Is it possible to start a trucking company with no money? You can start a trucking company at least with other people’s money.
In other words, starting a trucking company is possible with no money of your own. This is what we’ll be discussing as we seek to show you just what you need.
There are successful trucking companies today who started the same way (without their owners putting in any money belonging to them). I know you can’t wait to find out how.
It’s Capital Intensive
Those with prior experience of trucking services know that it’s a capital intensive sector.
Nevertheless, this shouldn’t dampen your spirit as there are ways you can establish without having sufficient or no funds at all. It is important to note however those certain requirements are attached with the possibility of starting without money.
Availability of Financing Opportunities
One thing is certain when it comes to trucking, the sector provides a vital service. Due to its importance, there are lots of financing opportunities you can benefit from. Knowing these will be very helpful in launching your business.
What’s Your Situation?
For any trucking business, certain plans must be in place on how to achieve it. In most cases, people are constrained by inadequate funding. In other cases, there may be zero funds kept aside for actualizing the business.
This article is relevant to all situations.
Commercial Truck Loans
This is ideal for persons having insufficient funding to start their trucking business. Here, there are lots of conditions attached. One that applies to all is having the down payment. A good credit rating is one of the requirements that is always considered.
However, you should be careful when applying for such loans. Try to completely understand the terms before committing to it.
Get A Used Truck
This is quite a delicate situation as there’s the likelihood of s0me used trucks developing problems frequently. You should carefully inspect to ensure the truck is in good condition and can still serve.
You might want to ask the opinion of a vehicle expert or other truck owners. Such information will prove to be invaluable.
Renting a truck costs much less than buying one. There are truck rentals for a variety of purposes. You should find one that serves your needs best. Most times to cut down on startup expenses, this option seems the most preferred.
You can continue to rent such equipment until you can purchase yours.
Lease To Own
This is yet another way to start a trucking company if you’re working on a tight budget. This is a gradual process where you get to pay off your lease and own the truck. This is a popular option too.
I Have No Money At All What Do I Do?
This is the main focus of our discussion. Starting a trucking company without money is possible. One of the easiest ways to achieve your goal is by applying for trucking grants. Trucking grants provide a significant part of the funding required to enable you to launch your operations.
Available grants include the following;
Veteran Owned Business Opportunities
The Department of Veteran Affairs has created a program where those who have served in the military can access funding to set up their businesses. Its Veteran Entrepreneurial Portal connects veterans with grant opportunities for their trucking businesses.
It essentially provides much-needed support to help veterans get access to financing.
The Amber Grant
This is for women entrepreneurs interested in starting their trucking companies. Under this program, both new and existing entrepreneurs are qualified to apply. Grants of $2,000 are provided to 12 winners. However, that’s only the beginning.
Each will then compete to win an annual prize of $25,000. To qualify, simply share your business idea and how you’ll be spending the amount when you win.
Minority Business Grants
Are you part of a minority or marginalized group?
If you are, this is a grant program that helps group members get access to grant opportunities across the country. You only need to join and register with the group wherever you are and begin to make inquiries.
USDA Rural Business Enterprise Grants
The U.S. Department of Agriculture has made this grant program available for persons living in targeted (rural) areas. The grant amount ranges from $10,000 to $500,000. How do you know if you qualify for this grant program?
It’s easy, you’ll need to visit the Department of Agriculture website to find the list of qualified areas.
FedEx Small Business Grant Contest
This is a contest that allows entries from people with compelling stories.
Such entries are taken from all across the country. In the end, winners are given grants of $50,000 to put towards their businesses. You should give it a shot if you feel you have a compelling story that needs to be heard.
Nav Small Business Grant
As the name implies, this is a small business grant accessible by entrepreneurs including small trucking companies.
Your small business gets awarded a grant of $10,000 which is expected to be channeled into establishing your business, in this case, your trucking company.
First, you’ll need to sign up for an account. This entry requirement is then followed by posting on your company’s Facebook page to tell your story.
SBA 8(a) Business Development Program
The Small Business Administration oversees this program to help out new entrepreneurs establish and strengthen their businesses.
As an entrepreneur running a small trucking company, you’re qualified to apply for it. Also, a certain percentage of government contracts are given to small businesses. This is a great way to establish your trucking company without money.
NASE Growth Grants
Small business owners are the targets of this grant opportunity. This help is offered by the National Association of Self-Employed. To qualify for this grant opportunity, you’ll need to become its member.
These are ways on how to start a trucking company with no money. You only need to find out the option you consider most favorable and apply for it. In any case, it is important to have some money set aside. This gives you an added advantage of succeeding in finding the right financing sources.