In this day and age, environmental protection has become quite crucial. As people realize the impact of climate change, there are major steps being taken by governments and individuals to go green. Recycling is getting more important as we move towards the future. In fact, it is slowly turning into an entire industry where incentives are being created to attract businesses and aspiring entrepreneurs.
You may not be aware of this but a business or start-up associated with recycling can be quite lucrative. Due to changing trends and price hikes in recyclables, companies in the industry are experiencing a boost in their revenue. In 2024, the global market for waste recycling is expected to be valued at $377 billion.
Given the rising need for recycling, this is quite the ideal time for entrepreneurs to invest in such a business. If you are confused about how, to begin with, go through some ideas here that could help take you in the right direction.
1. E-Waste Recycling
Electronic waste it is known as e-waste is one of the biggest reasons for rising solid waste across the world. It’s why a business idea that encourages the safe disposal of such waste would work very well and can bring in high revenue as well.
If you are looking to invest in your next venture or thinking of starting something new, a company that helps people with the free recycling of laptops or computers could have a lot of potential. While many individuals sell their used devices on online platforms, there are some who look for companies or organizations which have recycling programs.
You can also partner up with such programs and assist them with collecting used laptops or smartphones. Electronic items have to be transferred or shipped to certified sites for recycling so you can provide services as a third-party waste hauler as well. Other than that, your business could also get clearance from the local or state authorities to safely dispose of computer parts or old devices.
2. Plastic Waste Recycling
This is quite an obvious choice if you consider the immediate need for plastic waste recycling. According to data, the amount of plastic waste generated annually in the last few years within the US alone is above 30 million metric tons. Out of that only 10 percent is recycled while some harmful items such as plastic bags, utensils, straws, and polymer waste are considered ‘unrecyclable’.
While you may come across businesses promoting eco-friendly products and encouraging sustainability, there is still a need for more companies that can play a bigger role. Presently, people are also becoming more aware and actively looking for recycling options for plastic bottles, bags, and similar items.
By investing in such an idea for your start-up, you might be able to take advantage of the market gap that still exists in plastic waste recycling. Your company could be involved in the transportation of plastic materials to disposal facilities and charge large corporations a fee for this service.
There is also the idea of setting up a plant for separating plastic waste into various types. You can collect waste from small businesses in your locality and provide recycling facilities to them for a given amount. This way, you could provide an efficient service of sorting through waste such as PVC (Polyvinyl Chloride Plastic) or LD (Low-Density Polyethylene) and send them for recycling accordingly.
The investment required for such a start-up may range from $25000 to $30000. This will include equipment costs which might amount to $10000 and employee wages of five or ten workers at an hourly rate.
3. Cardboard Box Recycling
Now, it may be something surprising to hear but recycling cardboard boxes is quite different from paper or bags. These boxes take up most of the space in landfills and release Sulphur Dioxide which adds to the pollution that causes acid rain. If you invest in a business in cardboard box recycling, you would not only be reducing the dangerous pollutants but also earning good profits. According to reports, the market for cardboard and paper recycling is expected to reach $3.18 billion by 2025.
Further on, there are opportunities for growth as well. You could expand your business from cardboard boxes to all packaging materials and recycle them safely. So for a business idea, there can be a company that collaborates with shipping corporations or individual collectors.
This way, you can obtain your supply of cardboard boxes and recycle them within your plant. Otherwise, you can charge local businesses or suppliers to recycle their cardboard boxes safely as well.
4. Wasted Food Recycling
According to a report by Feeding America, people in the country waste around $218 billion worth of food items every year. This is a huge amount of food that can be utilized for energy or for agricultural purposes. You may not be familiar with this but wasted food works very well as a fertilizer for home gardens or for crops as well. You might start your own company which provides feed to farmers or fertilizers to large businesses too.
If you invest in a business for food waste recycling, you can team up with restaurants, grocery stores, or other local companies to recycle their waste. There are several ideas that could help you increase your revenue in this sector. Tyson Foods is just one example of a company making new items from wasted food. The company launched ‘Yappah’, a high-protein snack that has been created from vegetable puree, trimmings of chicken, and grain by-products.
WtrmlnWtr is becoming widely known for its juices which are made from watermelons that were previously discarded as waste by farmers.
5. Aluminum Waste Recycling
It is actually a highly profitable industry which you can also take advantage of by starting a business for recycling aluminium products. There is quite a huge market in this sector with businesses spending over $800 million a year on recycled aluminium cans.
Aluminium happens to be one of the elements that are widely recycled and are being used commonly. As an entrepreneur, you can invest in a business for recycling aluminium products disposed of by large corporations or industries.
You may be able to find such businesses that are looking for recycling options for their aluminium waste. Other than these, it is also a good idea to work with waste management programs that are certified by EPA or any other state and government authority.
The Bottom Line
There are a lot of reasons to invest in business ideas in recycling and take up the responsibility of protecting the environment while earning profits. If you look closely, you will find that there are still many opportunities in waste management and recycling for businesses that have not been explored.
This could help you set up a business that offers a unique service to other companies or individuals or take advantage of the rising demand which hasn’t been met.
