The four stages any entrepreneur goes through   

The four stages any entrepreneur goes through   

Running a business is not something easy to do and while some people manage to succeed although they do not have a lot of experience, others may fail even if they are More »

Steps to starting a small business

Steps to starting a small business

If you are interested in setting up your own business, then there are a few important steps to follow in the process. Because the business world is highly competitive, it is more More »

Keeping your social media fans engaged – how to attract new followers

Keeping your social media fans engaged – how to attract new followers

Considering that social media marketing is more popular than ever and can have a very important influence on the success of a company, managers will need to always be careful with their More »

 

Recycling business: a starter guide

Recycling is one of the late years biggest concern. Environment issues have become vital in the global warming context and environment activists have become prominent groups in social and political life. Trying to pollute as little as we can has become our duty and obligation. This creates a favorable context for recycling business. Many enterprises are a good example, like this scrap copper recycling Toronto company. If you think this kind of business is appropriate for you, we have a few guidelines to make a better idea about what it is all about.

 

1. Specialize in one type of recycling

Take a close look at the market and try to identify the markets’ needs, especially in your demographic area. If there is plenty of recycling enterprises in your area that cover the paper or plastic market, you should try to cover the metal recycling needs of the market. Instead of getting into a competition with companies with tradition on the market, find an unexplored market segment and try to create a very professional and trustworthy company in order to secure your market share. Then decide what type of recycling you are going to do. You are going to simply collect the materials and take them to bigger recycling centers or are you going to both collect and process them?

2. Establish what is your budget

Before creating a business plan, our advice is to see how much are you willing to spend. Depending on this you could either create just a collecting enterprise (smaller budget) or a collecting and processing company (which requires bigger finances). Have in mind the fact that profit can come even after a year, so you are going to need financial means to maintain your business on a floating line until then. Take into account the costs of physical means: vehicles, recycling machinery, a physical location for your business. Also, establish the number of the employees you are going to have, so you can get an overview of the employment wages as well.

3. Create a business plan

Create an enterprise structure that might work for you, depending on your budget. If you are tight on money, our advice is to run the business by yourself until it becomes profitable. Then you can have a few employees if the amount of work is more than you can handle. Think about your company’s goals and what type of services you are going to provide. Make a market analysis and find out what is mostly required. Find the necessary financing sources.

4. Find a good location

Depending on the necessities of your business in terms of storage and processing try to find a location that provides you those necessities. In addition, most recycling business require a remote location due to its nature, although you might want a more central location.

If you consider starting a recycling business, our advice is to follow those aspects in order to have a quick profit and a successful business.