Starting a scrap metal export business can be very lucrative, depending on the current price of scrap metal. Most export businesses are small, often run by sole proprietors. At its very basic, you need a supplier, a buyer and someone to handle the foreign transaction.
- Skill level:
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Things you need
- Internet access
- Driver’s license
Find a supplier of scrap metal. Check out scrapmetal.org for a directory of buyers and sellers of scrap metal.
Obtain a business license from your local government business license office. Be sure to bring your driver’s license and money to cover the fees, if any.
Check with your local Small Business Administration to find out the rules on exporting products, specifically scrap metal, from your area. They can also offer help writing a business plan, if you choose to write one.
Do an Internet search for “export management companies.”
Hire an export management company to handle all of your export transactions. You will either have to pay them a commission or a salary. These companies will help you tap into foreign markets, set up shipments, and they will handle getting the scrap metal through customs.
Check the price of scrap metal often and set your prices accordingly. (See Eurofer in the Resources Section.)
Tips and warnings
- After you work with an export management company and learn the ropes, you may wish to save money and do the extra work yourself. But you will probably have to find your own contacts and shipping company.
- Be sure to get several professional references from your export management company since this company will play a pivotal role in your business.
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