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Old 04-26-2013, 01:23 PM
GreenCanvas GreenCanvas is offline
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Join Date: Apr 2013
Location: Ohio
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Help on growing to the next level

We have had an established business for about 7 years. Had a partner split 2 years ago that set us back, but have been growing each year since. We are at the point where we need to grow to more than one crew (we currently have one truck and mow rig but need a dedicated clean-up crew and mow crew). What is the best way to go about this? We DEFINITELY need another truck, but I am under the impression that banks will not easily give loans to the self employed because we are able to write so much off (or something to that effect). HELP!! Thank you!!
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Old 04-26-2013, 01:50 PM
Stillwater Stillwater is offline
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The historical data national mainstream banks use shows a massive failure rate. If you can show the bank min of 5 years of tax returns and the corresponding profit and loss statements indicating profit and no loss you should be fine in the mean time if you can truly afford a loan then start paying now by putting 500 a month in a account every month now. If you can't do that then don't bother applying for a loan you can't afford it in the first place.
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Old 06-23-2013, 01:17 AM
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kemco kemco is offline
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Join Date: Oct 2009
Location: Memphis TN
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Im at the point where I also need a second truck but mine is to run another mow crew as we are just about tapped out with what we can handle in the one truck. Ive learned the hard way that the best way to keep your biz solid is by running it with " if you cant buy it for cash, don't buy it " in mind. Buy a POS that will do the job... i.e. get you from point A to point B. Ignore that little voice in your head that tells you "But if my truck isn't nice and new looking it will give potential customers the wrong impression, etc." Instead get what you can for cash and laugh at yourself for ever thinking you needed a nice truck as you go to the bank and deposit all the additional money you are saving from NOT buying and financing a nice new truck.
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Old 06-23-2013, 01:30 AM
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LBOperator LBOperator is offline
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Location: Knoxville, TN
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I have a 1990 Dodge W250 4x4 Power Ram. It isn't beautiful but it pulls and people like old trucks. I have never had anyone tell me it's ugly, well at least not while I'm around, lol. It gets the job done and only cost me 3k, it will pull whatever a new truck (with gas engine) will pull.
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Old 06-23-2013, 08:21 AM
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wildstarblazer wildstarblazer is offline
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Join Date: Nov 2007
Location: South Georgia
Posts: 759
Quote:
Originally Posted by kemco View Post
Im at the point where I also need a second truck but mine is to run another mow crew as we are just about tapped out with what we can handle in the one truck. Ive learned the hard way that the best way to keep your biz solid is by running it with " if you cant buy it for cash, don't buy it " in mind. Buy a POS that will do the job... i.e. get you from point A to point B. Ignore that little voice in your head that tells you "But if my truck isn't nice and new looking it will give potential customers the wrong impression, etc." Instead get what you can for cash and laugh at yourself for ever thinking you needed a nice truck as you go to the bank and deposit all the additional money you are saving from NOT buying and financing a nice new truck.
Just saw your signature says kawi 750 backpack as money pit? Why? I just bought one and love it. Do they not last?? Sorry to change the subject..
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  #6  
Old 06-23-2013, 08:33 AM
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exmarkking exmarkking is offline
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Join Date: Mar 2008
Location: North Georgia
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Buy a used truck
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