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YES, you can go on with your plan, but make sure you have a good comprehensive insurance (through a broker, I use Hogg Robbinson and they always get me my claims). Also, don't totally leave the truck into the hands of the driver and the warehouse, do 'surprise' monitoring. Choose the mechanic that you will sound it clear to him that if he connives with the driver, he will fully pay for it!

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.

my dear dont deceived by that and besides bank has different types of product papers

thejugunus:
It is not advisable at all, to take the loan, for that kind of biz. Trust me, I'm talking from a very bitter experience. Even if you plan to repay the loan with part your salary & part the proceed from the biz, it is still not viable for the following reasons:
1. You will always be short paid, because the warehouse will charge a commission on every job your truck gets; and usually two or three person would have taken their cut from the initial down payment. This is even before the job is executed, meaning you will face the risk alone.
2. You will not be able to pay premium for GIT insurance with what you will get at the end of the day, based on the above. Fixed cost: diesel, salary for driver & motor boy, road expenses (feeding & police tip); Variable cost: parking fees depending on destination, vio, lastma, wear & tear associated with each trip. For the Goods In Transit insurance, you have the option of joining a group of truckers to reduce cost.
3. You have practically no control over the driver & motor boy once they are out of town. You have to accept whatever you are told that happened on the trip. If dem no use their church mind, ur running cost may greatly increase. You may even have high BP by the time they start calling in with their problems in the wee hours of the day. Dem fit even call u when u are just about to enter 'promise land'. It can be that bad.
4. Your risks are inherently higher if you start with one truck. The reason is simple: if you haul goods like gala, bigi etc that has a short shelf life, and your vehicle have a major break down, chances are that the goods would be rejected once you don't meet the deadline. Imagine paying for goods more than twice the value of your truck - body go tell u na. You will become highly indebted, such that your salary sef no go fit meet up.
My broda abeg no try am! Look elsewhere.

I agree with you completely.

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