American firms and households produce more than 260 million tons of waste each year.
Of this amount, only 34 percent of it gets recycled with the rest being dumped in dumpsites and other areas where it harms the environment in one way or the other.
The remaining 66 percent of the waste offers great business ideas if done right. A waste management business is a very lucrative one which with a few tips and directives.
Are you interested in starting your very own waste management business? Where do you begin?
Read on to learn how to get started.
1. Get the Know How
Like any other career, you need proper education when entering the waste management field to avoid the common pitfalls. To most people, mentioning waste management refers to simply collecting garbage and sending it away in a truck.
The truth is that there are many different types of waste management. You only need to choose the most lucrative one to your situation to flourish. These types include:
Food Waste Management
This is the management of wastes from grocers, restaurants and other businesses dealing with foodstuff.
Damaged and outdated electronic devices need proper disposal from homes and institutions.
Construction Waste Management
Daily removal of the waste material from construction is mandatory to keep the working area neat and free of hazards. The rubble from construction, demolition, and renovation needs proper handling.
Medical Waste Management
Health facilities require strict adherence to waste disposal to prevent the spread of pathogens.
Industrial/Commercial Waste Management
From manufacturing plants to office buildings and other commercial setups, the need for proper waste disposal is immense.
Green Waste Management
Green waste refers to naturally occurring items such as leaves, grasses, and others that require proper disposal. Besides farms, government departments also require green waste management personnel to keep the country clean.
Animal Waste Management
The management of wastes for animals is mandatory for large farms raring chicken, cattle and other animals. This requires constant waste collection and disposal to facilitate optimum output on these farms.
Hazardous Waste Management
Hazardous wastes can easily cause harm to other people when not disposed of properly. They include nuclear wastes and wastes from science experiments. This is one of the areas expected to have a high rate of growth in the coming years.
In making a choice among these categories, choose one that has the highest potential for growth. After your decision, make sure you know about the regulations in that specific category to avoid unfavorable legislation.
2. Employ Emerging Technologies
Waste management may seem like a manual process but the integration of technology saves costs and increases efficiency. For instance, you can use fleet management tools to track your vehicles. You can also employ cost management apps to keep operation costs low for yourself and your clients.
3. Focus on Recycling
A lot of existing businesses in waste management focus on waste collection and disposal. There is growth, however, in the recycling arena.
Recycling not only saves the environment, but also helps businesses save on their costs of operation. If your waste management business can recycle wastes efficiently, you will not lack clients willing to invest in working with you.
4. Always Manage Your Costs
Always aim to carry out your operations with the lowest costs possible. With the waste management process being highly sensitive to changes in the prices of inputs, you need to focus on the costs at all time.
This enables you to save up enough to operate when, for example, the price of fuel goes up or a client doesn’t pay on time. As expected, clients will work with the most reliable and cost-effective business.
Waste management firms are successful owing to their low prices stemming from low costs of operation. You can learn more about their strategy to incorporate in your business.
5. Seek Sufficient Funding Before Starting
A waste management business is very capital-demanding, especially with the initial capital. Also, you will be working with government departments and large institutions some of which may take very long to pay out for business you’ve already done.
To avoid going out of business, have capital cushioning whereby you can go for a few months on your own capital. The good news is that businesses pay in large sums and will always pay for a job that’s done well.
6. Stay Flexible at All Times
Flexibility allows you to take advantage of emerging opportunities in the industry. Always keep an eye on the latest developments in regulations and trends. For example, if there is growth in your sector, you need to take advantage of the expected opportunities.
Flexibility will also position you to avoid the major pitfalls in the industry. An example is when fuel costs go up and you’re not able to operate as you had not planned for it beforehand.
It’s an industry that relies heavily on the flow of information. It’s affected by many other industries. Keeping tabs on all of them will save your business.
With these aspects, you can start your waste management business and flourish in it. The main consideration here is being informed on a constant basis since the lack of knowledge is one of the main causes of failure in this industry.
Start Your Waste Management Business Today
With the right information, you can be part of this fast-growing industry. With less than half of all the waste produced each year being recycled or disposed of properly, the opportunities for growth are virtually endless in this industry.
It’s important to seek education on a constant basis once you venture into this industry. And, while starting a waste management business can be capital-intensive, you can start small and grow with time.
Browse our blog for more business ideas.