How Millennials Should Run a Waste Management Business? Here're Some Ways Regulating the waste is a jostling task for the regime, so its time for young millennials to become a helping hand
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
As time progresses, new developments take place easing the human efforts and making life easier. With the changing ecosystem, inhabitants tend to overlook a few aspects of the life and contribute to damage unknowingly. In the steady lifestyle, inhabitants of the planet generate tons of waste. It takes days and months to form a large chunk of garbage which ultimately gets disposed at the city's garbage point. This scenario is ordinary in various countries, including India. The accumulation of the waste precipitates major problems and ailments in surrounding regions.
In a report, Columbia University states that waste generation rate in the Indian cities ranges between 200 - 870 grams/day, depending upon the region's lifestyle and the size of the city. The per capita waste generation is increasing by about 1.3 per cent per year in India. The rate of waste generation in the country is considerably higher than other developed nations. Thus, regulating the waste becomes a jostling task for the regime and other government-led programs. In this pursuit, if young millennials take part then oodles of problems can be resolved.
Today, millennials can choose any waste management business in accord with their interest and feasibility as, like other industries, the waste management industry is wide in itself. It incorporates various types of waste management business such as medical waste management, food waste management, commercial waste management, E-waste and green waste. Reflecting on the profitability, a waste management business is highly lucrative and comprises lesser competitors.
Focus On Three Cruxes To Set Up A Waste Management Business
Prior to initiating a waste management business, the entrepreneur-to-be should know the fundamentals and underpinning. In essence, every waste management business has three segments—Collection, Segregation and Value Generation. All waste management business models revolve around these segments and thus, become co-relating elements. While beginning the business, the entrepreneur-to-be should work on another three strands so as to reinforce the business in the course.
1. Choose A Field In The Industry
Since the waste management business is diverse, it is recommended choosing a particular field in the industry. Offering varied kinds of waste management services to customers becomes intimidating; thus, choose one particular niche for operation. Arpita Khadria, who is running Wastexpert, a food waste management business, says, "Food waste management is a big mountain to climb for all of us as citizens and businesses. By focusing on this business model, the company tries to reduce organic waste that gets added to landfills. At present, 60-70 per cent of the waste generated in India goes to landfills. So, there is a longer pitch for going green and recycling the food waste."
Thus, to select a distinct business type, it is imperative to scrutinize the market, pick an idea, gauge scope of the chosen business and kick-start the business.
2. Employ The Right Technology
In the advancing time, technology plays a critical role in making the business operations quicker and faster. From tracking the truck fleet to managing inventory, technology is employed in almost every domain. Niveda, a co-founder of TrashCon, says, " technology is imperative to recycle the accumulated waste in the landfill site. With the use of technology, an entrepreneur can help 20,000 people and further, help reuse five tons of accumulated waste on a daily basis. Thus, waste segregation, which is considered an exhausting activity, now does not require manual labour as the intrusion of automated machines has eased the task.
So, the entrepreneur-to-be should utilize the technology and quicken the operations in the business.
3. Managing The Cost Is Crucial
Similar to other industries, finance is the backbone of the waste management business. To maintain financial soundness of the business, the entrepreneurs should keep an eye on the overhead costs and try strategies to cut the cost. Shaila, director of Rashi E-waste Solutions Private Limited, says, "As per any industry is concerned, regulating the cost is significant for entrepreneurs or else, the business will be toppled soon in the race. In order to regulate cost, the entrepreneur should either increment sales to generate revenue or increase profit. There are extensive strategies to reduce the costs in every particular niche, the entrepreneurs need to be keen-eyed to recognize it." Thus, before taking up the entrepreneur role, young millennials should apprehend the chosen business model and examine the model aptly to keep it afloat.
Millennials should concentrate on these underpinnings to construct a burgeoning waste management business.
This article was originally published by Jaspreet Kaur.