Hello, I am looking to start a Specialized Lawn Maintenance & Snow Removal Business in Ohio but I have bad credit scores in the 500+ range due to a repossessed car a few years ago and small medical bills. About $15,000 or less in debt. I have tried to get a "Debt Consolidation Loan" but to get caught up but to no avail. I use to bring home good money as a truck driver but was still struggling to get ahead, then I had an accident and rolled my truck over and lost my job. I was off work due to injuries for 3 months afterwards, but I was able to get a factory job which pays about half of what my driving wages were. Now I have been off work for a back injury since August and only getting short term disability pay of half of my regular wage. I should be released to go back to work in the next couple of weeks, but I have the opportunity to start my own lawn care business with a very large Property Management Company. They have plenty of work for me in my local area year around but I don't have all of the equipment I need to start. I am trying to find a Personal/Small Business Loan to pay off all of my depts and purchase all of the equipment I need to start my new business. I will still keep my factory job for now till I get things rolling good enough to go full time lawn care. Any help or suggestions would be greatly appreciated. Thank You Everyone!
My husband is self employed as well, so I know what you are going through!
First off, have you tried to get a loan through your local bank or credit union? If you own a house, you could be able to secure a home equity line of credit to buy the items you need. Another option is zero-interest-for-X-amount-of-months credit cards, IF you can pay them off in the time frame & if they will approve you, which I'm not sure about with your credit score. You might be able to qualify for a "store" or specific brand credit card too, like Husqvarna has a line of credit with some great introductory offers like 0% interest for 3 years type of situation. If you can't get approved for those things, I would recommend a gradual acquiring of your equipment. Check out Craigslist, local & state public auctions, estate sales, etc. & start small. Try to get what you need just to get by & then add in the more expensive equipment that will allow you to be more efficient & do more jobs. I'll use my husband as an example: he started detailing commercial & personal vehicles with a small handheld shop vac, his preferred all-purpose cleaner, window cleaner, a good set of scrubbing brushes, microfiber cloths, & a good smelling deodorizing spray. As his business grew, he added an enormous wet-dry shop vac with a hose extender & multiple nozzles & attachments, a steam cleaner, & now he's looking at buying a work van with space for everything in the back! Being an independent contractor allows for flexibility, & if you have to start there & eventually turn it into a full-blown business, then do that, if the property management company will roll with it (not sure if it's the same in Ohio but in Michigan you need liability insurance whether you are an IC or small business, so plan for that expense too).
Making it work is all about being creative. Best of luck to you!!