How to Start Waste Lube Oil Refining Business
Used oil recycling is a highly beneficial business which has a parallel market share in lubricant business. Engine oil is a very important factor for the automobile industry these days because when the prices of petroleum products rise, refine oil needs to be used to save costs. According to the recent market, the survey shows that there are a huge demand and consumption of engine oil and shows that the recycle of the used engine oil business has a very good scope in the market. Anyone can start a recycle oil business with a nominal investment.
The process to recycle used oil
Used Engine Oil > Storage > Dehydration > Settling tanks > Diesel Stripping > Distillation > Base Oil > Further Processing > Refined Lube Oil
Waste engine oil is taken out from an engine’s. Actually, only 20% of the oil is consumed during the lubricating process and 80% of the oil remains the same. During the lubrication process in the engine, the oil is contaminated with engine tears and wear impurities. To refine them, the oil used is known for certain processes.
The basic steps to start a waste lube oil business
There are basic steps you can take to start a small business. First of all, you want to define your overall vision. When you come up with small business ideas, you need to think about the end goal. What do you envision as a successful business? Are you just looking to make money, or is financial freedom your ultimate goal?
Second, write a mission statement. A mission statement outlines and defines the entire existence of your business. It is the product or service you offer and the way in which you want to provide it. This sets you apart from other businesses and makes you stand out from the competition.
Third, set your personal business goals. How can you have the ultimate vision for your business? Keep your goals short and manageable and outline a business strategy to follow. Check every item on the list.
Finally, incorporate it all into a concrete action plan. This will give you an organized way in which you can approach your business. It can also be a solid framework for creating a more detailed business plan.
Business Market Analysis
Consider who your customers will be, your competition, what obstacles you have to overcome and the obstacles you face. In light of these obstacles, what is your approach to marketing? How can you incorporate media and technology? How will you generate new leads and sales?
Establish a Budget and Financing
Once you have your original plan down, you will need to think about financing and what you can afford to start your business. To run a lube oil recycling business, you will need to make an investment and provide for additional resources.
Naming your Business
Before starting your business, you want to make sure that the name you want is available. You can do a trademark search to ensure that your business name is not already being used by someone else to provide the same service. It is best to avoid any names that are already in use.
Make Sure your Business Entity is Legal
You are better off filing official paperwork to include your business. The cost of doing this can vary by state and type of business you want to register, but in the end, it is a significant investment. Incorporating your business helps protect your business name, but, more importantly, it helps protect your personal assets from business liability.
Type of Business
The most common business structures are sole proprietorship, a partnership, LLC, etc. Each structure has pros and cons that go with it, and you will need to determine the best option for you.
Determine Employee Staffing
Start with management and support where you are not able to do it on your own. If you plan to hire employees, the best thing you can do is file for your Employer Identification Number (EIN), even if you don’t think you will need employees, you can use the potential later. Can get EIN for.
Setup your Business Location
You have heard this saying many times: It is all about location, location, location. It also comes down to the business you are running. If you are running a craft business that will only sell online, then your living room may be enough for now. But if you can see the location of the ground, then you want cheap office space.
If you are offering a service-based business, you want an office to meet customers; This will make you look more professional. More importantly, you need to give your business space to deliver mail so that you do not have to handover your home address to potential customers.
You do not have to spend any fortune to get office space. Just about every major city now has shared-location locations where you can lease your location for a reasonable rate.
Purchase your business license
As you determine your location, check for any permits or licenses required to operate your business in your state. Depending on the type of business you have, it will also determine which business license you will need
Set up an online presence
No matter what kind of business you are starting, if you do not have an online presence, you are unlikely to succeed in today’s market. If a company is not present on the website and social media, many people consider it a red flag.
It is all about the used oil recycling business, which has all the details like processing, investment and marketing. Hope this article gives you ideas about the recycled engine oil business. You are welcome to contact us to get more details of this waste lube oil project such as equipment price list and production cost details.