If you have a recycling business, you know the importance of calculating its value. You must have enough knowledge on the subject of evaluating your business. If you are unfamiliar with this territory, this article will help you in approaching this aspect carefully.
What are Recycling Performance Indicators
The recycling performance indicators must reflect the industrial ecology of the energy loops and closing material. They should be based on the environmental and economic impact in the whole life-cycle of the recycle chain and reflect global environmental business value.
Various definitions, data and methods for measurement are established and accepted globally as scientifically valid. Let us look at some of them.
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Recycling performance indicators
These cover several aspects such as economic, political and social conditions. Behavioural change is also studied, which looks into things such as the attitude of people towards recycling programs, participation on a household level, etc. The efficiency of the existing recycling programs and the public understanding’s effect on recycling performance is evaluated carefully.
Environmental performance factors
These include net energy consumption which is a crucial parameter in understanding how much energy is consumed is recycling and manufacturing processes, and material consumption which refers to the usage of raw materials for producing goods.
Water consumption and ozone depleting substances (ODS), pollution generation and Greenhouse gas (GHG) emission are other factors.
Economical performance factors
Various economical performance factors include net sales of the recyclables and recycled products, the quantity of product/service sold, net sales and net cost in the system. The cost criterion, i.e. the capital and operational/maintenance expenses should be taken into account.
Consider the social criteria of your business — the number of jobs you create, the company’s accessibility and public acceptance. Include the government support as well.
How to Value Your Recycling Business
Step 1 : Calculate Expenses
You must examine all the assets of the existing recycling business. Keep a check on the prices of all the similar recycling businesses and keep analysing the cash flow of your business.
Let a business appraiser check your assets, which include recycling equipment, your real estate, various machinery, etc.
The total sum of these assets without the cost of liabilities is the value of your business. Understand how similar businesses are evaluated and weigh their value to the existing recycling business to understand where your business stands.
Step 2 : Hire Professional Help To Evaluate Your Business
You won’t be able to examine and assess your business in a comprehensive manner on your own.
Hiring a business expert would greatly benefit you as they would help in evaluating your business carefully in different ways.
Before hiring one, make sure that you check their credentials and range of experiences. Ensure that they also know how to handle all things related to business evaluation.
Step 3 : Evaluate the Value of an Existing Business
Don’t just analyse the existing recycling business. Evaluating requires an extensive examination of the business’s performance since the past few years. You must also understand how your business stands against your competitors and what the prospective position of the business is in the market.
At the same time, consider what the future of the recycling industry is and examine its relation with economic predictions.
As an existing or aspiring recycling business owner, you must know how to calculate its exact value and how much it worth is. When you are clear on how to evaluate the business, you can be assured of getting great deals from any seller and you will also gain the ability to predict the future of your recycling business.
6 Steps To Building A Million-Dollar Ecommerce Site In 60 Days
Jared Goetz spent only 30 minutes a day and built a colossal Shopify sales machine.
Jared Goetz, serial entrepreneur and member of The Oracles, always had a knack for reaching an audience. At 26 years old, he’s co-founded four multimillion-dollar companies.
Whether he’s throwing the world’s largest foam party with fire breathers and circus acts (“Electric Flurry”) or selling inflatables to college students via viral campaigns (“Dumbo Lounge Sacks”), this serial entrepreneur knows how to turn an audience into a profit machine.
His latest venture, The Gadget Snob, is no different. An ecommerce store that supplies everything from jet-flamed pencils to laser keyboards, Goetz took his business from zero to $2 million in 60 days by plugging into the right audience. That’s no small feat in a competitive industry forecast to surpass $4 trillion in sales by 2020.
Goetz’s secret sauce to reaching the masses? Experimentation. As he explains, “You don’t know what people will respond to until you try a lot of things. Don’t be afraid to think outside the box.”
Goetz shares six key components to building his million-dollar ecommerce store and turning profits in less than a business quarter.
1. Don’t reinvent the merchandise wheel
“Many owners think they have to reinvent the wheel with the merchandise they sell,” Goetz explained. Instead, he suggests focusing on products with a proven track record of success. “An easy way to spot a market trend is gauging how a product performs on social media. If an item is getting 10,000 Facebook Likes in less than a few hours, that’s a tell.”
When choosing merchandise, it’s also crucial to differentiate between commoditised and unique products. Commoditised products are widely available. Unique products are less accessible handmade or niche products that aren’t mass produced.
“If you go niche, gauge demand first. Observe what people are looking for. You might be surprised to see what’s selling.”
2. Create a formula, then rewrite it
Ecommerce comes down to a formula, Goetz says, and the outcome is affected by different variables: Product, advertisement, landing page optimisation, and customer lifetime value.
“Once you figure out what produces the best margin, copy that. Most who fail in ecommerce are 90 percent there but haven’t worked out all the variables in their formula,” Goetz shares.
For Goetz, a pivotal variable was drop shipping. “I spent a lot of time bootstrapping my earlier companies. Drop shipping was a game-changer because it allowed me to advertise before securing the inventory, yielding greater outcomes.”
3. Build a legit Shopify store
A successful Shopify store must win confidence. “In the sometimes-fraudulent digital ecosystem, you have to earn a consumer’s trust,” Goetz says. “A money-back guarantee and free shipping guarantee are great places to start.”
Goetz also suggests choosing a theme that’s congruent with your industry. “With branding, you want to look professional, not spammy or creepy.” Gadgets are fun and technical, so his site has bright colours and precise language. “If I were running a men’s fashion store or toy store, I’d change my theme to match the merchandise and brand. Branding is key to converting customer views into sales.”
4. Find winning ads with huge ROI and scale
For Goetz, marketing comes down to one word: testing. “The only way to find out what works is to test it many times,” he says. “Test 10 audiences on each product, so you know where to invest your energy.” For The Gadget Snob, Goetz hired an ad manager to optimise Facebook campaigns. “When you strike gold with a successful ad, replicate it, but scale incrementally to ensure you’re staying targeted.” He suggests increasing ad spend 20 percent per day, not 500 percent.
When building campaigns, it’s also vital to use language that’s shareable and creative. Sales psychology is your friend. From his perspective, classic scarcity techniques have been around for centuries for a reason. “Try incorporating a quantity incentive: if you buy one, it’s full price; if you buy two, it’s 50 percent off and so forth.”
“Creating an email list is also vital. Email campaigns have a higher conversion rate than cold Facebook campaigns, and you can incentivise email campaigns with rewards. You can make money by merely pushing ‘send.’”
5. Hire a VA, then specialists
For Goetz, hiring a virtual assistant was essential to scaling. “At first, my VA helped with everything,” he says. Once his site got off the ground, Goetz hired people with specialised jobs for specific tasks.
He also stresses the importance of universal procedures. “Having clear onboarding processes and procedures is key to growth. Make your systems as easy as possible because while you might have 100 orders today, tomorrow you’ll have quadruple that.”
6. Get your customer support airtight
For a store to operate at full throttle, Goetz stresses the importance of customer support to maximise your profits. “You need your customer support to be airtight and available 24/7,” he says. “Online shopping goes all night and people place orders at all hours.”
To support questions and concerns, Goetz says that live chat and around-the-clock customer service is a must. “In our era of Amazon Prime, customer service expectations have never been higher, he says. “The last thing you want is a minute hiccup or technical goof obstructing a sale.”
Ultimately, ecommerce allows entrepreneurs to reach untapped markets and reap the rewards. As Goetz puts it: “My ecommerce site affords me ultimate freedom.” By following a few basic steps, you, too, can build a Shopify store to run from anywhere in the world, and perhaps even create your own million-dollar sales machine.
This article was originally posted here on Entrepreneur.com.
10 Businesses You Can Start Part-Time
Find your perfect match for a successful part-time start-up.
Start your part-time business today
- Public Relations
- Freelance Photography
- Corporate Videos
- Small Business Advertising Agency
- Writing, Editing and Proofreading Services
- Internet Marketing Consultant
- Web Design
- Tax Accountant
- Business Consultant
- Business Plan Consultant
Launching a company – even if it’s operated part-time – is all about drawing on your skills, talents and interests to create a viable business. What you know and what you’re good at form a good basis for a part-time business because these companies either become an extension of what you enjoy doing most or they are based on your strengths.
Working part-time while still maintaining a permanent job is time consuming and often exhausting, so choosing what you take pleasure in or are good at can keep you focused and motivated. The right fit is important when it comes to launching a part-time business. Selling a service rather than a product does not require large start-up costs, which means you can grow your business without financing until it becomes self-sustaining.
Are you looking for a business that you can launch in next to no time?
Corporate Communications & Promotions
Corporate communications covers a host of areas, mainly because this is the sector that takes care of how companies look to the outside world – something that is very definitely a service, but also that is not often taken care of in-house.
If you can write, edit, have a knack for advertising, can take photographs or create promotional and corporate videos, you can offer your services part-time to companies both large and small that are in need of these services.
10 Business Ideas Ready To Launch!
Where do you find a good business idea? Right here. Here you’ll find several innovative business ideas that are ripe for plucking.
Where do you find a brilliant business idea?
It’s not as hard as it may seem at first. In fact, the idea is arguably not all that important. There’s a reason investors talk about backing the jockey and not the horse: It’s often not about the idea, but the execution.
A great entrepreneur can turn even a mediocre idea into a success; all that’s needed is a USP and great customer service.
That said, some ideas are undoubtedly better than others. And some businesses are easier to get off the ground. In the following pages you’ll find a curated list of business ideas that have reached a point where they’re just waiting to be exploited.
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