How to start a recycling business
Find your recycling business niche
Recycling business is a very large business niche with competition all over the world. In other to stand out from other recycling businesses, you must offer a unique service. and also engage in the type of recycling business needed by your locality.
Make proper market research to know if your service is really needed by your target audience. Learn the demographics and segment that will profit you more.
Choose the type of recycling business: you could choose to sort or buy old furniture, computers, plastic material, glasses etc. and sell them to processing company where these old items are then processed into new once again
Licence and permit: You may need licence from the ministry of enviroment and other agency like the ministry of health before you start up a recycling business.
Know the Recycling Business Budget
How much does it cost to start a recycling business? The cost to start a recycling business depends on the type of recycling business you may wish to start. As earlier stated we have different types of recyclicng business including: plastic recycling business, paper recycling business, e waste recyclicng business or electronic recycling business. So the question how much does it cost to start a recycling business? depends on:
- The hauling vehicles you will need for the recyclabales
- A space needed to store and sell your gathered recylables
- Recyclables weighing machines and other recycling business machines
- Wages for employees
Get a business plan for recycling business
All the research you have carried out about starting a recycle business will sum up to form your recycle business plan. Your business plan is a formal document that outlines how to start a recycling business and run it successfully.
Your recycling business plan will help you in keeping track of each step you make in the daily operations of your recycling business. Your recycling business plan must contain the following:
- Your recycling business goals
- The product and services of your recycling company
- Your recycling business target market
- The mangement structure of your company
- How you intend to collect and process your recyclable products
- What your budget is and the list of what your business will require the funds for.
- What makes your business unique and of advantage to it’s competitors
- what is your expected recycling business profit margin
- What is your marketing strategy