Is selling scrap copper wire(stripped wire) profitable? Top 7 solution tips

Selling scrap copper wire is a very profitable side hustle if you know what you are doing. I have been in this system for many years. It is a generational side hustle that has to send me and my siblings to school and back.

With an initial capital of N10,000($20), you can become a landlord in the next 2years. Unlike boutique business which requires N500,000($700) as minimum startup. If you follow these step-by-step guides, you will thank me later.

I am going to take things easy and go very in-depth because this is an investment that you do not need to toil with. I will be using terms that you will understand very well and not jargons

What is copper wire and where can it be found

Let me start with a known scenario

selling scrap copper wire
  1. Have you ever seen a transformer located inside a stabilizer? Yes! Those wires wound around the transformer lamination are called copper wires or aluminum wires. They help to step down or step up voltage in the stabilizer.
  2. You have a generator in your house. The alternator inside that generator carries a coil(copper or aluminum) with a dark red coating. Helps to convert mechanical energy to electrical energy.
  3. Finally, anything that is plugged in the power supply has a coil (copper or aluminum) in it. either as a transformer or an electric motor

those wires you see in the image above with an arrow pointing to is the copper wire we are talking about and they are very expensive now.

That being said, copper wires help to transmit electrons(physics and chemistry point of view). Don’t bother about that definition if you don’t understand.

when is copper due for sale?

The term “scrap” tells us that we need to discard coppers when they are no longer in use or not needed any longer. Instead of bulking your bin with materials that won’t burn off, sell them for recycling.

There are times wires(copper perhaps) in your appliances get burnt and require repair. If you know that it is made with copper wires, you can get the coppers out and discard or rewind a new one.

What should I consider if I want to make “selling scrap copper wire” a side hustle?

If you are looking at investing in the copper business, to be sincere you will make good money on daily basis. Note the following

#1 Availability of scrap copper

People wants to sell their spoilt appliances so they don’t loose everything. On this note, scrapped coppers are everywhere and will go for any amount. It is your decision to make on how much you will buy from them.

Rewinders are looking for scrap buyers everyday because they discard burnt wires daily. If you have contacts of 3 reminders, you are strong in that line.

#2 Remit certain amount of money

You will need to keep a certain amount of money that will be used to buy scrapped copper from people. The amount could go from N10,000($20) to any amount. Yes!

If you don’t have money, there are several ways you can get money to start such a business. Venture capitalist, contribution, family, church, community etc, can loan you some money, do not take “no money” for an excuse

We have a “write for us” program where you can start writing an article to make N500 for each article. It’s small! We get that right but if you can drop an article in one hour to get N500, it means 12hrs can get you N6,000 and you know what? That’s for a day. If you work like that for 30 days, that is N6,000 X 30 = N180,000 in one month. So you don’t have to complain about getting N10,000 to start a scrap business.

#3 scaling the scrap copper

kitchen scales, scales, balance-161779.jpg

You will need a scale to measure you scrapped product in kilograms(kg). Do not measure in pounds.

Scaling is important because when you go to sell to recycling firms, they will pay you based on product weight. Also, they have prices per kg and not pounds.

So if you have your scale with you, always weigh the product you buy. know how much recycling stations will charge for that rate and adjust your bidding. Buy less than the selling price.

#4 package your copper wire

You will need a bag to put your scrap copper wires.

Ensure to compress the copper to accommodate large kilograms of wires in a small bag. This is necessary to adjust transportation costs.

You can use a hammer, leg, stone, heavy metal, etc to hit the wires to compression

#5 Avoid selling daily

If the location was close, even the product owners will sell their scrap direct to refineries whether it is 1kg or 100000g. Daily transportation is a waste don’t do that!

Buy your scrap, stock it up for about one full month if you have money or a week is ok. Scrap price never comes down but always going up.

I bought scrapped copper wires at the rate of N1,000 per kg in 2019( I sold 100kg for N200,000. Guess how much it cost now? You won’t even buy at N1500

Selling you scrapped copper should not be done daily but buying should be daily.

#6 Have recyclers contact

telephone, contact us, contact-1460517.jpg

You will have at least 2 contact persons in recycling centers. Thou they are always ready to buy, but you still need to inform them about your delivery and time

#7 be a regular buyer

One thing I noticed when I miss buying from my customer especially when they have a pressing need is that another buyer will outrank me. And it will be very hard to get him back

Do not miss to buy copper wires from your customers whenever they want to sell. Most especially from reminders.

Where can I buy scrap copper wires in bulk?

The best place you can see scrap copper in excess is in rewinding shops. Both thick and thin copper, burnt and good scraps are seen there in ample quantity.

selling scrap copper wire

Give them your contact, communicate with them from time to time to know when they have scrapped copper and when they do not.

Copper and aluminum coils look very similar and you have to be very careful not to buy aluminum wires. Aluminum is very cheap compare to scrapped copper.

Where can I sell scrap copper wires in bulk?

If you are leaving anywhere in Nigeria, Lagos, Aba, and Ibadan have dealers who ships the scrapped coppers outside the country with a licence. I mostly sell in Lagos because their price is better.

If you are staying anywhere close to south-south Nigeria, you can transport your scrap to Omegapayz by sending us a mail to service@omegapayz.com for further communication. we have a mini recycling station and we are currently buying scraps.

summary,

Buying and selling scrap copper wires is very rewarding. You need to try it out following the steps and guides.

We will keep updating this post to make it simpler and in-depth.

Are you buying and selling scrap copper already? Share with us what you have done so far in the comment section below. You can also ask questions and make suggestions as well

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