Home Business Ideas How to Succeed in Scrap and Junk Shop Business

How to Succeed in Scrap and Junk Shop Business

Do you know that many successful businessmen started from scraps?

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Many people think that a scrap and junk shop business is a dirty venture as it involves selling soiled and unclean products. But, it is deemed to be a profitable business by generating a lot of money for both the junk shop owners and garbage collectors.

Starting this business nowadays is just timely as it’s one way of helping the government promote proper waste disposal. This means that you’re not only earning money, but you also doing your way to protect the environment.

How-to-Succeed-in-Scrap-and-Junk-Shop-Business

Here’s some tips to set up your new junk shop business:

  1. Investment costs

The minimum capital investment would cost about Php100,000.00. This amount can be used in securing business registrations and licenses, rent for the space, equipment, pick-up vehicle and miscellaneous expenses.  You can also use the money as revolving fund and for manpower.

  1. Sourcing of potential customers

Aside from securing the starting capital investment, you should also spend time looking for possible recycling agents. As a junk shop owner, you should know how to negotiate for the best deal.

  1. Procedures for retailers

To ensure that your business will run smoothly, it is important to create a procedure about the transactions with the walk-in customers or the scavengers. All the items should be inspected properly.

  1. Implement daily accounting

Part of running a business is to implement daily accounting to monitor the purchases and the expenses for each day.

  1. Business registration

This is the most important part of starting up a new business. You should register your business to the accredited agency to ensure that it will run legally. You will be required to secure license to operate, and apply for TIN.

Read also: How to Start a Water Refilling Station Business

This kind of business promises bright potential for earning huge profits particularly for hardworking individuals. To improve the chances to succeed, it is important to learn more about this business.