Points to remember before starting up an e-waste recycling company

The ‘internet of things’ is around the corner and anyone with a sensible and rational outlook can logically conclude that such disruptive technology which promises to connect every imaginable electronic gadget with the internet, will only lead to billions of electronic items becoming redundant and incompatible with cutting-edge technologies.

So if anyone wants to tap into the seemingly infinite potential and a closed loop value chain of recycling e-waste, that person is as wise and ambitious as a Silicon Valley big shot. But before making it big, one should spare a moment or two for reflecting on the basic requirements of kick starting an e-waste recycling venture. If you are already intrigued by the possibilities on the horizon, here are some handy tips and insights that might be of help.

To start with, conduct a survey in the area where you are looking forward to start your facility. This is extremely crucial for determining the level of awareness among people about the service you are going to offer. This step will also help you to identify your competitors in that area and help you perform a SWOT analysis.

Secondly, carefully plan your business model and have a clear idea about the ratio between the investments, revenue and profit margin of your proposed business. Hiring professionals like chartered accountants and lawyers will be of great help, as you will get technical inputs regarding the financial and legal aspects of doing your chosen business.

Thirdly, pitch your loan before bankers and angel investors. Generally, the later class is more difficult to rope in, as most of them usually prefer to go with the flavor of the season. But bankers generally look for stability and do a risk analysis of your business and are thus easier to convince if you are having a solid business plan in discretely defined terms.

If fund raising is not an issue, then you can move on to creating your workshop and hiring your staff. Assuming that you do not know everything about your trade, it will be a prudent approach to hire talented and experienced people who can help you realize your mission with their technical insights. In fact, bringing the right people on board will pretty much determine the chance of success for your venture.

Also, while setting up your workshop, it is extremely important to keep in mind the type of electronic items your staffs are going to handle. Separate set ups and adequate precautionary measures are necessary if the situation demands for it. If necessary, you must also invest in training your employees about such critical and potentially harmful aspects.

Lastly and in most cases, the least discussed point is that you must actively indulge in lobbying about the usefulness of your service in context of being environmental friendly. Theoretically speaking, you need not do propaganda about the benefits of recycling e-waste, because actually it is so. But as we know, business means striking the right chords at the right time and mixing science with politics in a very subtle manner. So do some ‘pro bono’ and conduct some awareness campaigns, offer freebies like free pick-up of scrap electronic goods and perhaps invite the Mayor or the Sheriff as chief guests during inaugurations. After all, you are free to do anything that is not illegal or ethically prohibitive!

AUTHOR’S BIO

Thomas Wright is an expert in the domain of software, computers and electronics. He has long been an advocate of recycling e-waste and spends considerable time in mentoring startups in this domain. He is associated with Eplanet Enterprise LLC, Boston, in the capacity of a thought leader for innovation.

Thomas have 5 years of experience in IT/ BPO sector and is currently working in a leading IT company.