Waste management may not stand out as the most glamorous business venture. However, there is no doubt that it has the potential to deliver lucrative returns. The industry is set to have a global value of $1218.52 billion by 2030. Moreover, there will always be a need for proper waste management, not least due to growing demands for eco-friendly protocols.
Given that the industry is growing at about 7.5% annually, there’s certainly room for new companies to thrive. Nevertheless, a winning strategy will be required if you want to prevent yours from ending up on the scrap heap. Use the following 10 steps for guidance, and you should find success in no time.
#1. Build Your Vision & Strategy
It’s difficult to find the smoothest journey to success if you don’t first identify the intended destination. Therefore, your first step is to complete your research. This should allow you to;
- Find a gap in the market,
- Understand current market conditions,
- Identify your objectives by using SMART goals.
- Highlight your potential target client,
- Complete a full SWOT analysis to direct your journey.
Building a clear image of the waste management company you want to build is the first step to making it happen. Visualising a vision board also aids motivation. More importantly, though, it allows you to write a clear business plan that provides the framework for your venture.
Waste management is a fairly diverse sector, and your business could hone in on various niches within it. Do not restrict yourself to a generic or unstructured vision.
#2. Raise Capital
Spoiler alert: You will need money to start a business in the realm of waste management. Raising capital may occur through a variety of strategies. The most popular include;
- Private funding from personal savings,
- Funding from friends and relatives,
- Traditional borrowing through business bank loans,
- Funding from angel investors,
- Crowdfunding initiatives aimed at lots of small investors.
Your business plan should calculate how much funding is needed to launch the startup. As a ballpark figure, though, you can expect to invest $50,000 to $500,000. The exact figure depends on the nature and scale of the operation, as well as the location.
Funds cover registration, licenses, recruitment, assets, insurance, and operational costs. You will encounter ongoing expenses, but this service-based business can yield quick revenue.
#3. Equip Yourself With Winning Tech
Tech advancements are changing business landscapes across all industries. Waste management is no different. Your firm will need to invest in various tech, such as;
- Dedicated roll-off software,
- Tools to get waste on or off vehicles,
- RFID tech for smoother entry/exit to spaces,
- Team messaging Apps for easy collaboration,
- AI-powered sorting systems.
The right tech simplifies daily operations while also removing human error. Roll-off software, for example, can be used for multiple tasks. Orders, dispatches, billing, inventory tracking, pricing, and staffing can all be managed from one place. In turn, daily operations run smoothly.
It will be important to keep up to date with the latest developments, though. Otherwise, emerging technologies could see your business left behind by its competitors.
#4. Build Your Fleet
While your business will rely heavily on a wide range of tech features, its fleet of vehicles are arguably the most vital asset. A winning fleet of waste management vehicles includes;
- Trucks of various sizes to match individual client needs,
- Efficient trucks that won’t waste money,
- Reliable vehicles that won’t break down and cause unnecessary downtime,
- Safe and comfortable vehicles that support your drivers,
- Robust trucks that can handle heavy loads of waste.
As a startup, you may need to look at rentals or used vehicles in a bid to aid your cash flow. Crucially, your fleet management software should track vehicles and identity maintenance needs. This results in better efficiency to ultimately save time and money.
The vehicles can become moving billboards to support your branding and marketing strategies too. Get this right, and your entire venture will look brighter.
#5. Assemble A Team
A winning team is essential for any company, and your waste management firm is no different. Your job is largely to oversee the situation, and you will rely heavily on employees like;
- Vehicle drivers,
- Laborers to load/unload vehicles,
- HR and client relations teams,
- Fleet managers and coordinators,
- Safety and security experts.
Tasks range from collecting a client’s waste and taking it for disposal to managing daily admin. Your employees are the heartbeat of the operation, and you must train all employees. Whether their job is to drive or check that the company complies with regulations, invest in their training.
It’s not just about individual expertise, though. As such, away days and team building should be incorporated into your ongoing staff management process.
#6. Highlight Compliance & Responsibility
Before you can start to accept assignments, you must show compliance and corporate responsibility. Some of the key items on the agenda for this process include;
- Satisfying the waste disposal regulations in your area,
- Implementing eco-friendly waste management practices,
- Reducing carbon emissions in daily operations,
- Supporting corporate social responsibility initiatives,
- Gaining certifications and putting insurance in place.
In the likely event that you offer waste disposal for businesses, you need to consider your clients. The companies that they partner with are an extension of their own ventures. With this in mind, you must show that they are right to associate with your waste management firm.
Besides, if your business is not legally compliant, you can expect to face severe punishments. This could mean significant fines or enforced closure.
#7. Manage Your Marketing Campaigns
As with virtually all business models, your success relies heavily on whether it gets enough clients. Therefore, strong marketing campaigns should be a priority. They can include;
- Video ads and ads,
- Media coverage and PR,
- Telesales,
- Door-to-door sales,
- Printed media or PPC.
The majority of your prospects will be local businesses. Therefore, you should focus on local media outlets or spaces where you reach this target market. When you approach them, it is vital that you have a clear sales pitch. After all, the aim is to impress with immediate impact.
Even when focused on local clients, you should create a multi-faceted approach. More touchpoints will boost your hopes of success while you can still use data to tweak the approach.
#8. Help Prospective Clients Find You
It is important to reach out to potential clients. However, many future customers will already be looking for businesses like yours. So, let them discover you for themselves through;
- Powerful local SEO tactics,
- Visibility on business directories,
- A strong local social media presence,
- Through word of mouth,
- By sponsoring local events.
SEO should probably be the priority, as most businesses looking for waste management will start the search online. Yet, word of mouth and social proof are valuable too. Getting more reviews and using affiliate marketing can work wonders without any extra effort from you.
If you reward your existing clients for bringing new customers to your door, it is very likely that they will spread the word. And those businesses are likely to be very local too.
#9. Excel In Customer Care
Winning new customers is great. However, loyalty is the key to sustained success. Not least because most businesses need recurring waste management. Your customer care should;
- Deliver transparency,
- Send automated updates relating to their service,
- Provide quick responses to their queries,
- Offer a personalized service based on past interactions,
- Show gratitude and make clients feel valued.
Finding a top customer relationship management software package is advised. Meanwhile, chatbots and other automated tools can go a long way to keeping clients happy. You may also want to schedule quarterly reviews to see what improvements the client wants to see.
When you keep customers satisfied with the service and value, they’ll have no reason to look elsewhere. It should translate to more revenue and help you forecast future performance.
#10. Protect The Company’s Future
Finally, building a successful company is one thing, but you also need to sustain success. A proactive approach will be essential and should cover the following points;
- Protecting your capital and cash flow,
- Safeguarding people,
- Keeping assets and workspaces secure,
- Protecting the company’s image,
- Preparing for any potential problems.
It’s always better to be safe than sorry. Adding physical surveillance and cybersecurity defences is vital. Meanwhile, using NDAS and copyrights is equally vital. You must also monitor bad reviews as sometimes people may leave fake ones to harm your reputation.
When the company’s future is protected both financially and logistically, there will be nothing to hold you back. Better still, your peace of mind allows you to perform without distraction.
The Final Word
Starting a waste management company is hard work, but it remains possible. With the right strategy in place, you can establish yourself as a reputable name in the industry. And once you have secured success in your region, expansion opportunities should emerge too.
You already have the dream and blueprint for success. The only thing left to do is turn the vision into a reality. You’ve got this.
