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Anything leftover after the complete manufacture of a product is considered scrap.
There are many forms of scraps, including those derived from metals, discarded paper, rubber, plastic, etc., which have been granting us a monetary value after the launch of recycling initiatives to protect our environment from further devastation.
The scrap collection is still one of the jobs that fail to receive adequate attention as most people consider it a work that gives them a bad name in their societies.
People living with you in your community may not be giving you proper respect as a scrapper, but you should feel no shame in doing a job that offers you and your family hope of living a good life.
Here are just 5 simple steps to help people like you and many others set up their own scrap metal business in their own localities.
Scrap collection sources
Chitiz Agarwal, founder of a scrap collection company named Scrapos, while sharing his learning lesson, said that when new entrepreneurs start a scrap collection business, they should find sources of scrap.
They must identify places of sources for scrap collection. Households in their residential areas, local auto mechanic shops, welding & fabrication workshops, construction sites, dumpsters, healthcare clinics, etc., are arguably good sources of scrap metals.
Setup a scrap yard
Agarwal advocates scrap yard set up as a second most crucial step after identification of scrap metal sources. However, he added that your chosen yard should realistically support all the jobs involved, including sorting, dissembling, and storing like activities.
Put up a proper fence around to prevent thieves from trespassing into your yard and stop stealing your scrap metals. Note it down that the current prices of scrap metals easily allure thieves.
Buy equipment & vehicle
You’ll be now preparing yourself for the third step, which is all about buying all the necessary equipment, including gloves, safety shoes, reflective vest buckets, etc.
These things will ensure you a safe and, at the same time, an effective scrap metal collection process. In addition to your required equipment, you will have to use a pickup truck or any vehicle of similar purpose for loading scraps while you and your labour go out for the collection work.
Monitor scrap prices
You should also be monitoring market prices of scrap metals regularly as it will help you determine costs at which you will buy scraps from your sellers and at which you will sell your waste to your buyers.
Find scrap buyers
Find and establish a strong network with dealers to whom you will supply your collected scrap metals.
You will be able to make more profits if you want to directly deal with the firms involved in recycling scrap metals because some percentage earned by dealers will also land into your pocket.