A waste management company is not very easy to set up. However, following the required steps make the job a lot easier. Even though securing capital for the business is one of the essentials, there are other requirements and details on needed in knowing how to set up a waste management company in Nigeria. Moreover, here in Nigeria, things are quite different. As much as you would like to get the company running for a long time, you don’t need to bend the rules. In this article, we would be interested in looking at the various steps required in setting up a waste company in Nigeria.
How To Set Up A Waste Management Company In Nigeria
Below are enlisted steps that would help you successfully set up a waste management company in Nigeria:
Step 1: Get Secure Capital
Just like any other business in the country, you would need capital to set up the business. When starting a waste management company in Nigeria, you need to budget how much you would need to start the company. For instance, in some states in Nigeria, before you start a waste management company, you need to buy a bug truck. How much would that truck cost? How many workers do you feel would be enough? What would be their payment structure?
Apart from the cost of assets and employees, we need to look at the cost of obtaining licenses and certificates. All this would cost a lot of money you’ll agree. There are many ways of obtaining funds in Nigeria. You can save up, borrow from family and well-meaning friends, and source for investment from investors interested in your field.
Step 2: Register your Company
The next line of action is to register your company with the appropriate bodies. When registering your company, you do well to make sure that the registration meets your company model. For instance, if you want to register your business name you would need to acquire your Tax Identification Number (TIN). But if you intend to register your business as a Limited Liability Company, you would need to register with the Corporate Affairs Commission in Nigeria. When you do this, it does not necessarily need a Tax Identification Number.
Step 3: Know your Specialization
Knowing your specialization is one of the most important steps in setting up a waste management company. Specialization is one of the best things to know when starting a new venture. Specialization is the ability of a business owner to know his strength and develop a strategy to run his business. Specialization is an important stage in life you need to take before setting up a waste management company.
This entails choosing a type of dirt or can a variety of dirt to specialize in. Many waste manager tends to combine more than one dirt to pack depending on their budget and funds. As you know, there are different kinds of waste depending on the product and material. These would require employing people in that line of waste.
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Step 4: Get a Dumpsite
Dumpsite is a place where waste packers dispose of their waste. In fact, not only do they dispose of their waste, but they are also recognized by the government. This means that every person disposing of their dirt there is highly recognized by Government authorities. As a prospective waste manager, you need to get a government-approved Dumpsite where you would be disposing of your waste.
In some countries, like Nigeria, it is illegal and considered a crime to dispose of your waste unlawfully without government approval. This has propelled the government to design a specific location for disposing of waste products.
Step 5: Purchase the Necessary Tools
Of course, it is vital to buy enough tools or equipment before opening your business. Equipment is very important because they assist you quickly without hassle. Although, equipment is very much reliant on the sector you want to work in. For example, if you are going to be extracting waste from land, you would need tools like boots, shovels, and gloves. When talking about gloves you wouldn’t want to be using your bare hands to pack the specks of dirt.
Step 6: Promote your Business
The only way you can gain recognition is to make your service attractive to your customers. How do you gain recognition? The first way you can do it is by going to an area where you would be rendering your service to tell them about yourself/company. You can even drop a flier or pamphlet with them for them to know what you are all about.
Also, you can make them know about you by attending their Landlord meeting in the area. They would know more about you and tell people around about what you do.
How lucrative is a waste management company in Nigeria?
The waste management company in Nigeria is a good business. It is very profitable. If you’re a fresh graduate looking for a business to venture into, the waste management business would not be a bad idea.
What is the law of waste management in Nigeria?
The waste management company law in Nigeria states that it includes maintaining sewage, maintenance of waste disposal, it also includes taking care of conveniences
How much is a garbage truck?
A garbage truck may cost $35,000 for a fairly used truck. A new truck may cost around $400,000.
What are the types of waste management one can venture into?
Here are types of waste management one can venture into
Who is in charge of waste management in Nigeria?
The person in charge of the waste management company in Nigeria is Akpabio Esien. He is currently the Corporate Health Safety and Environment in Nigeria. He is the present president of WAMASON. WAMASON is the acronym for Waste Management Society of Nigeria.
The essence of carrying out a business is to make a profit. Isn’t it? However, when you are new to this kind of business, your major objective is to offer meaningful services to members of the public. Your market area is supposed to value your work. In a waste management company, this shouldn’t be any different. How far you would go in your business would depend on your services to your customers. The question ‘How to set up a waste management company in Nigeria’ all depends on your seriousness.