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.