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    4 Replies Latest reply on Jun 10, 2012 6:51 PM by Uncle Leon

    Starting back up

    Bertoplata Newbie

      Hi all,

       

      About 1.5 years back I had a small moving company, but decided to sale my box truck to go back and finish school.  For 6 years I worked full time at helpdesk for a company that provides computer hardware support, and worked my moving part time on nights and weekends. I still have 7 classes to go and a new job, but mow I'm getting let go.  I want to buy a new truck and work my moving company full time,but need idea on getting funding to buy the new truck.  I'm thinking of maybe using whatever equity I have on my condo and my car as trade in...   I don't think I can get a business loan at this time?

        • Re: Starting back up
          Wesmaster Adventurer

          Is it possible to lease a truck from someone until you can afford to buy one? How much are we talking to buy?

          • Re: Starting back up
            Moderator Cath Guide

            Hi Bertoplata,

             

            I'm wondering where you are now in your plans?  Are you moving forward?  Did you decide to buy that truck?  Let us know how things are going for you?

             

            Cath

            • Re: Starting back up
              Balloon Bounces Wayfarer

              Just a thought here, box trucks can usually be found really cheap used. Consider picking one up to get your business started.  New trucks cost a lot not only that you will save money on insurance if you buy an older truck.  After you get started and get a few jobs you can always trade up. Today too many people try to start  businesses and go deep into debt, start small and build the business.

              • Re: Starting back up
                Uncle Leon Tracker

                I'm sure you know, Bert, that there will be more funding needed than just for a truck.  I suggest that you VERY CAREFULLY consider what I'm going to recommend

                 

                1. You may find someone with some money who may also want to do this, as your "partner".  That doesn't mean that you must be "equal" partners.  You can incorporate, and simply sell  a miniority share of stock, leaving YOU in charge.  Of course, having controlling stock doesn't mean "dominating" your partner.  Agreement should be reached whenever possible..  But when that's not possible, YOU will cast the "tie-breaking" vote.

                 

                Similarly, you can seek an investor....One that does not desire a "Hands-on" interest in the business.  This would be someone who just wants to make a profit on his investment.

                 

                As an alternate consideration, along these lines; you may find someone already in this business on a small level, that needs someone in HIS business, and may be interested in acquiring a minority partner (who may, by the business agreement, grow in ownership percentage.) 

                 

                In any case, a good business agreement is imperative.  One of the above ideas may allow you to "stick a toe into the water" before a "lifelong" arrangement is made.  LIke a new girl friend....the flaws are seldom obivious at first, and the ones that are, are often ignorred.  But, one morning when you wake up and realize that you're in bed with a hateful  B _ _ _ h; the business agreement (like a pre-nup) will be invaluable.