julsuc:
My dear truck business goes with so many problem. Are you ready for that,the driver is another problem of his own .Most of them are full of stories if you don't have heart i do not advice you.They nearly kill my hubby with heart attack if not God intervention it could have been a different story . I don't think i will advice someone who is close to me to go into such business .

True. But one can install a car tracker on his truck, thereby you can monitor the business of the truck. Also if the truck develops a fault before 12pm, you can go ad visually insect the truck with your mechanic and you bear the costs. But anything after 12, na tge driver go carry the geese. Gone are those days when drivers toy with peoples investments. Also with trucking, you determine when/where your truck loads and delivers too. The driver gets paid per trip

Its wat am into,have got some tips for u bro/sis....hit me,watsap me,call me on my hotline 08064139522 ola original

Yes it is wise to obtain loan to start a biz. But the bizness plan has got to be worth. Someone hs pointed out that the interest on the loan would be like 29% per annum. Can you handle it?
Remember startups require that the profit yu get is RE-INVESTED into the bizness so it can grow. If the loaan can generate enuf return to cover 29% for the bank nd to cover your operational cost and still remain few sums to continue the biz after you'v repaid the loan, then move ahead. I believe by now you should hv done enuf research to know how much r.o.i is obtainable if you engage in such biz

lonelydora:
A very big YES. As long as you a permanent staff and not a contract staff. The bank will deduct it from source as soon salary is paid. They do it in a way it won't stress you. Don't do a short term loan but a long term loan, although the longer the higher you pay.

I am also into trucking biz.

Please PM let's talk bizness.

pls watsap me 08064139522

it depends on what you are doing with the loan

Op. Have u heard of hypertension? Stroke? Etc. Don't go o.

muyo2001:
it depends on what you are doing with the loan

this one only read the topic and forget about the details.

banme1:
this one only read the topic and forget about the details.

Never ever start any biz with a loan. You can expand with a loan.
Even LAPO microfinance bank will never give any startup a loan and their interest rate is low talk less of a commercial Bank.
Start small and grow big with what you have be it savings or contributions.

salo4resolute:
pls watsap me 08064139522

Okay.

fleczon:


the truth is bank would not even give you loan for a business that can not pay itself. not only that, bank is not a father Xmas that just dashes money without due diligence, they would conduct their due diligence and ensure that all or more than 90% of the risks are reduced. remeber, when a bank gives you loan, they becomes part in the business and would do everything to ensure its growth. go to ur bank and you will be amazed at the questions your account officer will ask.

In my company about three banks came for marketing and were even begging people to come and take loan. Our collateral is our salary.

if you know the season we're in is the best time and your current job will help you kick start the business, i will advise you to take a step of "RISK" alot of people out there started their business with different loans and if you are planning to save up for the business you might not be able to make it.


Don't be afraid to take that risk.

steroid:
I currently work in an mnc. For some time now I have been thinking about starting my own business and I am considering going for a loan from the bank. But I am worried if it is the right thing to do.

I want to use the money to buy a truck which I will attach to a warehouse for better management. Initially I wanted to go for a van but the warehouse people advised me to go for a truck. Their reason being that the profit I'll make from a truck will be enough to cover expenses and challenges faced e.g police, lastma, vio, etc.

I intend paying back the loan from my salary and proceeds from the business.

Your candid advice and suggestions are highly welcomed

Yes. Good to get a loan and do a repayment plan so part of your salary can go towards it when cash flow of the truck business is low and/or to finish repaying the bank more quickly.

steroid:
I currently work in an mnc. For some time now I have been thinking about starting my own business and I am considering going for a loan from the bank. But I am worried if it is the right thing to do.

I want to use the money to buy a truck which I will attach to a warehouse for better management. Initially I wanted to go for a van but the warehouse people advised me to go for a truck. Their reason being that the profit I'll make from a truck will be enough to cover expenses and challenges faced e.g police, lastma, vio, etc.

I intend paying back the loan from my salary and proceeds from the business.

Your candid advice and suggestions are highly welcomed

My brother since u still have ur job then its ok to get d loan and start the business. It takes guts to start a business.
I have a light truck Tundra dual cabin,not so light truck Nissan dual cabin,and a heavy truck volvo. Make a choice and get a good bargain from me. Cheers

I will advice you stay away from loan, because business performance cannot be measured for a prospective business.
I have 3 questions for you and if all answer can be YES, u can go for the loan, if NO, please flee from debt.
1. If the business die within the first 3-6month, can u still cope with the loan repayment?
2. If Nigerian Economy goes worst than this and the business has not started bringing returns, can u cope?
3. If the monthly repayment is more than 50% of ur salary or can ur salary exclusively pay for the debt?
Please be sincere with ursef when answering those simple questions.
If u av any NO, stay away from Bank loan, and follow any of the advice below:
1. u can go for interest free loan (from family n friends), 2. look for a partner and put resources together, then u manage ur risk.
3. Do enugu contribution with ur colleagues in the office and request to collect first. E. G 10 of u can be saving 100k as the case may be, and that's 1m for u u and with no interest.
May God help u bro.

bro take the loan.....life is full of risk....you are wiser..some take loan to buy or service liability....just make sure you know indebtly well the business you want to invest in with the loan.

It depends on alot of things
1.it must be a longterm loan
2.u must not spend d whole money on d bussiness,safe like 40%
3.u must know deeply d knowledge of dat business
4.manage d business by urself ,if u must employ then very little
5.mouthvitise ur bussiness well,i.e use ur mouth to market ur work ,cos as @ now u cant you cants spend much on dat.

What is the profit margin of concern business, if it is okay.


Y not

I know you have sense, do your visibility studies before doing anything.

Ehehen

Be wise

Loan or no loan, the important thing is a good analysis of what u want to do and ability to succeed at it.

To me, no problems. Many blue chip companies started with loans but with expert management, they offset loan and are stronger today.

aameyah:
You won't be availed the loan in the first place due to so many factors.

1. Banks support existing businesses, not start-ups.
2. Your collateral is simply not OK (salary) and you can't tell a bank you want to repay a business loan from your salary.
3. Banks only finance brand new trucks, no tokunboh.
4. The bank will not give an untested businessman money adequate enough to get a brand new truck.
5. Source of repayment sounds iffy. In the sense that what is the guarantee business will be adequate so you won't default. Remember the business should generate enough for repayment.
6. How well off are you financially if your statement is analysed? How much can you contribute towards the truck?

So many factors, my brother.
But I'll stop here.

Well said
The truth is that, it's not likely the cash flow from the business will be able to pay the loan.
Moreover, the bank will assume that he has no knowledge, skill and experience about the business which will impair his capability hence repayment

lonelydora:


In my company about three banks came for marketing and were even begging people to come and take loan. Our collateral is our salary.

It's likely to be a consumer loan, not a business loan. Depending on the bank, the sum may not even be huge, not more than your annual salary

Business itself is a risk, you don't want to start it on a loan... trust me!

kunbit:

It's likely to be a consumer loan, not a business loan. Depending on the bank, the sum may not even be huge, not more than your annual salary

It's about 1.5 your annual max.

@Op,we have a truck we had like to dispose off from our fleet and it's in good condition... We just want to divest from trucking business... So we can do good price... Do contact me on Promotionsnig@gmail.com

haggdon:
Of course, you can start with loan If you are sure that there will be no any problem that will occur, and that you will pay the money swiftly with your salary.

Business issue business any fucking thing can happen. Taking a move is better than u, just in a spot.

You r a salary earner, right? my advice: try AMAP (as much as possible) 2set aside dat portion of d said loan (savings) frm ur salary, though it might take a little time. Rather, start up ur biz wit d li2 capital u can raise frm d savings.
NO TO DEBT!

the truth is that you may end up owning a bank.

I would rather suggest you start small with whatever you have. When you understand the terrain then you can add a loan.

Loans can put you under pressure and you might make mistakes.

steroid:
I currently work in an mnc. For some time now I have been thinking about starting my own business and I am considering going for a loan from the bank. But I am worried if it is the right thing to do.

I want to use the money to buy a truck which I will attach to a warehouse for better management. Initially I wanted to go for a van but the warehouse people advised me to go for a truck. Their reason being that the profit I'll make from a truck will be enough to cover expenses and challenges faced e.g police, lastma, vio, etc.

I intend paying back the loan from my salary and proceeds from the business.

Your candid advice and suggestions are highly welcomed

My dear brother, kindly go for it. I have a colleague in my place of work that did the same thing for transportation business where they have been deducting the money from his salary and the business is doing well. He is even thinking of paying off the debt before the expiration of its tenure.

Let me ask these questions
Is the vehicle new? Else, there shall be complaint here and there from the driver which will reduce the proceeds from the business
Is the driver trust worthy?
Is there an agreement between you guys?
Is there lay down rules and regulation by which the driver operates?

Above all, if you manage to pay off the debt you will eventually make times two of the money if well managed, but don't forget regular servicing of the vehicle.

One example: The Governor of Kogi State; Alhaji Yahaya Bello also secured loan to start his transportation business after it was well manged they gave him another loan (according to what I read when he was declared the Governor of the state). My brother this life is full of risk, I advise you to take this calculative risk and thank me later if well managed as advised.

One love!

steroid:
I currently work in an mnc. For some time now I have been thinking about starting my own business and I am considering going for a loan from the bank. But I am worried if it is the right thing to do.

I want to use the money to buy a truck which I will attach to a warehouse for better management. Initially I wanted to go for a van but the warehouse people advised me to go for a truck. Their reason being that the profit I'll make from a truck will be enough to cover expenses and challenges faced e.g police, lastma, vio, etc.

I intend paying back the loan from my salary and proceeds from the business.

Your candid advice and suggestions are highly welcomed

Starting a biz with loan is ONLY good if you're sure the biz'profit will be enough to pay back the loan in time and still pay for your upkeep expenses.

Most big business owners started with a loan. The type transportation biz you're want is good if you will have steady customers and a trusted driver (very important).

If you're not sure the stuff I mentioned above, don't take a loan.

Unless there is a company willing to take the truck from you on full rent basis. They will pay you a negotiated amount monthly, they'll also be responsible for paying their own driver and maintenance of the truck. If they lose the truck to theft or to road accident they will pay for it. You need to involve a lawyer to write and legalize the contract.

I think the latter is better because you will not have so much burden on you. You'll focus on your work and have money remitted to your bank monthly.

steroid:
I currently work in an mnc. For some time now I have been thinking about starting my own business and I am considering going for a loan from the bank. But I am worried if it is the right thing to do.

I want to use the money to buy a truck which I will attach to a warehouse for better management. Initially I wanted to go for a van but the warehouse people advised me to go for a truck. Their reason being that the profit I'll make from a truck will be enough to cover expenses and challenges faced e.g police, lastma, vio, etc.

I intend paying back the loan from my salary and proceeds from the business.

Your candid advice and suggestions are highly welcomed

Loan is a NO for a new business.

YES for an existing business.

Loan is for expansion operations.

It takes about 3 years to master the ropes in a new business..