Selling scrap metal for profit is one of the few businesses that you can start where your overhead and operating costs are almost nonexistent. Scrap metal is an abundant, and often free resource if you know where to look. Before you begin scrapping metal, here are the three factors that you should keep in the forefront of your mind.
Tools of the Trade
If you can find it and carry it to a scrap metal recycling facility, you will be financially compensated. On the other hand, in most cases, scrap metal isn't usually left cleaned, sorted and neatly packed along the curb. If you're going to sell scrap metal for money, you're going to need a few handy tools to make the process easier.
Pliers, saws, and containers for each different type of scrap metal are some of the basic supplies you'll need. Magnets can be used to separate scrap metal that can be recycled for money from scrap metal that has little value. People who plan to earn a living scrapping metal in bulk may also need a truck so that they're able to make speedy trips back and forth to various recycling facilities.
Sourcing Scrap Metal
Some types of scrap metal have a higher monetary value, but, if you're able to locate a good and steady source, even cheaper scrap metal can yield a great return. For starters, you should look in your home and yard to see if there are any uncovered sources of scrap metal. Old appliances and leftover plumbing materials often contain scrap metals that can be removed and sorted.
Travel will likely be required to find scrap metal, but you probably won't need to go far. Your best bet to find a great source of scrap metal is actually in a garbage can. It won't be pleasant, but you may be astounded when you find how many people throw out items containing scrap metal because they don't think it has any real value.
Scrapping and the Law
While it is fine for you to go out on trash day and sort through the garbage in search of scrap metal, you need to be very mindful of the law. Only trash that has been left out for removal can be sourced for scrap metal. This means that private property is pretty much out of the question.
Make sure that you are legally authorized to scout for scrap metal, and set up an official business in order to account for your gains. Whether you want to look for scrap metal as a hobby or plan to do it full-time, it is best to check out the laws pertaining to scrap metal in your local community.