored properly like other businesses. It is stereotyped that recycling business involves collecting data cans, old papers and bottles but most of the successful recycling businesses concentrate more on other materials and items such as gold found in many electronic items like PCs and cell phones or even reselling some household items.
In order to start any recycling business, it requires a good knowledge of where to sell the recycled products and most importantly, where you obtain the goods for recycling as well as robust entrepreneurial skills plus perseverance, which is key for any business individual. Read on below for a step by step process, which takes you through the various steps on starting your own successful recycling business.
- Step One: Determine and investigate what kind of recycling business suits you most and has the potential of giving you cash easily.
- Step Two: Check for the market gap and the need for a recycling business in your place
- Step Three: Most importantly, you have to draw a template for your business plan.
- Step Four: Get your business license at hand by registering your recycling business with the relevant authorities.
- Step Five: Raise the required finances to commence your business
- Step Six: Choose the appropriate location for your business
- Step Seven: Choose whether to collect the recycling materials from homes or by finding them through handing out of flyers.
- Step 8: Find Buyers for your recycled materials
Step One: Determine and investigate what kind of recycling business suits you most and has the potential of giving you cash easily.
Recycling businesses such as those of recycling bottles, cans and papers may not yield much for you though it is labour intensive. You can only earn more if you charge people when you collect recycling materials from them, which doesn’t work most of the times.
Just like above recycling, recycling cell phones, computers and other items, which contain gold is as well labour intensive but can earn you a lot of cash and their market is also big.
The recycling business that can be highly profitable involves recycling household items.
Step Two: Check for the market gap and the need for a recycling business in your place
After determining the right recycling business that suits you, you can now focus on investigating the market. In the area where you want to start your business, check if there are other companies, which have already commenced such business.
For example, if another company focuses on household items, you may think of recycling aluminium or gold instead.
Step Three: Most importantly, you have to draw a template for your business plan.
Your recycling business plan should contain your investments, initial capital, the targeted markets, advertising strategies, projected revenue and the operational plan,
This will ultimately guide you in knowing the possible amount of minimum and maximum profits, the labour force and knowing the general expenditure.
Once you have drawn a successful plan for your business, you can then seek for a business license within your city that stipulates all the terms and conditions.
For example, you will be given a sales permit for reselling gold, household items and other products within your line of business.
Step Five: Raise the required finances to commence your business
Recycling business is one of the few businesses, which require very little initial capital. But before the start of any business, you are required to know where you will obtain your start-up cash for the business to run without any itches.
You must have enough money in reserve to maintain the business until the time optimum profits are attained.
Step Six: Choose the appropriate location for your business
Depending on your initial capital, you can choose to have either a large area or a small area where you will be carrying your businesses. There are several factors you should consider when choosing the location for your recycling business like the proximity raw materials, market availability and labour force.
Step Seven: Choose whether to collect the recycling materials from homes or by finding them through handing out of flyers.
Choose the best way to advertise your recycled products. You have to find the best way of obtaining the raw materials for your business from the people.
Step 8: Find Buyers for your recycled materials
If you are reselling materials like metal, find buyers who deal with metal smelting and those who offer the best price.
When reselling household goods, your customers are those who advocates for the green lifestyle. Therefore, advertise that you offer eco-friendly materials. Others may want to save money a little bit by spending on used products.
With the above steps, you can now venture into the field of recycling business.