11 New Paper Innovative Business Tips in Nigeria

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Paper Innovative Business: These days there is lot of focus on recycling business.

This is because of the depleting natural resources.

This makes it an ideal business to establish.

Recycling paper, wastes, plastics etc are all part of this business.

The returns are moderate in this case.

Are you considering making money through paper recycling business

But lack the know-how starting it up in Nigeria?

Do you need a detailed business plan template to raise funds from investors?

If your answer to the questions above is yes, then you are exactly the one this article is meant for.

Take your time and go through it, you will be glad you did.

There is increasing awareness of the sustainability

Of the environment through ways that are not degrading the natural ecological resources.

This has made technological advancements, business set-ups etc.

To greatly consider the environmental impact of their activities.

And as much as possible reduce the negative impacts as well as operating costs.

Paper Innovative Business demands that you have a very good knowledge on the collection of the waste paper.

Mechanical and technical ability on how to operate the machines used.

For the process and also locating the perfect market to sell your finished products.

Paper Innovative Business

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Business Plan Template On Paper Innovative Business

1. Carry out Preliminary Market Analysis

Understanding the market dynamics and trends is arguably the first.

And most important task you need to master,

As it will go a long way to tell you if your idea is feasible.

Before venturing into paper recycling business, you need to ask yourself these questions:

  • How will my business add value to my customers?
  • What is the potential of my product meeting the needs of my customers?
  • What is unique about my product that would motivate buyers to patronize me

You must be able to tell whether the companies in your location.

Or even outside your location are interested in your product.

Recycled paper is utilized in the production of masking tapes,

Newspapers, paper money, just to mention but a few.

Your market analysis will make you to know the companies that require your products,

And you can approach them for a business transaction.

Paper Innovative Business

2. Financial requirements for Starting a Paper Innovative Business

Paper recycling business is not that capital intensive as many people thought.

As with many other businesses, you can start a paper recycling business.

With the amount you have at hand and then expand gradually and steadily.

Your start-up capital depends on how large you want your operations to be from the get-go.

3. Equipment Needed for a Paper Innovative Business

The major equipment needed in a paper recycling business is a pulper.

The pulper is used to mush old paper through the use of water.

And chemicals into new paper through a process called pulping.

You can go to your local environmental/waste management

Office for information on how to purchase this equipment.

You can also collect these waste papers and sort them yourself,

Then you can drop it off at a paper recycling plant to pick them up

And sell to paper manufacturing companies.

This procedure is seen as a very good business move for people just starting up in the business.

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4. Paper Innovative Business:Summary of start-up cost for a Paper Innovative Business

  • Land and buildings
  • Equipment
  • Materials and supplies
  • Marketing and advertising
  • Operational costs and expenses
  • Personal living expenses and cash reserve.

3. Write a detailed Business Plan for your Paper Innovative Business plant

Every business must have a business plan to serve as a blueprint on

How the business will kick start and take shape with time.

Without a business plan, you will be operating blindly and this can be.

Very dangerous especially for a beginner in the business environment.

The business plan will help you identify the risks, threats, strength, weakness,

And opportunities you will encounter in the business.

It will also aid you in raising funds for your paper recycling plant.

Paper Innovative Business

4. Paper Innovative Business: Embark on Product Analysis

This is done to identify papers that are recyclable as it will help you in being highly productive.

Without proper product analysis, you run the risk of working with.

Paper Innovative Business that are not recyclable and this automatically leads to loss of fund and time.

  • Recyclable Paper

With office paper-letterhead, business forms, offset paper, scratch paper, copy paper,

colored paper, photocopies, adding machine tape, index cards, computer printout paper,

standard business cards, brochures, newsletters, magazines (glossy magazines are not acceptable),

books with stapled/sewed binding, envelopes and folders.

Paper Innovative Business

  • Non-Recyclable Paper

Adhesive removable notes, carbon paper, envelopes with plastic windows,

blueprint paper, cellophane, film, spiral binders, glossy magazines,

books using glue for binding, wax paper, paper cups,

paper plates, napkins, tissue, paper towels, and stamps.

5. Paper Innovative Business: Licensing Your Business

Registration of your business is paramount as it gives you the sales permit.

And tax clearance permits without which you will be at loggerheads with the government.

It gives you the freedom to operate without fear of being shut down in the course of your business.

Paper Innovative Business

6. Marketing and Advertising strategy

To be on top of your game in the business arena,

you must be aware of the market dynamics and trends,

what your competitors are up to, the associations to join and how you can maximize that to your advantage.

You must be able to have a strong and viable marketing and advertising strategy for your business to survive,

Grow and have a constant inflow of cash.

To be successful in the recycling business,

You must have a thorough understanding of the market in order to adjust rapidly to changes in market conditions.

Discuss with people already in the business.

They will have up-to-date, practical information and suggestions that will.

Go a long way in helping you find your feet in the market environment.

Paper Innovative Business

7. What Kind of Paper Innovative Business would you run?

You must be able to identify the method you want to use for the collection of the papers to be recycled.

Would you be able to go house to house, and to business establishments to collect waste paper?

Or, would you gain permission to organize drop off points.

Where people can drop the waste paper for you to pick them later?

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Business in Nigeria

Paper Innovative Business

8. Where to locate Paper Innovative Business Recyclable Materials

You must be able to identify the sources for your recyclable materials, as the sources can vary.

You may decide to target your services to the general public, the commercial sector or other sources.

Recreational areas like sports centers, city parks may be a very good source for getting waste papers.

You can discover other sources of recyclable materials by identifying.

The consumers of your targeted recyclable materials and contacting them to discuss the collection.

Paper Innovative Business

 9. Environmental benefits of Paper Innovative Business

  1. Energy conservation

Recycling paper reduces your consumption of energy and resources.

Manufacturing virgin paper requires a lot more energy compared to recycling waste paper.

Recycling a ton of newspaper saves on about 4 barrels of oil.

Which is enough to power your home for 6 months.

  1. Water conservation

Recycling paper also contributes to water conservation as.

It takes copious amounts of water to manufacture.

And produce virgin paper as compared to the recycling process which requires a lot less.

It takes about 3 gallons of water to make a single sheet of paper.

Whereas recycling a single ton of paper saves about 7000 gallons of water.

  1. Forest conservation

Around 35% of all trees that are cut down are used to produce virgin paper.

People have started growing trees to harvest and manufacture paper.

Which accounts for about 16% of world pulp production.

Unfortunately, 9% of the trees that are cut down for virgin paper production come from old forests.

The rest of the 75% of un-recycled pulp comes from younger forests.

Paper Innovative Business

  1. Reducing water and air pollution

Recycling paper is a lot more eco-friendly as less air and water is polluted in the process.

Roughly around 35% less water and 74% less air is polluted,

According to a study by the United States Environmental Protection Agency.

You can safely destroy your important files without having to worry about them falling into the wrong hands.

Having an industrial paper shredder will allow easy paper recycling in an efficient and eco-friendly manner.

Paper Innovative Business

10. Get the needed steps to start a Paper Innovative Business

Once you’re ready to start your paper recycling business,

Follow these steps to ensure that your business is legally compliant.

And avoid wasting time and money as your business grows:

  1. Plan your business. A clear plan is essential for success as an entrepreneur. A few important topics to consider are your initial costs, your target market, and how long it will take you to break even.
  2. Form a legal entity. Establishing a legal business entity prevents you from being personally liable if your paper recycling business is sued.
  3. Register for taxes. You will need to register for a variety of state and federal taxes before you can open for business.
  4. Open a business bank account. A dedicated checking account for your paper recycling business keeps your finances organized and makes your business appear more professional to your customers.
  5. Set up business accounting. Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.
  6. Obtain necessary permits and licenses. Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.
  7. Get business insurance. Insurance is highly recommended for all business owners. If you hire employees, workers compensation insurance may be a legal requirement in your state.
  8. Define your brand. Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.
  9. Establish a web presence. A business website allows customers to learn more about your company and the products or services you offer. You can also use social media to attract new clients or customers.

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Paper Innovative Business

11. Promote Paper Innovative Business

The best way to grow a paper recycling business is through cold calling.

Knocking on doors of homeowners and businesses will eventually lead to regular sources of paper.

In conclusion, it is advisable that you summarize your business plan, and start with what you have.

The Paper Innovative Business is a profitable business in this age of going Green.

Your success depends greatly on your entrepreneurial skills.

Hard work and your resolve to succeed even in the worst possible market environment.

The post 11 New Paper Innovative Business Tips in Nigeria appeared first on BusinessHAB.

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