07/15/22 by Cube Bin Rental
Learn How We Started Our Dumpster Rental Business.
If you landed on this page, you most likely searched for “how to start a dumpster rental business” on Google. Find out how we started Cube Bin Rentals.
Cube Bin Rentals has been in the construction field for over 10 years. Early on in our construction career, we noticed a growing need for reliable and affordable bin rental and labor services in the GTA. As a result, we created our bin rental service to cater to Torontonians and the surrounding municipalities.
Checklist for Starting a Dumpster Rental Business
If you’re considering starting your own dumpster rental business like Cube Bin Rentals, here’s a checklist of the essentials to consider.
Create a Business Plan
Create a comprehensive business plan to outline your unique business opportunity. Consider conducting light market research of your local industry to understand your competition and the local demand for your bin rental service. Your business plan and insights will be crucial for approaching local banks and investors.
Select Your Business Structure
A business structure refers to how a business is legally structured to operate. There are four primary business structures to choose from: sole proprietorship, partnership, corporation, and Limited Liability Company (LLC). Each type of structure has pros and cons, such as liability exposure, costs, and administrative requirements.
A partnership structure can open the owners up to personal liability should a partner do something to get the business sued, or if they run off with cash from the business, the other partners are liable to repay.
A corporation structure can help minimize liability risk because it separates the business assets from the owner’s personal assets. If the corporation is sued or if the bin rental business defaults, the owners will not be personally responsible to repay the debt.
Financing Your Bin Rental Business
Coming up with a killer business concept and having the experience to operate it is one thing, but getting financing for your dumpster rental business is another. Funding to start your dumpster rental business can be difficult. To get a loan from local banks, you need to have good credit and personally invest a significant amount towards the total start-up costs.
Get Insured
To operate a successful bin rental service you will need to be fully insured and have all appropriate business licenses. Cube Bin Rental is fully insured, with a $2 million commercial general liability insurance (CGLI). This insurance protects our client’s property under our insurance policy.
Learn more about CGLI here.
Create a Marketing Plan
You’ve created a killer bin rental brand, and you’ve acquired the trucks, various dumpster bins of different sizes, and property to warehouse your equipment. You will need to develop a powerful marketing strategy to promote your business. People looking for bin rental services will most likely look for this service using search engines like Google, Bing, or Safari. To increase your online visibility, invest in digital marketing tools such as Adwords, social media management, or SEO to grow your online presence and market your bin rental services in your area. Dumpster rental businesses might also explore print advertising, direct mail, and email marketing.