Tips for Making Money Selling Scraps
There are lots of scrap metal sitting around, unused in front lawns, gardens, garages, and backyards across the country. With knowledge, effort, and entrepreneurial grit, you can quickly turn these scrap metals into profit. It may not make you instantly rich, but a steady income from this side hustle can help you pay the bills.
While you have to invest a considerable space in your property to help you with the project, your returns will outweigh the investment. You must equip yourself with the necessary knowledge in preparing and handling various scrap metals to ensure you receive the best payday possible. You should keep track of the prices of such commodities to help you choose the right day to sell to maximize earnings.
You must also work with a reputable metal recycling facility like Langley Recycling to maximize your profit. Their years of experience and expertise allow them to handle various materials safely and responsibly.
Here are some tips to help you make money buying and selling scraps.
Allocate your space
You must first allocate enough space in your property to store the scrap metal you’ll collect from your neighbors or your local contacts. Then, you must prepare it to clean and sort the scrap metal you sell to the recycling facility. You don’t have to wash the metals with water. All you need to do is remove dirt and other debris from the metals so you can sort and weigh them appropriately.
Know your metals
Scrap metals can be made from ferrous or non-ferrous materials. A regular magnet can quickly help you segregate ferrous (or magnetic) metals such as steel, cast iron, and wrought iron from non-ferrous (or non-magnetic) metals. Although they may be heavier, they’re less lucrative than non-ferrous metals. Examples of non-ferrous metals include copper, aluminum, gold, silver, lead, and zinc. These non-magnetic materials cost more in the market, although they may be considerably lighter.
Keep your records intact
You must record every type of metal that you can source. Determine their weight so you can know how much you could sell them to the facility. You can also track the prices of scrap metals to help you figure out the best day to sell.
Find a reputable scrap metal dealer
Finding a reputable dealer is one of the most critical steps in turning scrap metals into money. You should look into their reputation, business practices, and licenses to ensure they’re legitimate operations. You must also contact them to determine how they could acquire your scrap metal stash. For example, some dealers would send their personnel to pick up their customers’ stash, while some would request you bring the scrap metals. Figure out which would be better for you.
Repeat the process
After you’ve sold your stash, repeat the process. You’ll have a steady income stream in no time.
Scrapping can be a lucrative side hustle. However, you only need to consider a few things to ensure that you maximize your earnings to make it worthwhile.