When it comes to starting your own business, there are almost endless options to choose from. However, it’s vital to focus on launching a business in an industry that enjoys sustained success. The waste management industry is the perfect example of this.
Let’s face it, people are always going to have trash, and they’re always going to need to dispose of it; so this is an industry that’s in constant demand. On average, each American throws away 4.9 pounds of waste every day. So, the amount of waste generated per household, per year, is vast. To keep the streets clean, safe, and healthy, all this waste needs to be disposed of correctly. This is why the demand for waste management services is so high.
There’s no doubt that running a waste management company offers significant potential, and can become an impressively lucrative business venture. However, it’s not as simple as gathering together a few garbage trucks and taking to the streets. Here, you’ll find some top tips to help you launch a successful waste management company.
Start with Research
Carrying out research is a step you can’t afford to skip when launching your waste management company. The success of your new business depends on your being knowledgeable about the industry and understanding precisely how it operates.
There are a few key areas you need to research before you dive into launching your business. These include:
- Building your understanding of the specific tasks involved with the running of a waste management company.
- The cost of launching and running your new business.
- Identifying key competitors in the industry and understanding how they operate.
- Figuring out the best equipment to invest in for your business.
- Developing a clear idea of the profits you can expect to achieve when running your waste management company.
It’s easy to get carried away when you’ve got a great idea for a profitable business. However, in the long run, it’s much wiser to carry out the research first, so you’re fully prepared for what running your business will involve.
Decide on a Specialism
Waste management is an industry that has seen steady growth over the past decade, and is currently valued at USD 145.7 billion in the US alone. So, it’s no surprise that it’s an appealing sector among entrepreneurs. This means that in many parts of the country, competition is tough in the waste management industry.
As a new business owner, you will find yourself competing against many more established waste management companies. This can make it challenging to get a foothold in the local market. However, this doesn’t mean you should simply give up on your idea of launching a waste management business. Instead, it simply means that you need to think smarter when planning your new business venture. Deciding on a specialism for your new business is an excellent way to work smarter and win customers.
By focusing on a niche area in the sector, you can differentiate your business from the other waste management companies already operating in your region. Through your research you may have already spotted potential gaps in the market, or waste management services that seem particularly in demand. This could be anything from electronics recycling to green waste collection. Once you have a better idea of your specialism, you can begin focusing your attention on further research into this niche to better prepare your business for launch. When researching a specialist area of waste management, don’t forget to carry out a thorough financial investigation to establish the running costs involved. Keep in mind that their may be more costs involved in specialized waste collection when compared with general waste management.
Take Time to Carefully Create Your Business Plan
After carrying out all that in-depth research, it’s time to start putting everything you have learned down on paper. This involves writing a business plan for your new company. Your research should have provided you with everything you need to put together a solid business plan, including financial forecast for your company’s performance over its first few years.
If you plan to seek a startup loan or to secure outside investors to fund the launch of your company, having a strong business plan is even more important. Your potential investors will want to see strong proof that your business is primed for success prior to launch.
Fulfil Your Legal Obligations
Before your business can begin operating, you first need to take care of some paperwork. Registering your business is the first big step to take, this requires you to choose the legal structure of your company.
Aside from registering your business for tax purposes, you will also need to check which permits and licenses you need for your waste management company to fulfil its legal obligations and meet state regulations. It’s wise to check deadlines and timescales when applying for permits and licenses, as these may take longer than expected to be issued and cause your launch to be delayed.
Another official task you need to undertake is organizing your company’s insurance. This is especially crucial when you’re working in a potentially high-risk industry such as waste management.
Source Your Equipment
The next stage in your journey toward launch day is sourcing your equipment and hiring employees.
Waste management is an industry that often requires significant investment in the beginning to gain all the equipment needed to get the business up and running. From trucks to machinery and safety equipment, there are many expensive purchases that need to be made before your business can start running.
When you’re planning the cost of purchasing your equipment, don’t forget to factor in the amount you will need to spend on branding the equipment to ensure it proudly displays the name of your company and your logo.
Get Your Operation in Order
Once you have registered your new business, met the legal obligations, and sourced your equipment, you need to figure out how you will run your new business as efficiently as possible. The efficiency of your operation will dictate the level of service you provide to your customers. So, it’s essential to put strong procedures and processes in place from the very start. The good news is that there is software available that can help you with this, so you don’t need to figure it all out on your own.
Using roll-off software enables you to maximize the efficiency of your waste operations. Having a central program to dispatch trucks, monitor jobs in real-time, and automatically generate billing, can help ensure your daily operations run as smoothly as possible, while keeping your workload manageable.
Final Thoughts on Launching a Waste Management Company
Launching a waste management company has the potential to generate sustained success and a healthy profit each year. However, to achieve this, you need to put in the groundwork for success. Taking your time to thoroughly research the industry and to write a thorough business plan are crucial steps to take, and will enable you to make informed business decisions along the way.
As waste management is a responsible task, that many people depend on, you also need to ensure that your business fully operates within the law and meets all the necessary industry requirements from the start. Once you get up and running, you should soon find your new business is in demand.
Just be sure to continually monitor its performance and keep an eye on both your cashflow and your competitors to ensure your success continues into the long-term.
