Eco-friendly businesses to invest in
There are many ethical and practical reasons companies must be committed to being leaders in the environmental space. First and foremost is the reality that we only have one planet, and we all share it. All businesses have an impact on the planet, and that impact affects all of us. Companies use huge amounts of our planet’s resources, and they in turn have huge impacts. It’s critical that sustainability be at the core of their sourcing, production, and distribution to make sure the world we live in continues to be habitable for the people these companies benefit from. In addition to the ethical demands, businesses should be eco-friendly for practical reasons as well. There are several ways in which aspiring entrepreneurs and founders can go green, use recycled raw materials, and save energy. It has been seen that business using sustainable methods are delivering more than just profits. Consumers and users are also willing to pay more for products and services committed to ensuring a positive environmental impact.
Setting up an organic store: Following an increased awareness for healthy and holistic living, the organic products market is seeing a high demand. Although, a slew of organic grocery chains and personal care outlets already exist across many cities in India, there cannot be enough. As an organic product manufacturer, you can choose to offer a variety of goods like skin care products, pet supplies, snacks, and food items. All you need to do is to secure the required licences and permits, put together a few sources of funds, look for an appropriate location (you can even rent out a space for anywhere between Rs 10,000 to 1 lakh), and hire a bunch of people to manage it.
Recycling waste: Though the concept of circular economy is new in India, it is starting to pick up. It consists of eliminating trash as much as possible, while identifying innovative ways to recycle and compost it. This is precisely where waste recycling businesses step in. But, before you start, it is important to conduct some market research to narrow down on the items that you intend to recycle. The options are infinite – aluminium scrap, batteries, textiles, papers, construction waste and plastics, to name a few. Aluminium, the second most recycled metal globally, is a good business proposition. Batteries, on the other hand, have a great market owing to their constituents like zinc, lithium ion, and lead. Paper and plastic are made of different grades and can be recycled into a plethora of useful things. Construction waste is also churned out in plenty and materials such as concrete, plaster, and insulation are recyclable in one form or another. According to the opportunity you pick, you will have to choose the location, procure machinery, equipment, and other tools of operation.
Making clothes from plastic: According to a report published by the Central Pollution Control Board (CPCB) in 2017, about 25,940 tonnes of plastic waste is generated in India every day. This roughly translates to a per capita consumption of 11 kilograms of plastic, on an average. This can be attributed largely to single-use plastics in the form of bottles, bags, wrappers, and sachets. Although most of these products are non-biodegradable, they are recyclable. For example, plastic bottles once shredded, can be converted into chips and later made into yarn. The same yarn when woven turns into fabric. The last step includes stitching the raw pieces of cloth and using natural dyes on them. This business would only require capital investment made on land, machinery, and logistics.
Upcycling furniture: If you have an eye for style and design, then this is the business for you. Upcycling furniture is all about acquiring worn out furniture from auction sites, thrift shops, etc, at reasonable rates and restyling or refurbishing it for a modern and chic feel. The market for upcycled furniture is huge. While some might view the product as an antique, others might see it as an affordable alternative to well-designed furniture. The cost involved in establishing the business is quite less, and includes acquiring raw materials, getting a workplace, and hiring people like carpenters, designers, and sales executives.
Selling used books: According to a report by the Wildlife Conservation Society (WCS), about 3.5 to seven billion trees are cut down in the world every year for manufacturing paper, agricultural expansion, and timber harvesting. While, a lot of energy and green cover is lost during the course of making paper, it seems only right - and sustainable - to use old books rather than buy new ones. Opening up a retail store to sell used books is both a lucrative and thriving business. In addition to the brick-and-mortar model, a digital platform might also give an added leverage to tap the younger generation.
Producing biofuels: Industries continue to remain one of the major contributors to pollution in India. According to the India Brand Equity Foundation (IBEF), the country is the third largest fossil oil consumer in the world. Biofuel, however, can work as an alternative to fossil fuels as it is obtained from plant and animal waste. Considered to be safe and environment-friendly, its production is dependent on the availability of jatropha oil or seeds. Hence, choosing a location where it is easily available is imperative. The production of biofuel requires methanol, jatropha oil, distilled water, hydrometer, weighing balance, conical flasks, funnels, cylinders, etc. Hence, apart from a processing facility, trade and explosive licences from the local municipal authority, and clearance from the Pollution Control Board is also required.
Refurbishing electronic items: Many electronic items such as cell phones, tablets, laptops, televisions, stereos, video game consoles, among others are replaced once they are broken. However, you can make easy money from these discarded electronics by repairing them. The discarded items can either be collected from residential colonies or local junkyards. Since most issues might be related to dirty circuit boards, broken cords or wires, you can hire an expert to fix them. Once refurbished, the products can be either sold online or through other retailers and agents. Offering complete disclosure and a money back guarantee at the point of sale will also help establish credibility.
Energy auditing: An energy audit constitutes the analysis of cost and efficiency of energy usage within a company, by figuring out ways to minimise energy waste and make improvements. Energy audits require specialised and accredited personnel to help firms and industries overhaul redesign their energy flow. Hence, the business requires hiring individuals, identifying specific industries that might need the services, and later roping making them into the customer base. Profits can be pocketed on each audit in the form of a fixed fee.
Offering eco-friendly toys: Most toys available in the market are made from plastic that contain toxins. These toys are non-biodegradable and, when thrown away after use, have the potential to cause harm. Making toys from green materials like wood, bamboo, and recycled plastic is not just safe and durable, but also, environmentally ethical. So, whether you want to set up a toy store and source products from elsewhere or manufacture them, you are likely to be successful. But, before you start, identifying play patterns, concepts and themes that children love is essential.
Retailing and installing solar panels: According to the Indian Brand Equity Foundation (IBEF), India ranks fifth in the renewable energy market. The demand for solar panels, both at homes and corporate locations, has been on the rise, since they hardly produce any emissions and are handy to use. The business entails conducting on-site surveys for potential installations, creating a solar plan, and installing panels. This kind of venture requires staff that is proficient in electrical work, construction, and solar energy. Some of the basic set of resources that you need to take into account for the smooth running of the venture is a reliable bunch of distributors, an office space, delivery vehicles to move panels, and a system to maintain licences and acquire insurance coverage. Once you have a steady stream of contracts and requests from customers, you can purchase panels in bulk and lower the per-unit cost to make better profits.
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