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Discussion in 'Starting a Lawn Care Business' started by Hoss4x4, Sep 18, 2011.
boil down your needs. keep track of all personal and business expenses. live within your means
Wife gave birth to my boy over the off season.
I wasn't earning. And neither was she.
We have savings, but we tought ourselves how to budget.
It's been great. Can't wait till my season really starts.
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We are not DEBT FREE....we have taken on a certain amount of debt to build the businesses credit. This has actually made a huge difference in the growing process.
I can say my very first ever brand new anything Ford F350 is paid for. My brand new Toro G3/20' Enclosed Trailer and Chevy 3500 4-door will all be paid for before the end of this season.
Obviously there is a lot to be said for OWNING, I mean actually owning something.
I highly suggest those new to the biz, not to by everything BRAND NEW. If you can actually keep the business running past the five year mark, that will be the time to really consider it. Depending on how many accounts you have, budget, etc..
We're in our fifth year and we're not debt free either, but I've set everything up to pay off a piece of equipt every year, I bought a new GS our third year which will be paid off this year and a another one this year which will be paid off next year or the year after depending on how business goes. It's really about properly managing your debt and cash flow and not going over board, fortunately our business has grown quite a bit, like you I took on some debt in order to grow the business, I've used it mostly for marketing purposes and it has paid off, when your taking hundreds and turning it into thousands each month it makes sense to use credit to do it.
you can borrow money at the lowest rates ever and people are talking about not taking advantage
I agree, you need debt but within reason. Everyone has a different take, different circumstances to which they evoled. I too will have all paid for this year. Over the last 5 years we have new 7 new trucks. Last one is paid in full in september 2013. All equipment is finally paid for which includes 5 new exmarks from a 1-2 years back, 2 new bobcats, etc. Accounting meeting this month, tax man said get things paid for this year but to offset any future taxed, time to think to add to fleet or change out some equipment. You gotta be planning for tomorrow because today already happened, your too late.
I've been in business for the last 7 years debt free.I started out with mostly new equipment including a new 61 scag wildcat.My truck was used but in good shape.I invested about 20k for everything and am still using all of the same equipment including my truck.The key is to take very good care of your gear and buy the best that you can.Also be professional and do your work in the same manner.