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I am really considering the dumpster rentals. I’ve been researching this for a few months and meee to make the move. I can get some used dumpsters for $1500. Ugly and used but a good start. I’ve got $12k set aside to reinvest in my wash biz but think I might use it here. Thanks for the motivation Mike
Buy just 1 dumpster for $1500. Then rent it out. If it stays rented out, buy another 1. That way you only have $1500 in to the actual dumpster itself and then once that dumpster makes you $1500, buy another one and that way you ever only have $1500 tied up in that business because it is paying for itself. The bigger question is, what area are you located in and what is your advertising plan?
I guess the answer is, you have no advertising plan? In that case, never start any business until you do. That's always the 1st thing a business should do is make an advertising plan. I've owned businesses for 30 years.
Scavenging pallets sounds way easier than I thought. Now I just need to convince my friends to help me load the truck 😂 Anyone got tips for finding free pallets?
I’m sure you know this but others may not… gasoline was a waste/bi product of fuel oil/ kerosene until they figured out a use for this dangerous “waste”.
The pallet business collapsed almost a year ago. If you try this you will have a truckload of pallets you can't get rid of for free. We're at least a year out of this even having a chance of being profitable again.
@@AllAboutPressureWashing At the beginning of 2024 I was about to hire 3 people, and buy a large pallet manufacturing machine with a stacker and other related equipment like notchers etc. I saw the decline in my own business and conferred with all my contacts in the industry to see if they were seeing the same thing. The answer was 100% YES! The number of new and used pallets being repaired or build far out paced those being sold. The cost of a standard 48x40 went from $10 for grade A and $8 for grade B dropped to $5-6 for A and even lower for B's in a matter of months. Driven by a sharp downturn in manufacturing and shipping. Fueled by the horrible economy, high gas prices and materials costing in some cases up to 100% more than the year before. The industry has been on life support since April 2024. All pallet manufacturers from the small guys like me to the national billion dollar pallet manufacturers selling millions of pallets per year had to either shutter until the economy returns (Small guys) or layoff a significant number of employees and sell equipment (Big Guys) to survive this massive downturn. It took me 9 months to sell a new forklift at $10k less than market value with only 500 hours on it. Something I would've been able to sell for a few thousand over market value in only a few days in late 2023. Every single contact I have in the industry is telling me the same thing. They are all struggling. I get at least 10 calls a week from local and out of state businesses that wanted $5 per pallet to take them, now begging me to take them for free. The calls from the pallet scavengers stopped for me back in August. This is an industry, country, possibly world wide problem. When nothing is shipping, nobody needs pallets. When the economy starts coming back, manufacturing starts again and shipping is running full steam again. It'll still take 6 months to a year before the pallet market stabilizes IMHO. If anyone is buying pallets it's the really big guys and they're only paying $1 maybe $1.50 per pallet in great condition if you're lucky. And $0.50 to $0.75 for ones needing repairs. Hardly worth it if you ask me. The average full sized pickup can safely take about 40 to 50 pallets before the pickup is overloaded and unsafe. Figure in fuel, insurance, maintenance etc. plus the time and effort to load and unload. $40 to $50 per load looks more like $15 to $20 after expenses for say 2 hours of work. Hardly worth it if you ask me. Some won't even deal with you unless you've got and EIN#, insurance and bring them pallets in at minimum box truck quantities. Which if you have to rent will cost you about $300 per for one day. Cheaper if you rent by the week, month or longer. But still too much to make any real profit. I've got a yard full of large 96" to 100" long pallets I've been trying to give away for FREE for the past 9 months, with no takers. I'll probably have to pay about $1500 to have them shipped to the not so local mulch manufacturer who takes them for FREE or I can pay about $2500 for the more local guy to take them. Who charges by the ton. Either way, it's a huge loss. THAT, is why recommending the pallet industry to anyone right not is REALLY bad advice. Unless you hate them, then rock on.
I have a six figure pallet business. This couldn’t be further from the truth. Pallets will never be a dead business. As long as manufacturing and distribution exists, pallets will be a helluva business.
@@iamjackcrow Then why has 48Forty, Millwood, ePallet and others who I used to do business with, lay off people and sell equipment. And tell me they had to cut production? Please tell me why I get a minimum of 10 calls a week from local and out of state companies begging e to take their pallets? The industry has taken a major hit in 2024 and if the 7, 8 & 9 figure guys are telling me this I tend to believe them aside from my own experiences. I never said pallets were dead, but it's going to take 6 to 12 months to recover once manufacturing is brought back to the US. BTW a 6 figure pallet business is a small pallet business. I made 6 figures my first 2 months in business when I started.
Everyone you know and meet is someone you can network with. Open your phone, let every single person in your contact list. Know that you started a business and ask them if they could use your service or recommend someone that could.
🚨 Get Started with 𝙌𝙪𝙤𝙩𝙚𝙄𝙌 (FREE CRM): MyQuoteIQ.com
⚠ Free Quote for Business Insurance: bit.ly/Forever-NEXT
📸 Custom Video Ads for Your Business (40% Off): QIQads.com
🚧 How To Stripe: HowToStripe.com
I am really considering the dumpster rentals. I’ve been researching this for a few months and meee to make the move. I can get some used dumpsters for $1500. Ugly and used but a good start. I’ve got $12k set aside to reinvest in my wash biz but think I might use it here. Thanks for the motivation Mike
Give me the 12k bro, I’ll hook you up with a nice growing business, frfr
Buy just 1 dumpster for $1500. Then rent it out. If it stays rented out, buy another 1. That way you only have $1500 in to the actual dumpster itself and then once that dumpster makes you $1500, buy another one and that way you ever only have $1500 tied up in that business because it is paying for itself. The bigger question is, what area are you located in and what is your advertising plan?
👊🏻
@@noelleallwin😂😂😂 for real?
I guess the answer is, you have no advertising plan? In that case, never start any business until you do. That's always the 1st thing a business should do is make an advertising plan. I've owned businesses for 30 years.
Thank you for that indepth knowledgeable information on small business start up. In these times especially, these are gems. Keep up the good work❤
Appreciate the support! Glad I can help!
Wow. This video is Killer! Might have to give one of these a try for 30 days 👀
Damn right!!!
I’m digging these Mike
👊🏻
Thanks for this video! It really helps a person to think of business ideas
Appreciate it and glad it helps
Scavenging pallets sounds way easier than I thought. Now I just need to convince my friends to help me load the truck 😂 Anyone got tips for finding free pallets?
Every hardware store and big box store has them
I’m really thinking about the line stripping, I just don’t know if I should get the LLC and insurance first or wait and see if I get clients.
It’s a great business - Customers are key - as is the LLC and Insurance
I’m sure you know this but others may not… gasoline was a waste/bi product of fuel oil/ kerosene until they figured out a use for this dangerous “waste”.
I didn’t know that!
The pallet business collapsed almost a year ago. If you try this you will have a truckload of pallets you can't get rid of for free. We're at least a year out of this even having a chance of being profitable again.
What went wrong and where are you located?
@@AllAboutPressureWashing At the beginning of 2024 I was about to hire 3 people, and buy a large pallet manufacturing machine with a stacker and other related equipment like notchers etc. I saw the decline in my own business and conferred with all my contacts in the industry to see if they were seeing the same thing. The answer was 100% YES! The number of new and used pallets being repaired or build far out paced those being sold. The cost of a standard 48x40 went from $10 for grade A and $8 for grade B dropped to $5-6 for A and even lower for B's in a matter of months. Driven by a sharp downturn in manufacturing and shipping. Fueled by the horrible economy, high gas prices and materials costing in some cases up to 100% more than the year before.
The industry has been on life support since April 2024. All pallet manufacturers from the small guys like me to the national billion dollar pallet manufacturers selling millions of pallets per year had to either shutter until the economy returns (Small guys) or layoff a significant number of employees and sell equipment (Big Guys) to survive this massive downturn. It took me 9 months to sell a new forklift at $10k less than market value with only 500 hours on it. Something I would've been able to sell for a few thousand over market value in only a few days in late 2023.
Every single contact I have in the industry is telling me the same thing. They are all struggling. I get at least 10 calls a week from local and out of state businesses that wanted $5 per pallet to take them, now begging me to take them for free. The calls from the pallet scavengers stopped for me back in August. This is an industry, country, possibly world wide problem. When nothing is shipping, nobody needs pallets. When the economy starts coming back, manufacturing starts again and shipping is running full steam again.
It'll still take 6 months to a year before the pallet market stabilizes IMHO. If anyone is buying pallets it's the really big guys and they're only paying $1 maybe $1.50 per pallet in great condition if you're lucky. And $0.50 to $0.75 for ones needing repairs. Hardly worth it if you ask me. The average full sized pickup can safely take about 40 to 50 pallets before the pickup is overloaded and unsafe. Figure in fuel, insurance, maintenance etc. plus the time and effort to load and unload. $40 to $50 per load looks more like $15 to $20 after expenses for say 2 hours of work. Hardly worth it if you ask me.
Some won't even deal with you unless you've got and EIN#, insurance and bring them pallets in at minimum box truck quantities. Which if you have to rent will cost you about $300 per for one day. Cheaper if you rent by the week, month or longer. But still too much to make any real profit. I've got a yard full of large 96" to 100" long pallets I've been trying to give away for FREE for the past 9 months, with no takers. I'll probably have to pay about $1500 to have them shipped to the not so local mulch manufacturer who takes them for FREE or I can pay about $2500 for the more local guy to take them. Who charges by the ton. Either way, it's a huge loss.
THAT, is why recommending the pallet industry to anyone right not is REALLY bad advice. Unless you hate them, then rock on.
I have a six figure pallet business. This couldn’t be further from the truth. Pallets will never be a dead business. As long as manufacturing and distribution exists, pallets will be a helluva business.
@@iamjackcrow Then why has 48Forty, Millwood, ePallet and others who I used to do business with, lay off people and sell equipment. And tell me they had to cut production?
Please tell me why I get a minimum of 10 calls a week from local and out of state companies begging e to take their pallets?
The industry has taken a major hit in 2024 and if the 7, 8 & 9 figure guys are telling me this I tend to believe them aside from my own experiences. I never said pallets were dead, but it's going to take 6 to 12 months to recover once manufacturing is brought back to the US. BTW a 6 figure pallet business is a small pallet business. I made 6 figures my first 2 months in business when I started.
I can’t see pallets being that good where I live
Definitely a lot of legwork, but I do know guys I have made significant gains in their businesses. When they have connected with the right buyers.
You can broker pallets from anywhere. I have a whole guide on it
How to find network people
Everyone you know and meet is someone you can network with. Open your phone, let every single person in your contact list. Know that you started a business and ask them if they could use your service or recommend someone that could.
Great ideas!😃, thanks, I'm in the process of preparing for my food trash business "2025" 😁, wish me strength 👍
Best of luck
Dumpster rentals have become so saturated, at least around me
Where do you live ?
Yeah, where DO you live? I’m curious too…
that means customers are spending
so how many of these do you do?
What do you mean?