Everyone has something to dispose of, and you might as well be the new business owner renting out dumpsters to those in need in one. A dumpster might not sound like the most appealing business, but it’s pretty lucrative, especially if you are in an area with limited dumpster rental businesses.
The good news is that you do not need to be constantly available, and the investment is relatively minimal. You only need to get the dumpsters delivered in time and have good internet service to connect with your customers online. So, if you have been thinking of starting a new business or a side way of earning extra income, starting a dumpster rental business might be just what you need. So, let’s get started.
Do A Market Research
The first step to carry out before starting any business is to do market research. Contrary to what you might think, market research isn’t an arduous task. It simply involves the following.
Identifying your customers
This is figuring out who you want to sell to, if they are around you, and the number of people requesting that service. For instance, suppose you want to provide your dumpster rentals to businesses. Then, you need to figure out how many businesses are in your location and if they are requesting the service. You can quickly figure this out by a quick search on Google.
Figure Out If There’s a Chance for A New Business in the Market
You need to confirm if this business is lucrative and if people are urgently in need of this service in the area. You can confirm this by talking to the people that use these services.
Run short surveys and engage with potential clients about what is dissatisfying about the current dumpster rental business they work with. For example, perhaps the dumpster rental has a long list of clients, and they always have to wait a while before getting access to a dumpster; here’s a chance for you.
Do A Competitor Research
In addition to the surveys, do research on your competitors. What are the best businesses offering this service in the area? Is there a large market? What do customers love most about their service? Do new businesses in the industry survive? If they don’t, why? Here are questions you should find answers to before taking a step further to start a local dumpster rental business.
Draft A Business Plan
Once you have determined that the industry is one you want to delve into, the next step is to draft a business plan. A business plan is a document that helps you put your thoughts together and outlines the objectives and goals of your business.
Writing one will also urge you to think about the best way to achieve this goal; thus, it helps you outline strategies. Plus, a bank and potential investors will require you to have a business plan.
Choose A Unique Business Name
A business name isn’t something you should choose randomly, but unfortunately, many new business owners don’t know that. A business name is a business identity, so it must be unique, reflect your services, and be SEO optimized for internet purposes. Yet, short and easy to remember.
Here’s why simply coming up with a new one within a few minutes wouldn’t do. Additionally, confirming that it is available for registration is crucial before promoting this as your business name.
Choose Your Business Location
A business location is essential because not only do you need to find nearby rental storage to store your dumpsters at affordable costs, but it will also be a great idea to learn more about the taxes, legal requirements, and regulations of running a dumpster rental business in the location.
Generally, most business owners register a business in a state they live in because it’s more convenient but remember that you can continually expand your business to other states later.
Set Up Your Business
Once you have chosen a business name and decided on a location for your business, the next step is to form a business entity. A business entity is how your business is organized to operate legally. For instance, forming a business entity of LLC or corporation can help protect your assets if your business is sued. In contrast, a sole proprietorship doesn’t leave you with protection.
Next, it’s time to set up your business, and this involves registering your business and applying for specific permits and licenses that might be required in the state to carry out your service. Generally, there isn’t a specific license for starting a dumpster rental business. Still, you would require other permits relating to the business, such as a sales tax permit, business license, occupancy permit, etc. Thus, ensure that you register for taxes and apply for an EIN.
Fund Your Business
Businesses need funds to run, and after going through all the steps required to start a dumpster rental business, you need more funds to invest in some dumpster rentals and other tools you might need for the business.
Although there are several ways you could raise funds for your business, it is essential to note that it will take you more than a few short emails or pitches to get some. Some ways to raise funds for your dumpster business are through bank loans, grants, family and friends’ investments, SBA-guaranteed loans, personal funds, etc.
Get The Business Insured
Insurance is vital for your business because it will protect you or your workers that get injured. Some types of insurance you may consider getting for your business include general liability, business property, commercials autos, and workers compensation insurance, amongst others.
Set Up A Marketing Plan And Launch
Finally, pick a launch date. Next is to increase your business visibility, and you could only do that by advertising your business. It would help to consider advertising through as many channels as possible, including social media platforms, billboards, prints, etc., to ensure enough exposure for your business. Then, launch your business. For marketing tips visit www.dumpsterrentalslafayette.com.
Conclusion
A dumpster rental business is a great business to make passive income, and although planning to launch one might seem intensive, it isn’t. We know you are excited to start making some money, but we advise taking your time to carefully plan your business to avoid failing or closing down after a while.
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