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The principal solution to this waste challenge is to recycle as much of the garbage we generate as possible. Recyclers make a lot of money from giving metals, plastic, glass, and other kinds of material another ‘life’. If you’re passionate about eradicating waste and recycling them, you could earn a decent income from running a business in this sphere. Here’s how to start one, in ten steps:
Learn All You Can About Recycling
Don’t dive into the recycling business until you’ve learned what it’s about. Find out what kind of things can be recycled, how they are separated and processed, what equipment is used for this purpose, and the sorts of things that can be made out of them. There’s a lot of information about this online. You may also speak with people who have been in the recycling business for a while, and glean what you can from them.Choose a Material You’ll Specialize in
If you’ve learned about the various recyclable materials, what the demand for them is like and what they’re worth, you’ll have a good enough insight into the market for you to choose which one (or ones) you’ll specialize in. Whatever you go for, be sure that it’s something with a ready, sizeable and unsaturated market. You can ascertain this by carrying out a feasibility study of the market in question.Have a Budget
You will have to spend some money to acquire land, vehicles and equipment for your business, pay registration fees, and pay your workers’ salaries. Draw up a list of these items, as well as every other thing you’ll need to buy. Then attach the corresponding costs to each item, and add them all up. The result will be the estimated amount of money you’ll have to spend in order to get the business running.Sign up for the Connect Nigeria daily newsletter
Write a Business Plan
Next, write a business plan. It should explain what your business is and does, the market it’s targeting, its strengths and weaknesses, its strategy for winning customers and outperforming competitors, and financial projections for its first few months or years. The plan will be a guide against which you can measure your business’s progress, and a document you’ll have to present to lenders if you’re seeking funding from them.Raise Capital
Unless you have enough money to cover your business’s startup costs, you may have to hunt for funding from sources other than yourself. You could get financial backing from your family, friends, or acquaintances. There’s also the option of obtaining capital from formal lenders, such as banks, funding organizations, and angel investors. Only settle for a lender or investor with short and long-term fees that you can afford.Register the Business
Don’t forget to register your business with the Corporate Affairs Commission (CAC). They are the body legally authorized to handle business registrations in Nigeria. Enterprises may also be expected to pay fees and obtain evidence of other registrations with the state and local government authorities.Purchase Equipment
As you can imagine, the recycling business requires a lot of equipment to function optimally. Scales, bins, sorting equipment, magnetic separators, compactors, bailing machines and washing gear are just some examples. You could also need at least one truck to convey material between the recycling facility and other locations.Secure a Work Site
Acquire land on which you will sort out, separate, and store material and equipment. It will be difficult for your business to function properly without a decent space within which you and your employees can work. The cost of land varies quite significantly across Nigeria, and even within cities. Go for a location that you and your clients can easily access.Register to attend the CN Business Mixer
Hire Workers
The number of employees you’ll hire at the start of your business will depend on its scale at that point. They should be able-bodied, and willing to take on the sometimes physically demanding tasks at your materials recycling site. Depending on the model your business runs with, you may also have to hire people who will scour landfills for the sort of material you process.Market and Advertise Your Business
Get the word out about your business. You can do this by distributing flyers in and around the area in which your business is situated, and by launching marketing campaigns on social media. Run paid adverts online if you can; this has the power to greatly amplify your messaging and expand your reach. With the right combination of online and offline marketing, your recycling business should begin to attract customers soon enough. Featured Image Source: Businessday NGGot a suggestion? Contact us: editor@connectnigeria.com