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    5 Replies Latest reply on Feb 13, 2013 9:50 AM by Moderator Berta

    tryin to start a small business

    johncollins1687 Newbie

      i was interested in tryin to start me a business in the trucking industry but dont have the funds and all available to get started buying my own truck without leasing through a big ccompany for two or three years and buyin their more expensive trucks. what would it take to qualify for a loan to buy a semi and be able to take care of the titling and registeringg and all that i would need to start my business and also have some extra for capitol to run on until i bring in some money

        • Re: tryin to start a small business
          Moderator Rebecca Guide

          Hi John,

           

          Welcome to the community!  You've asked a great question surrounding how to start a small business in the trucking industry.  My first piece of advice to you would be to create a business plan, if you have not done so already.  The US Small Business Association offers a step by step guide to create a business plan and you may find it very useful: SBA.gov

           

          You'll also want to spend some time reading through the resources available at SCORE.  SCORE offers

          support and guidance to current and prospective small business owners all across the country. Their website can be found here: Free Small Business Advice | How-to Resources | Tools | Templates | SCORE

           

          We also have many great people who have started their own businesses that are members of this forum.  Hopefully they will be able to offer you some insights as well.

           

          I wish you the best of luck.  Let us know how far you're already along with your business plan, and I'm sure you'll find some great advice here.

           

          Best,

          -Rebecca

          • Re: tryin to start a small business
            phanio Pioneer

            For any loan - business or other wise - you have to be able to demonstrate that you can repay the loan (make the monthly loan payments).  This means that you have to show some income at time of applicaiton - not after you get the funds but at the time you apply.

            My suggestion would be this and I have a good friend that went through this as well.

            Work for a transportation company - use their trucks and equipment.  Then, after a few months (3 or four months), go down to a dealer that sells the semi you want and apply for financing - showing the income that you made over the last few months - they should have their own in-house financing or they will work with other financial institutions that will fund your loan.

            Lastly, if your credit is bad - get it fixed over the next few months - thus, you walk in with income and credit and that is what most lenders look for.

             

            Business Money Today

            • Re: tryin to start a small business
              Robin Williams Tracker

              Starting a business requires proper strategy and planning to give forth the desired result. Then make proper estimate of investment, then look for your current asset value and help from friends and family.  Then look for other sources for rest amount.  You can avail the loan from various sources but you need strong personal credit rating to avail any kind of loans. For financing small businesses, Small Business Administration Loans are good to go.

              • Re: tryin to start a small business
                Moderator Berta Guide

                Hi John,

                 

                You've gotten some great advice here. How are things going? Please keep us updated.

                 

                ~Berta