How To Finance Your Startup Trucking Company | Episode 12
In the last episode we showed how much it cost us to start Haulin Assets, and we discussed how your situation might be similar or different. Now it’s time to roll up our sleeves and get to work by figuring out how to gather all the money you’ll need in order to get that truck moving down the road and making money!
What to Expect From Episode 12
For most people, coming up with the money to start their trucking company is the most challenging part of getting going. As the saying goes:
“The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one.”
Below is the list of ways to get money we talked about, and there are even more we didn’t talk about. Using this advice, start with the first one. Maybe you only have $500 in savings, well, that is a start.
Move to the next option and maybe you can sell $1,000 worth of stuff. You’re not there yet but getting closer, so keep moving down the list.
Maybe you can get a $3,000 loan from a bank. Now you’re up to $4,500. Just keep moving on down the list and you’ll eventually get there.
Once you have gone through the list and you still don’t have enough, start at the top and go through it again. It may take time, but one thing all successful business owners have in common is that they don’t give up easily.
Here is the list.
- Sell some things you don’t need
- Non-profit micro-lenders
- SBA Microloan Program
- Bank loans
- Loans from friends and family
- Bring on a partner
- Credit cards
- Factoring (more to fund ongoing expenses, not startup costs.)
We have a page on Motor Carrier HQ’s website that provides some more insight and has some additional resources on how to finance your trucking company. I go into more detail about each one of the options I listed above. You can check it out here.
If you have other ideas let us know by commenting below.
[…] If you have any other ideas about financing, let us know by commenting on the show notes on episode 12. […]
What is the factoring company that you own??? Also is it easy to get a small business loan from the sba. Say $5000. Also from the previous episode, about occupational accident insurance for o/o who would you go through or what companies supply this type of insurance?
Great questions. The factoring company is iThrive Funding. ithrivefunding.com It’s never easy getting a loan for a new company, but you are going to have your best luck if you present a good business plan. Usually the same company who does your truck insurance is the best place to get your occupational accident insurance. If they don’t provide that type of coverage, they typically can point you in the right direction. If that doesn’t get you what you need, call iThrive Funding or talk to one of the business coaches at Motor Carrier HQ, motorcarrierhq.com or 866-592-3978, and they can… Read more »