You paid cash for everything when you started,so where you in debt?

[grandview (2006)]

Guys talk about how they paid cash to start their business. So technically you were in debt where you started. So how long did it take to pay yourself back you lent your company money?

[larryinalabama]

Originally Posted by grandview (2006)

Guys talk about how they paid cash to start their business. So technically you were in debt where you started. So how long did it take to pay yourself back you lent your company money?

Since I took my time and seeked out and found some killer deals on equiptment and my truck, I actually increased my "net worth"

[newguy123]

Originally Posted by grandview (2006)

Guys talk about how they paid cash to start their business. So technically you were in debt where you started. So how long did it take to pay yourself back you lent your company money?

About 2-3 months and I had already started paying myself back, after the equipment had been paid.

[kyles landscape]

Originally Posted by grandview (2006)

Guys talk about how they paid cash to start their business. So technically you were in debt where you started. So how long did it take to pay yourself back you lent your company money?

making money since day 1.....didnt have the best stuff still dont and never will gotta work within your means

[jrs.landscaping]

Originally Posted by kyles landscape

making money since day 1.....didnt have the best stuff still dont and never will gotta work within your means

If you've been making money since day one how did you start? It must have been with a pair of scissors and a bicycle if you had NO debt starting your business. I think newguy is pretty close, by the end of the first season all of your startup money should be back in your pocket and you should be earning a good profit.

[kyles landscape]

Originally Posted by jrs.landscaping

If you've been making money since day one how did you start? It must have been with a pair of scissors and a bicycle if you had NO debt starting your business. I think newguy is pretty close, by the end of the first season all of your startup money should be back in your pocket and you should be earning a good profit.

started using my dads push mower and electric trimmer and a broom worked my way up slowly bought my first mower gas trimmer etc

[jrs.landscaping]

I hope you gave your father a thank you card for his investment.

[kyles landscape]

Originally Posted by jrs.landscaping

I hope you gave your father a thank you card for his investment.

haha i now take care it for him since he got me to were i am now

[Bunton Guy]

I started with a mower that was given to me back in 1994. Grew the business from there....went back and forth between years of only purchasing equipment with cash and using loans. When I bought equipment cash I was always strapped for cash. Dind't owe anything to the bank but didn't have anything IN the bank.

Now I buy wisely and use credit as little as possible. Works a ton better
I didn't get my first loan on equipment until I was in my early 20's. Previous to that I waited until I had saved enough cash & bought equipment used.

[blakescape]

I paid cash for everything in the first three years of business, but mainly because I didn't have any credit history. I will still buy used trucks if I can get a good deal, but now I will only buy new mowing equipment and finance it. I financed a few mowers in the summer for 0%, 0 down, 48months and the first payment doesnt start until april. On top of that, I can depreciate the full value in the first year of purchase on my taxes without paying a cent on the mowers until next year. I have enough capital saved up to pay off my loans today, but it would be stupid to pay cash when I can borrow that money for free. Even if I have to pay interest on a business loan, I can write off the cost of interest on my taxes. I just don't see why people brag about not having liability/debt and paying cash for everything. Having loans is a good thing if your responsible about it and if you have the cashflow (not just the capital) to pay for it.