Starting business

Trucking industry has a very low profit margin. And I mean VERY low.

Honestly? Running a Subway franchise provides a higher profit margin, and I'm not joking.

The only way money can be made, is if you know a lot about the industry. As an investment run at "arms reach?" It'll probably sink within a year.

 

For every success in trucking, there are nine failures. A good franchise would be a much better investment and is much lower risk than trucking.

 

Can you do it without the loan? It seems like a pretty simple decision to make.

 

What's your industry experience?
Do you have a business plan?

More important than being approved, is what to do when funded...

 

If you have a Small Business Loan pre-approved then you have already convinced someone to put money into your business plan. That is not an easy thing to do. Banks do not like investing in trucking businesses so I would say go for it. There is nothing wrong with debt provided you are willing to put the work into paying it off. Just don't haul cheap and scr ew it up for all of us out here.

 

What are you calling a small business loan.very uncommon for one buying a truck

 

Dont do it, I jave been fighting very hard to stay a float for this past 9 months. I will survive but some days its too much stress.

 

I quite after four years. Not because of the low profit margin, I was able to be profitable very quickly because equipment was paid off, otherwise I wouldn't have lasted that long. Stress was the deciding factor. I went back to being an owner operator and let people in the office stress over it.
Still running a business but 100% of what actual trucker's with their own authories see.
Trust me it's a lot less stress.

 

It is usually better to start a business with minimal debt. On the other hand, it is good to have access to capital when starting or growing a business. You did not mention your experience in the business or what you plan on doing with the business loan. The economy is soft right now. Personally, I would not want to take on any debt until we see what is going to happen with the economy and possibly until after the presidential election. Are you talking about a commercial business loan or a commercial line of credit? A line of credit offers you more options in that you only pay for money you use and not the entire loan. With a standard business loan, you will need to pay interest on the entire amount of the loan, whether you need it or not. A line of credit is more flexible.