How to start a waste management business
Starting a waste management company can be a great idea, especially for the young aspiring entrepreneurs who are looking to make a career in potentially growing industries. With a considerably increasing surge in waste products over the last decade, there is an ever-growing need for proper waste collection, disposal, and treatment.
By opening a company that deals with inadequate waste disposal and management, you can play an important contribution to the betterment of the environment and society while making a huge revenue at the same time. Waste management is one of the top revenue-generating fields with an annual income of US$ 10.4 trillion globally. This means that it is one of the most extensive fields with incredible potential and market scope which is why it is a great idea to establish a company that effectively deals in waste management.
Although the industry has a lot of potential for growth and success, it still requires a considerable amount of time effort, and a fairly large investment to get started. There are things that you need to do before diving right in if you want to kickstart your career in this field. Here is a step-by-step guide on how to successfully start a waste management business for you.
Pick the market you see your self growing
Waste management is a vast field with several subfields that you can choose from. It is important to specify the field that you want to work in since each has its market, potential capacity, and scope. Some of these subfields are:
1. Biohazard waste management
Process: Biohazard waste management is the process of safely and efficiently managing biohazardous materials. This service is often used by hospitals, research labs, and other institutions that generate hazardous biological waste.
2. Used motor oil removal
Process: disposing tanks that contain used motor oil, you will typically find used motor oil in places like auto shops, oil changes, and even places like Autozone
3. Chemical waste management
Process: Chemical waste management is a process that helps to reduce the amount of hazardous and toxic chemicals in the environment. It involves the collection, treatment, and disposal of chemical waste according to government regulations. Chemical waste management is essential for protecting public health and the environment. This waste can be gases, explosives, flammable liquids, and radioactive waste.
4. junk removal
Process: You may not think about it on a daily basis, but your home or office is probably full of junk. Whether it's old clothes, broken electronics, or unused furniture, all that stuff has to go somewhere. That's where junk removal comes in. they call you to haul
5. Food waste removal
Process: Food waste removal is a process that collects food scraps from restaurants and homes and converts them into energy or compost. This process helps reduce the amount of food that goes to landfills, which not only benefits the environment but also, your customers can be supermarkets, butcher shops, and some restaurants.
6. E-waste removal
Process: E-waste removal is a process of recycling or disposing of electronic devices and components that are no longer needed or wanted. This includes everything from computers and phones to tablets and TVs. E-waste removal is important because it helps to keep these devices out of landfills where they can release harmful chemicals into the environment. Additionally, recycling e-waste can help recover valuable materials that can be used to create new products. If you have any old electronics that you no longer need, make sure to recycle them properly through an e-waste removal program. You can find customers by enrolling with state programs and building a website.
7. Plastic and can recycling
Process: In today's world, it's important to be environmentally conscious. One way to do this is by recycling plastic and cans. But what do you do with all those empty bottles and cans? That's where can and plastic recycling machines come in! Can and plastic recycling machines are a convenient way to recycle Plus, they help reduce waste in landfills. You can place these machines in places like gas stations, supermarkets, and even storefronts upon owner approval of course!
9. Tire recycling
Process: Process: What do you do with old tires? You could throw them away, but that’s not very environmentally friendly. You could also try to sell them, but there aren’t many buyers for used tires. One option is to recycle them. Recycling tires is a great way to reduce waste and help the environment. You can find customers in tire shops and repair shops.
10. Trash removal
Process: businesses are required to deal with a licensed waste hauler to handle their waste management, this business can be delis, restaurants and even offices they pay the trash company a fee based on the weight, customers will empty the trash according to haulers’ schedule.
It is suggested to analyze your resources, capital, and market before choosing a category to establish your waste management business in. Not everyone has the right tools and knowledge to conduct a successful business in every niche which is it so important to pick a field wisely before going all in!
Consider the Capital Investments Required
If you are thinking about going big then the waste management business is a capital-intensive business. This means that you need to have a good amount of capital and start and run a company before it starts generating revenue. Moreover, you need to evaluate your costs for equipment, machinery, transportation, employees, and the setup and compare to your investments to calculate the revenue that you might be generating from your business. Different niches have different investment requirements. Some of the subfields such as medical waste removal and tire recycling might need a higher investment than the others due to more extensive labor in the management and disposal.
Conduct a Thorough Market Research
Great market research can help you understand your stakes better and let you know about your potential competitors, market, and future scope. A niche with a lot of competition means that you will have a hard time positioning yourself as a leader in the field. It will be better to choose another field with lesser competition and better growth opportunities. Ask around from your local waste suppliers and disposal companies for some insight that can help you compare your choices.
Make a Business Outline
Set goals and plan your business prospect accordingly to build a strong foundation for your company. Design your company policies and prices after evaluating the market costs and your rival companies' working criteria to make a robust business plan.
Starting a side hustle
Starting a business can be overwhelming when you hear waste management company you think machinery, large trucks refineries, etc. well this may not be the case, the most important factor when starting a waste management business is getting fully license and fully insured get these and start your hustle you can even start off in a cargo van yes I said it, and as you grow you can start investing in bigger trucks I started my waste management business in a van before I purchased my first tanker truck and it was the best decision I made, I grew my business on my pace, didn’t have much overhead and made a great profit here are 3 waste management business you can start in a van!
1.Junk removal: a decent size cargo can get the job done and if the load is more than can fit, hey you can also make a second trip!
2. Waste cooking oil removal: yea you might think you may need an $80,000 vacuum truck but guess what (2) 275 IBC totes and a motor trash pump will work fine too might not be fast but whats the rush!
3. pallet recycling: get a sprinter for this one a sprinter has a high ceiling I am not sure how many pallets can fit but I am pretty sure you can get about 40 at a time!
As I mention your goal is to do it right, get licensed get insured to build up some customers and when some money is coming in you can then switch up by getting nicer trucks and branding with a nice logo website etc.
Starting a waste management company is a great way to kickstart a business whilst creating a positive impact on the environment. With the right approach, you can successfully establish a company in the field without much effort.