If you are planning on starting a large-scale business, then I would advise you to start a waste management service business.
Although the business would cost a lot of money because you would need to buy different trucks and equipment.
I can’t give an estimate though, but if you plan on starting the business, I would advise you to look for partners who can contribute money to join you in starting the business.
The business is a very profitable one and it is less competitive in some states in Nigeria.
Most already existing waste management companies aren’t functioning like before due to their faulty trucks and equipment.
Since it is a business that involves the use of machines, then maintenance is involved.
You don’t necessarily need to have branches all over the country because it would cost a lot of money but it is advisable to start in one state in Nigeria, then as times goes on you can begin to set up branches in other states.
This is a type of business that doesn’t need much strategy to make more profits.
Although you would still need to implement some other things to maximize your profit.
In this article, I would be highlighting and explaining the step by step guides on starting a profitable waste management business.
Do proper planning and research.
Before you think of starting the business, you should first check if the budget at hand is enough for the project because you can’t just start a business and stop halfway due to insufficient funds and that may even lead to bankruptcy.
If the budget isn’t going to be enough, then you can outsource for funds either by looking for partners who would join you or you take loans.
Secondly, employ a team to go do some researches in the various environments to know people’s reactions and satisfaction towards already existing waste management service. Then you can think of the best way to render services that would please the people.
For example in some rural areas, whenever the management trucks reach the front of people’s houses, people would have to start carrying their waste and throwing it into the trucks themselves.
Many persons don’t like it this way but if your company can decide to employ workers who would be helping people to carry their waste and throw it into the trucks themselves,that would be a relief to people.
Thirdly the team should also know the price that people pay on a weekly or monthly basis, then your company can decide to make the price cheaper to entice people.
Choose a less competitive location.
Like I mentioned earlier that there are already existing waste management companies and it would not be advisable to start in a location that is close to 4 waste management companies that are already rendering their services because it wouldn’t yield much profit.
Rather look for locations that there is less competition or doesn’t already have a waste management company working there.
Also, try avoiding rural areas that aren’t too developed because people in those environs hardly wait for a waste management company to come to pack their waste.
They prefer burning it because they believe it helps saves money.
Most waste management companies in Nigeria prefer going to well-established estates that have a lot of big houses to render their services because they would increase their prices to be more profitable if they are rendering their services in such areas.
If you plan on going there, then you should be ready to reduce your prices such that the people there would prefer your company services to other companies services.
Purchase quality trucks and equipments.
This is very important because this is the problem most other waste management companies are facing.
Sometimes they may have to suspend their services in other to repair their spoilt trucks or equipment.
Purchase a good truck and good equipment that wouldn’t be developing much fault as time goes on.
Also, you need to employ people who would be doing monthly maintenance service on your trucks and equipment so as to avoid any unforeseen faults.
If possible have a spare truck and equipment which may be used if something happens to the main ones.
Deliver the best of your services.
If you really want to maximize your profits then you need to gain the trust of your customers or people you are rendering your services.
Make your company look very special from other waste management companies.
When you start, you can start sharing waste bags with different houses as a way of advertising your services.
At first, you can reduce the price so as to entice people to sign up for your company waste management services then as time goes on you can start to increase it.
Try to deliver the best of your services so that people you render services to would always be happy.
This is a very profitable business to start, although it requires a lot of capital, within a short period of time, you would start gaining a lot of profit.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.