Starting Up A Recycling Business In Nigeria
Every family not minding the economic status churn out tons of wastes every day.
Two households can contribute to raising a heap of wastes within a short period. And this has led to the increase of refuse dumps, as from a pole to about three a waste dump is seen.
These heaps of waste as bare as they lie on those grounds are raw materials that can be recycled to usable products. These materials that are not bought rather begged to be disposed of for safer environment are goldmines.
Recycling is a lucrative business many have overlooked. Although it has available raw materials that are not far-fetched, it is capital intensive. There are about three major recycling business types in Nigeria, viz. plastic, paper and E-Waste Recycling.
And each of them has numerous sites for collecting raw materials, from schools, offices and printing houses for the paper recycling, then events, homes, business centres, factories and dump sites avail materials for plastic and Electronic waste recycling. Depending on the one you wish to go into at least a capital base of 2 million is needed for a start.
There are rudimentary things one need to do before venturing into the business of recycling and they are;
- Feasibility study
A research needs to be conducted before starting a recycling business. The study will cover the market, the type of the recycling you wish to venture into, the competition and location. These factors when harnessed well, understanding its interplay amongst the other factors will achieve profitability in business and such plans are investors catchment.
- Choose your Niche
There are a lot of recycling types, although the major ones in Nigeria are paper, plastic and electronic waste recycling. In choosing the segment of recycling you want to go into, you consider if it suits your idea and the need for satisfaction. The availability of raw materials can also determine the niche.
The siting of the business determines its degree of success. That is why caution should be taken while choosing the location of a recycling business. The location of the business should not be far from the site for raw materials. If it is far, the means of transporting the materials should be considered. It will reduce cost if the location of the business is close to waste sites or even structured in a way that people can be coming to dump waste there. So, care should be taken when choosing a site, as it can make or mar the business.
This is the factor that has made recycling cost intensive. Machines used to recycle these raw materials are costly and each machine has its specific function viz. to crush, recycle, sort, covert and package. Hence, every type of waste needs some special equipment for recycling. So, the niche determines the equipment you are to acquire.
- Waste Collection
The business of recycling is all about waste and the process of collecting them should be well thought-out. There is need to reach out to factories and places with high affinity for the raw materials. It could be bought or even collected free as a means of keeping the environment safe.
In all, planning is the basic factor that should not be overlooked. Proper planning guarantees greater success in the recycling business. In an environment where there are high raw materials for recycling, what you need to succeed is planning.