Waste recycling business is among the top business opportunities that’s very lucrative here in Nigeria if done well. This business is capital-intensive and very competitive. However, that doesn’t mean you won’t gain any profit or money when you delve in. Most of the mistakes prospective entrepreneurs make is trying to blend in. In business, you don’t try to blend you, you try to stand out in other to create a niche for yourself.. That’s one of the fastest ways to create a successful business brand.
Here in Nigeria, waste recycling business is a goldmine cause waste is readily available. Not only will this waste recycling business fill your account with money, it helps keeps our environment clean which is no doubt beneficial to health. Like I already said, recycling business is a capital intensive venture. Which means you have to start with at least, N2Million to begin. If you’ve looked for a business guide that will help you start a waste recycling business, then this very article will be able to walk you through.
There are many businesses one can start in Nigeria, but when you talk about waste recycling business, I feel like you’re talking about Graspberg Mine, the largest gold mine in the world. Yes! That is how lucrative this business is. Before I go into details on how to start this business, take a look at some of the economic benefits…
BENEFITS OF WASTE RECYCLING BUSINESS
1. CREATES JOBS – One of the most important advantage of waste recycling is its ability to create jobs in the county. It’s a known fact that the waste recycling industry employs millions of people every year. Apart from making you self-employed as the founder, you create jobs for others also.
2. ELIMINATES LANDS POLLUTION – One of the problems states in Nigeria face is the problem of waste dumping. With waste recycling business, this anomaly will become a thing of the past. That’s why the government is advised to invest in waste recycling industry cause it will do lots of good.
3. CONSERVE NATURAL RESOURCES – Through recycling business, our natural resources are conserved. This is made possible cause used materials are reused and this means, effective management of our dear limited natural resources.
4. GLOBAL WARMING – When we burn our waste, it emanates CO2 into the atmosphere which is very bad to the earth ozone layer. The larger the waste, the more harm that is caused. However, with recycling, that will also be a thing of the past.
HOW TO START A WASTE RECYCLING BUSINESS IN NIGERIA
1. FEASIBILITY STUDY
Before you start this business, there’s a need to conduct a good feasibility study. Go on a market survey to know more about the business. You can also hire a professional to write a Good Business Plan. Not only will these analysis equip you with all the knowledge that you require, it can also be useful especially when given to a potential investor.
Waste recycling business entails a lot and with an in dept analysis, you will be able to know the pros and cons and how to go about establishing the business. Recycling business is a profitable business, but if the foundation is weak, you might end up turning your money into waste instead of the other way around.
During your business analysis, you should be able to determine the niche that will best suit you. There are lots of niche and it’s very paramount you discover one that’s in demand and readily available. For example, most people usually go into plastic, metal, e-waste, paper etc.
The processes of recycling the above are different and requires a different kind of machine. Look around your business location. Which waste is readily available? This will help you determine the niche that will surely promise success.
When deciding on a location, you need to thread with caution. Consider as many factors are possible cause waste recycling business is a location base business. What this means is that, the location of your business sometimes will determine your success. Ask yourself the following questions;
- Are there lots of recyclable waste in this location?
- Can people easily come to this location to dump waste?
- Is the road in good condition for transportation of waste?
Don’t be in a hurry. Take your time and make sure that the site is the best place to avoid future regrets.
4. WASTE RECYCLING MACHINE/EQUIPMENTS
This is very costly and usually the reason waste recycling business is capital-intensive. These machines help to crush, sort, covert and package these waste into a material that can be used to produce a new product.
Every type of waste has its own unique machine. What this means is that the machine used to recycle paper is not the same for a metal. Through your feasibility study, you will be able to determine which niche to go into and the machine to buy.
5. WASTE COLLECTION
Before you delve into this business, ask yourself; Where and How will I collect waste materials? There are many ways to go around this. First is from making it open to the public that they can make money by turning in a specific waste material like cans, bottles, papers etc. I’m sure you’ve seen some able young men, carry a wheelbarrow filled with waste, especially metals. They are actually supplying to a recycling plant.
You don’t need to worry about cost of those waste.. They have no choice but to play by your rules. You can also buy from a factory where those waste as no longer needed. It’s usually cheaper.
HOW TO ADVERTISE YOUR WASTE RECYCLING BUSINESS
You definitely won’t be working alone in this business and as such, should mobilise your team into taking the business wherever they go. Every form of advertisement should be explored. From running adverts on TV channels to taking it online. Yes, the online world still remain the biggest marketplace.
A waste recycling business is a lucrative venture that’s untapped and fresh. The few players are already doing great because the business isn’t saturated. The only hindrance that exist is usually the finance to start. If you can pass that roadblock, then you’re half way to creating an empire.