For many people, owning a business is the pinnacle of success. Being your own boss and answering to nobody but the consumer is certainly a dream come true. The trouble is, being your own boss takes money, even if you choose a low startup cost business.
One of these low-cost startups is the lawn care business. Compared to many businesses, it requires far less capital to get started. Having said that, it still takes money to make money, especially if you want to cut bigger lawns where something like a zero turn lawn mower would be required.
If you are looking to break into the lawn care world but are a bit short on cash, here are some ways to get the money that you need to get into business.
Get Started Now With A Loan
If you want to get started right away, and who wouldn’t, you can investigate taking out a business loan to finance your new lawn company. While loans are complicated, it might be easier than you think to get the money that you need, even if your credit is not quite what it should be.
The simplest way to secure your loan would be to use an online loan website such as this website to secure a loan to pay for your zero turn mower and other equipment. Just answer a few questions and get a personal loan offer from an online lender.
There are two main benefits to going the online route with your loan. First, you can get your financing without all the paperwork requirements that a local “brick and mortar” style lender would require. No lengthy business plan or extensive paperwork. Second, is the fact that online lenders are more likely to work with credit issues. If you have less than perfect credit, you are more likely to get an approval online.
As with any loan, you still need to use caution and carefully review the loan terms. You want to make sure that the loan is not too costly and that you can make the monthly payment. Most businesses are not profitable right away, so be sure you can keep up with expenses as your company grows. Your lender will not care that you are just starting out, they want their money.
Convince A Family Member To Invest
If you do not have the credit for a loan or just don’t feel comfortable with the monthly payment, you could always turn to your friends or family. Not looking for a loan, but in the search for an investor.
As an investor, you would not need to pay your family member back until you become profitable. This would buy you the time to concentrate on your business instead of having to worry about monthly bills.
Should you go this route, be sure to treat this as a serious financial transaction. Get everything in writing so that you and your investor know what is expected. You would not want your family member coming after you for money in a month or two. Likewise, you do not want to take advantage of their trust in you by not paying them their money back, plus a profit.
Make sure that all the details of the transaction are worked out before accepting any money from your friend or family member. This includes how the money will be used, how much will be owed the investor and when you will start paying them the money. Leave nothing to chance.
Save For A Future Opening
Your last option is to simply wait and save. This is obviously the least desirable option, but it might be the smartest way to go.
The reason that most businesses fail us undercapitalization. Quite simply, they do not have enough money. It takes months for the average small business to become remotely profitable, and some could take years. You need to have enough money to pay your business and personal expenses while your new lawn company grows.
Saving money can allow you to stash away all the money that you need to operate for months. It will also keep you away from expensive loans with potentially high monthly payments. This can lead to a low stress opening situation that you can use to grow a very successful lawn care company.
If you choose this route, make the most of the time that you have before you open. Read up on the rules and regulations of businesses in your area and shop for discounted equipment. Use the time to slowly secure the equipment that you need on the used market, potentially saving you thousands of dollars in startup costs.
In Summary Of It All
You may have a lot more options than you think when it comes to opening a lawn care business but be smart about it. You are probably very anxious to get started but you need to be realistic. Unless you already have dozens of clients secured, it will take time to become profitable. Choose the financing route that affords you this time and increases your ultimate chances of success.
Interesting Related Article: “Expert Tips for Lawn Care and Maintenance”
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