IS IT TOO LATE TO START A DUMPSTER BUSINESS IN 2024?

what is up everybody and welcome back to another one should you start a dumpster business in 2024 now I've made this video in 2023 and maybe 2022 and 2021 but the reasons you should or should not um get into the dumpster business have changed and uh we're going to get into that in this video the overall answer to should you start a dumpster business in 2024 is yes the world is changing over the last 20 30 years um service-based businesses and um businesses like the dumpster business are there's a lot less people willing to do those types of jobs the younger Generations don't look at these businesses the same as the older Generations they look at jobs and businesses like this as they're dirty and just not glamorous um sometimes maybe even embarrassing and and things like that a lot of the younger generations and you'll hear this on the news and stuff like that is that the middle class is disappearing the middle class is dying but I think a lot of the reason for that is because people are not willing to do those jobs um that used to be middle class and blue collar like the dumpster business I think also one reason why it is good um to get into the dumpster business is because a lot of your customers are less willing um to do things that they they they used to do for themselves and some of that comes down to even loading a dumpster that's why junk removal has gotten so big um so these are some of the reasons why I think um construction and the dumpster business and and businesses similar to that are a great thing to get into because there's less people willing to do those jobs this is also different when hiring people and growing your dumpster business is going to be a little bit harder to find good employees that are willing to do that work for you know not $150,000 a year I think all that being said that that leaves us people that are willing to do these type jobs um that that gives us a big opportunity to create something and uh you know whether I don't I don't know exactly what your um expectations are are in the dumpster business but there is good money to be made if you're willing to get your hands a little bit dirty all right now I'm going to ask you some questions these are kind of basic questions if you're looking to get into the dumpster business and if you're not if you answer no to these questions any of these questions the dumpster business just might not be right for you now if you do answer no to some of these questions that does not mean that you can't change um your answer with a little bit of knowledge or just a change in in your mindset do you have good work ethic are you willing to get up in the morning and potentially go work all day for a little bit of money are you driven are you driven by yourself are you able to hold yourself accountable and um be consistent and put in the work every single day without somebody telling you to do it um because essentially you you would Be Your Own Boss are you willing to take a big risk and um live with that decision I think a lot of people take big risks and as soon as things get tough they quit do you get discouraged and frustrated easily um if you do this business might not be for you are you willing to push through the hard times no matter what there will be hard times and there will be times that you get frustrated and feel like quitting are you willing to push through those times are you willing willing to work with people because this business is about people you are working with people on a daily basis um you have to be able to you have you have to be able to communicate with people that's very very important um are you able to answer your phone and emails and be consistent with that type of stuff because that is very very important um in the dumpster business at the end of the day the dumpster business is a service business so your dumpster business is all about service customer service is so important to this business in order to grow a good dumpster business and have repeat clients you have to be able to provide good customer service at all times the next thing you have to be willing to do is run a legitimate dumpster business in order to maintain a long-term dumpster business and profitability you have to be honest with yourself you can't cut corn ERS you have to be legitimate you have to have the right insurance and all of your ducks in a row in order to maintain your business for the long term if you're not willing to spend that extra money even though it's coming directly out of your pocket this business might not be for you if you do not have some of those qualities that doesn't mean you're automatically not able to do the dumpster business you're going to have to work on those things and you're going to have to learn and when you start nobody's perfect but you got to be willing to learn those things and just progress and constantly try to get better one big thing is knowing your strengths and your weaknesses with your strengths you need to concentrate on those and your weaknesses you may need to find somebody else to do those types of um tasks whether that's advertising um answering the phone taxes for example I'm not a tax expert I hire somebody for that I I am good enough at marketing and advertising that I dabble in it but a lot of those things you might need to hire out and those are going to be extra costs um these are things that you can learn but you have to be honest with yourself and and understand where your time is best spent now if you're looking to start a dumpster business in 2024 you have to understand that the market today in 2024 is so much different than it was in 2020 or 2021 and it's constantly changing um there's a lot of new guys in the business but that shouldn't scare you away it's just going to make it a little bit more difficult for you to gain market share the reason for this is because there's a lot of new guys in the business that are doing really really well and they're filling the niche that your business would be filling um if you started it now this is not to dissuade you but you have to understand that it will make it a little bit harder um and you will have to hustle a little bit harder to gain business in 2024 than you would have a couple of years ago the next thing is it's going to cost a lot more potentially for you to start your dumpster business advertising is more expensive um and it's the reason for that is because there is more competition so you're going to have to pay a little bit more in advertising to get a new customer versus what you would have a few years ago um equipment is more expensive inflation obviously um took care of that insurance is more expensive um financing if you are financing through a bank interest rates are a lot higher now again these are not things that should dissuade you but these are all factors in whether you should start a dumpster business or not you need to do a lot of research and I think a lot of people skip this step they get really excited um and maybe listen to a guy like me and just just decide hey I'm going to do what he does in Florida or California or whatever um you have to understand your market and what your your expectations are um for the dumpster business one way that you can shortcut some of these things is by doing consultations or um getting a mentor and consultations I do consultations lots of other people do consultations and I can pretty much dive into your market and tell you kind of what to expect um what to charge and how to advertise at least when you're starting um and this can save you a lot of headache a lot of money and a lot of time the dumpster business has always been and will always be very Capital intensive um so when you're starting you have to be willing to scale to a certain level to truly maximize your potential um I recommend that I think in most markets and for most people in order to pay your bills and profit um and pay yourself at the end of the year I think you need anywhere from six to 12 dumpsters um in order to truly make a living now this is not going to happen overnight um and you have to be willing to potentially make no money or even lose money for some period of time I think another thing that you should really really really think about before you start a dumpster business is number one your branding your name and your branding is very important um and it does cost money but that will your brand if created properly will save you money in the long run but this is a this this is an upfront cost that I think a lot of people skip when they're starting and I think in the long term this will actually hurt you but there's so many creative and a lot of times free ways to get dumpster clients that people are just aren't taking advantage of and I think if you spend time doing some of these creative things I think in the long run that will pay off and a lot of people are just concentrated on Google ads and SEO and websites and stuff like that that now all that stuff is important but I think there's a lot of creative ways out there when you're first starting that you need to think about or try to figure out how to get customers um in those ways they will pay off in the long run I think one trap that a lot of people um fall into when starting a dumpster business is with a small amount of dumpsters and with a a quite a lot of startup cost what they do is they move into a market and they immediately become come the cheapest dumpster around I think that that is terrible um to do I don't think you should necessarily be the most expensive around but a lot of these guys only have three or four dumpsters they're constantly sold out and they're the cheapest I think that is detrimental to your business in the long run if anything when you're first starting you want to start high and work your way down to the point price wise where people start renting your dumpsters and try to maximize that profit so that you can grow that business to a sustainable size a lot of this really goes into knowing your numbers and if you are running a legitimate business you really have to know all of your numbers you have to know your overhead cost and your true costs to the business um in order to dictate your price and know you know what kind of profit or loss you would be making on a dumpster the other thing that people don't figure in when starting a business like this is you have to figure in no matter what you're paying yourself in order to figure out um your true profit and loss on a dumpster you have to even if you aren't paying yourself you have to figure in labor costs um the other thing I think a lot of people forget is if they aren't financed they own the truck um and they bought dumpsters and a trailer or whatever cash they don't figure that cash that they invested into the business into their overhead um let's make sure that we're looking at the business as if we were financed so say you put $10,000 into the business for a truck and you paid cash let's figure $500 a month for that truck coming back to you you don't have to give it back to yourself but let's just pretend um for the sake of numbers that we do have a loan on that truck I think a lot of people missed this and this is why they think they're making more money than they are and then when that truck explodes and it's time to go buy a new one they realize that they forgot that cost I think another big factor when it comes to starting a dumpster business is people think that they just have a website they get a Google my business some dumpsters and the phone starts ringing that's not really how it works um there are instances of that but in order to create a good long-term dumpster business that's going to maintain profitability I think in the beginning if you're really serious about it you really need to look into um websites professionally built um SEO uh Google reviews and and things like that and how you're going to achieve that um the other thing is just being efficient um and not forgetting you know pickups drop offs things like that now this year I'm working with docket and they are sponsoring the channel what docket is is basically a One-Stop shop for your dumpster business what it does is it's going to keep track of all your dumpsters all your clients emails it takes care of all your payments um online booking website building and they do local SEO all for one affordable monthly fee I think this is really important um maybe not right right away if you're starting with one or two dumpsters but in order to create a business you have to have these systems in place and by having a good website with online booking that's going to help uh a lot the SEO is going to help you rank higher in your area um on Google and then um this is just also going to create a better experience for your customers in many ways the next thing is Google reviews um you need to be asking for Google reviews the Google reviews are going to help your Google my business and website and everything rank higher and they they can be difficult to get um and it takes time so this is this is the long game we're playing here and uh one thing that docket does is they'll help automate some of the Google reviews for all of your customers that way the customers that you don't see you forget to ask whatever they're getting reminded um to put those reviews out there for you if you're interested in new one or an existing business um there's a link down below and uh click on that link fill out a form and completely free they will give you a complete walkth through and show you why docket will definitely bring your dumpster business to the next level overall to start a dumpster business in 2024 the answer is definitely yes but you have to understand um all these things that I've just talked about whether you're good at them or not um you can work on those things that you're not good at or hire those things out and concentrate on the things that you are good at obviously nobody's perfect I'm not perfect and I've made some of these mistakes myself um but you got to be tough in business you got to be tough that's all I can say and don't ever think it's going to be easy um it it's not and if it is well God bless I I'm happy for you but hard times will happen and uh just like they say when the going gets tough the the tough get going we will see you on the next one

Channel: Life's Apprentice

Views: 3,240

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Id: a2Y4XJ6dvog

Length: 16min 37sec (997 seconds)

Published: Thu Mar 14 2024