How to Start Waste Recycling Business in Nigeria / Business Plan
Start Waste Recycling Business in Nigeria – All over the world waste recycling is a huge business, I am sure you have heard the common phrase, “shit business is good business.” There are several ways our so called waste products can be converted to be a major source of income. Waste for one is a huge source of electric power in some countries, they are also converted in some other ways to other materials beneficial to major economies around the world.
Also Read: Plastic Recycling Business Plan in Nigeria
Waste recycling is one business that is gradually taking over the scenes in Nigeria, several people have seen this disguised gold mine and have started to shift their focus to make money quickly before the industry gets oversaturated. Waste recycling is not just a profit making venture, it is also seen as an effort to help rid our environment of harmful waste materials that can cause pollution as well as deface the environment. Guess what, the major raw material for this business is readily available all over the environment, you do not need to go through too much stress neither do you need to spend much, all you need to do is visit refuse dumps and you will get more than enough waste materials to run your business. Waste recycling in Nigeria presently offers very little competition but the trade could be a bit tasking and complicated, without adequate knowledge, invested money could turn out to be wasted. Join me on this interesting and enlightening journey to get yourself acquainted and educated about how you can successfully engage in waste recycling business in Nigeria.
What is waste? Before we continue on this journey of learning how to start your own waste recycling business, it is expedient to understand a few important terms. One of such words is waste. Waste can be defined as any material, substance, or by-product eliminated or discarded as no longer useful or required after the completion of a process. Waste is any substance which is discarded after primary use, or it is worthless, defective and of no use. It could also be unwanted material which is left over after production process, or any output of no marketable value. Waste is any material discharged into, deposited in or emitted into an environment in amounts or in a manner that will cause harm to such environment.
Types of waste
Waste can be grouped into several types, depending on their physical form or material make up. Below are the different types of waste:
- Liquid waste: This involves waste that are not in solid form, some solid waste can also be converted to liquid waste for disposal purposes. Examples of liquid waste are wash water from residential abodes, liquids from factories, waste detergent water, etc.
- Solid waste: This includes all non-liquid waste produced from our homes and other avenues like factories, markets, farms, etc. Examples of these include old furniture, worn out tires, old newspapers, unwanted by-products of the production process, corn husks, animal wastes, etc.
- Hazardous waste: This is the kind of waste that can cause harm to the environment. They could be inflammable (easily catch fire) in nature, corrosive (easily eat through metal) in nature or toxic (poisonous) in nature. Examples include pesticides, old fluorescent bulbs, aerosol cans, fire extinguishers, mercury containing equipment, old batteries, etc. In most countries legislation is against indiscriminate disposal of this kind of waste, strict measures are taken to ensure proper disposal of hazardous waste to protect the populace and the environment from harm.
- Organic waste: This kind includes all animal and plant by-products. Animal excreta, feed waste, decaying plant materials, etc. all fall into this category. These waste are biodegradable so most people convert this kind of waste to compost on their farms or in their gardens.
What is recycling? Recycling is the processing of used waste materials into new useful products. It is the process of converting waste materials into new materials and objects. Recycling means to treat or process used or waste materials so as to make them suitable for reuse. Recycling uses up less energy and it is a very method of managing air, land and water pollution.
Starting your own waste disposal business
- Market survey: Like any business, it is advisable to make a detailed study of the present market for proper understanding of the terrain and also to help develop a proper business plan. There are different ways one can be involved with the waste disposal business, having a detailed market survey helps educate the businessman on which aspect will be best suited to his abilities and available capital. The three aspects include:
- You can gather waste materials and sell them. This usually little or no capital, in fact if you look around your environment you will see several people who go around with mini trucks and wheel barrows, picking up waste. They have a deposit point where they sell the waste they have gathered.
- Buy from the nomadic waste sellers to resell to processing and recycling companies. Some might finding it a bit degrading to go around picking waste from garbage dumps or residential abodes. If you are one of these, you can decide to buy waste from the nomadic sellers (those who go around to pick up waste) and resell to companies who have the machinery to process these waste materials into new, usable products.
- Buy waste and process to new products. If you have capital enough to get processing machines, you can involve yourself in the actual recycling process by purchasing the waste and turning them into new products in your company. This aspect is the most capital intensive because it will require you to have a factory, machinery, employ workers, etc. but it is also the most profitable of all the aspects of waste recycling.
The market survey also furnishes the businessman with information about the present market demand for recyclable products, the competitors, the price of the final product and the volume of waste in the area.
- A comprehensive business plan: After a detailed market survey has been carried out, a comprehensive business plan should be written. This acts as a guide to help the business owner keep focus of what he wants to achieve, it also acts as a template which attracts investors to the business. The business plan should contain information like company goals and objectives, products, market strategy, modus operandi, business and management structure, forecast of how much is needed to run the business and expected returns after specified periods of time. We can help you to write your waste recycling business plan and feasibility study in Nigeria.
- Specialization: It is important to know the various kinds of waste recycling there is and make a decision on which aspect one will concentrate on. To this one should ask the question, what type of items do I want to recycle? You can choose to focus on any of scrap metal, paper, plastic materials, e-waste, textile, etc. The businessman can decide to be focused on a single material or can indulge in a mix of materials. This decision must however be taken based on a few conditions like:
- Available capital.
- Volume of a particular kind of waste in the immediate environment.
- The available machines.
- The technology required for the process.
- Raising capital: Finance is the backbone of any business, no business can find footing without substantial amount of capital. Raising capital in this industry is quite easy because of the environmental friendly nature of the business. You can raise capital by seeking loans from banks, grants from government environmental agencies, private investors, etc. A detailed market survey and a comprehensive business plan will help the business owner have a well written budget which should contain the amounts needed for equipment, transportation of raw materials, marketing, electricity, staff salaries, etc.
- Procuring waste materials: Waste is the major raw materials in this business, once you have decided what aspect you want to specialize in, it is imperative to decipher where you want to get the waste from. You can source waste from several avenues like residential abodes, refuse dumps or from garbage sites (places where waste materials are sold), factories that produce a lot of waste. You will require transportation like trucks to move the waste from these sites to the processing site.
- Recycling equipment: The recycling of waste requires several machines, there are specialized machines for different stages of recycling as well as for recycling different kinds of materials. When you decide the kind of materials you want to focus your recycling business on, make proper research into that aspect to find out the machines you will need. Acquire the necessary to ensure you are up to standard in the production process.
- Advertising your business: After all is said and done, you still need to publicize your business if your business will grow and if you will become a household name in the industry. You can employ several advertisement measures like flyers, social media, jingles, billboards, etc. to make the general public know about your business. You can also write to big factories that have the kind of waste you need to inform them of your intention to partner with them.
With about #2,000,000 you can start waste recycling business in Nigeria and be sure to make a ROI of about 60% monthly. Several companies in Nigeria are looking for recyclers for their products, meaning there is a huge market out there waiting for you. I always that you educate yourself as much as possible before indulging in any business to avoid unnecessary losses and pitfalls. You can link up with people who are already in the business to learn firsthand what it takes to run your business.
To get our sample business plan on waste recycling business in Nigeria, call us on: +2347033378184 or via email: firstname.lastname@example.org.
I hope this article has been helpful in educating you on how to start your waste recycling business in Nigeria.
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