Home Business Ideas How to Make Money from Your Domestic Waste

How to Make Money from Your Domestic Waste

That household waste that continually stares at you, and the ones you see every time you pass through a dumpsite could be your ticket to financial freedom.

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How to make money from domestic waste
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Do you know that there are profitable business ideas on how to make money from your domestic waste?

With the rapid increase in global domestic waste, there is a huge demand for recycling businesses to help reduce their impact on the environment.

According to statista.com, more than two billion metric tons of municipal solid waste (MSW) are generated worldwide every year, and this figure is expected to increase by roughly 70 percent by 2050.

Likewise, the global market for waste management is expected to grow at a CAGR of 3.4% between 2021 to 2030. And for a safer environment; modern society needs citizens who will be responsible for the disposal of household waste.

So, whether you’re an entrepreneur looking to start a new business or an established business wishing to expand your horizons, you are at the right place.

This blog post will provide you with valuable insights on how to start a waste management business. We will also give you the necessary knowledge to succeed in the waste management industry.

You will get valuable insights that can help you establish and grow your venture in this crucial sector.

What is domestic waste?

Domestic waste refers to waste generated from daily household activities like kitchens, bathrooms, and laundry, posing environmental and health risks.

What is waste management?

According to Wikipedia, “Waste management or waste disposal includes the processes and actions required to manage waste from its inception to its final disposal.

This includes the collection, transportation, treatment and disposal of waste and monitoring and regulating the waste management process.

In this process, the waste material is divided into categories, such as recyclable, biodegradable, and hazardous.

However, with the increasing revenue of the waste management industry, this field offers a lot of business ideas. So, this blog post will help you understand some profitable business ideas to make money from domestic waste. This will help you to make an informed decision.

What is a waste management business?

A waste management business is a company set up to deal with the collection of regular waste, transporting and sometimes processing it. They also deal with the recycling and monitoring of different types of waste and waste collection needs.

It is meant to take over the problem of waste disposal from households and in the society at large. It also is a great way to ensure that your company is financially responsible by eliminating waste the proper way.

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How can we create wealth from waste?

Here are a few examples of how anyone can create wealth from waste:

Recycling:

With recycling, we can convert waste materials into reusable products. Materials such as paper, plastic, glass, and metal can be recycled to produce new items. This will thereby reduce the need for virgin resources. That is why recycling not only helps conserve natural resources but also creates jobs and economic opportunities.

Waste-to-energy:

Organic waste and biomass can be converted into energy through processes like anaerobic digestion or incineration.

These processes can produce biogas, biofuels, or heat. You can also use these products for electricity generation or heating purposes.

Waste-to-energy projects can help reduce landfill waste, generate renewable energy, and provide economic benefits.

Upcycling:

This process of upcycling involves transforming waste materials into higher-value products. So, instead of simply recycling or disposing of waste, upcycling aims to create new products with improved quality or functionality.

For example, old furniture can be repurposed and refurbished, turning them into unique and valuable pieces. Thereby promoting creativity, reducing waste, and offering opportunities for small businesses or artisans.

Waste recovery and resource extraction:

Some waste materials like electronic waste (e-waste) often contain precious metals like gold, silver, and copper which companies can easily reuse.

Specialized processes can extract these valuable metals from discarded electronics, providing a potential revenue stream while reducing the environmental impact of e-waste disposal.

Composting:

Organic waste, such as food scraps and yard trimmings, can be composed to produce nutrient-rich soil amendments.

This process of composting reduces the volume of waste going to landfills, lowers greenhouse gas emissions, and creates a valuable resource for agriculture and gardening. Compost can be sold or used in local farming, landscaping, or gardening projects.

How do we convert waste into money?

9 ways you can convert waste into money are:

  1. Converting the food and organic waste from our kitchens into fertilizers or biogas.
  2. Packaging of metal scraps, bottles and plastics for companies who pay to buy them.
  3. Piling the old daily newspapers at home and giving them for recycling to get a few cash in return.
  4. Neatly arranging your empty glass for glass vendors who will collect the bottles at home. They can pay a reasonable price for them after valuing their size and weighing them.
  5. Storing aluminum cans at home in less space by pressing and flattening them. You can sell these to the metal scrap dealers and get money depending on their size and weight.
  6. Starting an aluminum recycling plant as a business. This isn’t as simple as opening the plant unless you have the resources to start.
  7. Recycling cooking oil to produce cosmetic products and biodiesel. Also, if you own a restaurant or food processing company; you can even make soaps for cleaning purposes. You can sell these products online through Amazon, Facebook Marketplace, or an online store like Shopify. 
  8. Selling old newspapers to street vendor shops at a minimal price directly or you can sell them to the recycler.
  9. Making wood scraps available to local hotels as their energy combustor in exchange for money.

10 waste recycling business ideas

Some of the waste recycling business ideas that you can start with are:

  1. An electronic recycling plant involves making old electronics available to manufacturers for refurbishing and resale.
  2. Carpet recycling of discarded carpets and reselling them to carpet manufacturing companies for a fee.
  3. Plastic and rubber recycling of discarded plastics and rubber. Afterward, you can now sell it at a profit to manufacturers who need it.
  4. Waste management blogging. This involves writing about trends and events happening in the waste management industry as a blogger. You can also give entrepreneurs operating in the industry some tips to help them grow and make more profits in their business.
  5. Used engine oil recycling business. This involves buying used engine oil and selling them to industries where they are used as raw materials.
  6. Used clothes recycling business which involves collecting used clothing items, cleaning them up, and then reselling them.
  7. Battery recycling business is a very lucrative business that you can start by buying damaged batteries from people and recycling them for resell.
  8. Sawdust recycling is a business you can start. This is because sawdust is a by-product of the wood processing and furniture-making industry. Sawdust is very useful in the poultry and animal-rearing industry. It can also be used to make low-quality furniture.
  9. Human hair recycling which is then processed into weaves and wigs. You can earn a decent income from buying human hair from salons, processing them, and then selling them to human hair manufacturers.
  10. Wool recycling of the wool in mattresses and sofas to make pillows and other items. You can buy discarded mattresses, and process the wool into pillows, and other useful items.

Which recycling business is the most profitable?

The most profitable recycling is the scrap metal recycling business. The scrap metal recycling market’s forecast is to grow at a CAGR rate of 7.20% and reach around $83.77 million by 2028. Looking at this data, recycling scrap metals can be a worthwhile and rewarding business idea.

Scrap metals are rich in elements including iron and aluminum. When you recycle these items, you use them to make essential products that you can sell later.

Scrap metals are sourced from manufacturers, individuals, construction sites, and demolition sites.

However, starting this business requires sound knowledge of scrap metal and connections with markets for recycled metal.

After recycling them, you can sell the processed products to metal-using industries. You can also manufacture and sell recycling equipment such as shredders, balers, and separators to businesses that make use of them.

It’s very easy to set up a business that involves exporting scrap metal to countries like China and Germany where the demand is very high.

You would need scavengers, and small-scale scrap metal dealers to sell the metal they sourced off the streets. This you can get at discounted prices so that you can export and make good profits from it.

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How to start a business in waste management?

1. Choose the right one by deciding what kind of waste you want to recycle.

There is plenty of waste in different sectors like household waste, construction waste, electronic waste, industrial waste, and so on.

The waste management industry is vast and comprises both large and small-scale players. To make your selection easier, consider your budget and the product that you want to make.

2. Gain knowledge by selecting the recycling business idea. You should have a thorough knowledge of the process of recycling, and also buy machines accordingly.

3. Do thorough market research by learning extensively about the products of recycling, along with their marketing strategies. Then take up the recycling business idea.

4. Provide specialized waste management services that can help set your business apart from competitors.

5. Offer environmentally-friendly solutions that can help you stand out from the competition and draw in clients.

6. You can increase your consumer base and develop your brand by developing a strong online presence.

7. Collaboration with other businesses in the industry can lead to new opportunities and growth.

The 5 largest waste management companies in the United States

Over 268 million tons of waste is produced in the U.S. each year. Likewise, the U.S. waste management industry has a market size of $70 billion which is still growing in leaps and bounds.

And we have some waste management brands positioning themselves to take their share of the market size.

Some of the best waste management companies in the United States are:

1. Waste Management Inc.

Waste Management Inc. is a company and brand that started small and eventually grew into the largest waste management company in the United States.

They generate an annual revenue of $19.7 billion with 49,500 employees on their staff payroll. Isn’t that mind-blowing?

2. Republic Services

Republic Services is also a waste management business and brand based in Phoenix, Arizona. They also generate an annual revenue of $13.511 billion with 35,000 employees working with them!

3. Clean Harbors

Clean Harbors is another U.S. waste management brand based in Norwell, Massachusetts. They generate an annual revenue of $5.17 billion with the support of 14,400 employees.

4. Stericycle

Stericycle is another brand based in Lake Forest, Illinois. They generate an annual revenue of $2.7 billion and their number of Employees is  23,200

5. Advanced Disposal Services.

Advanced Disposal Services is also a brand based in Ponte Vedra, Florida. They also generate an annual revenue of $1.6 Billion with 5,400 employees.

Conclusion

Can you now see the profitable business ideas on how to make money from your domestic waste? That household waste that continually stares at you, and the ones you see every time you pass through a dumpsite could be your ticket to financial freedom.

However, in the world that we are in today, recycling is the best way of cleaning the environment while you make a profit from it.

This means that you can earn money by benefiting this world, which is pretty much appreciated.

Would you like me to talk about any other domestic waste products?” Comment “YES” below, and I will come up with another blog post for you.

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Ife Oluyole is an SEO content writer, a contributor at EntrepreneurBusinessBlog and the CEO of Influencers Sales Conclave Ltd. You can connect with him via [email protected].

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