USE BORROWED MONEY TO START, GROW, & SUSTAIN YOUR BUSINESS!
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- čas přidán 23. 07. 2024
- We're back with another focus on the small business side of Good Works Tractors. How did we get here? Did we start with a pile of cash? Did we start with nothing? What can you do wherever you're standing if you want to start or grow your business? We'll cover ten great ways to borrow money, and if we think you even should borrow money.
These are ten ways to finance your business. Borrowing money always involves risk, but understanding how to properly use this borrowed cash will minimize your exposure. Should loans be used for payroll, build out costs, inventory, or building and land improvements?
If you're like me, then you didn't get much of a life skills lesson in high school. Very little was taught about potentially owning your own business although millions of Americans end up doing so. Why should we all have to learn the hard way? I want to help others and share what I've learned, the methods that worked and the methods that failed, to help others who are just getting started on their journey.
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WANT TO SAVE MONEY? CHECK OUT THE GWT DISCOUNT CLUB! Use code GWT at any of the vendors below and you will save cold hard cash :) I will also get a commission for the sale, so it's a win-win-win!
5% OFF WITH CODE GWT AT 247PARTS.COM www.247parts.com
10% OFF WITH CODE GWT AT OUTBACK WRAP! www.outbackwrap.com
5% OFF WITH CODE GWT AT MUDD'S CUSTOMS! www.muddscustoms.com
5% OFF WITH CODE GWT AT JU FAB WORKS! www.jufabworks.com
5% OFF WITH CODE GWT ON SELECT PRODUCTS AT SUMMIT HYDRAULICS! www.summit-hydraulics.com
5% OFF WITH CODE GWT AT LUBE SHUTTLE! www.lube-shuttle.us/store
5% OFF WITH CODE GWT AT 511 DESIGNS (CUSTOM GRILLS): www.5elevendesignz.com
5% OFF WITH CODE GWT AT TRACTOR PTO LINK! tractorptolink.com
5% OFF WITH CODE GWT AT YARD GLIDER! www.yardglider.com
5% OFF WITH CODE GWT ON TRACTOR FLOORMATS! www.tractormat.com
5% OFF WITH CODE GWT ON HYDRAULIC SAFETY! www.hoseendchamer.com
5% OFF WITH CODE GWT ON PROTERO DUMP SYSTEMS! www.proteroinc.com
5% OFF WITH CODE GWT ON SWEEP-ALL SWEEPERS! www.sweep-all.com
5% OFF WITH CODE GWT AT MILLER TIRE! www.millertire.com
5% OFF WITH CODE GWT AT BIG TOOL RACK! http:www.bigtoolrack.com
5% OFF WITH CODE GWT AT HEAVY HITCH! www.heavyhitch.com
*Discount codes cannot be combined with any other promotions, offers, or deals!
**I choose to sell some products through 3rd parties instead of stocking items myself. Know that I will receive a commission if you choose to purchase through certain links. Thank you very much for your support!
This video is for entertainment purposes only. Good Works Tractors (Good Works Lawn & Power, LLC) cannot be held responsible for content found in any video. Always reference your owners manuals, use extreme caution, and proceed at your own risk.
THANKS FOR WATCHING! WOULD YOU CONSIDER SUBSCRIBING IF YOU HAVENT DONE SO ALREADY?
Own a tractor? Well check out our website! We sell and ship tractor attachments all over the country! www.goodworkstractors.com
WANT TO SAVE MONEY? CHECK OUT THE GWT DISCOUNT CLUB! Use code GWT at any of the vendors below and you will save cold hard cash :) I will also get a commission for the sale, so it's a win-win-win!
5% OFF WITH CODE GWT AT 247PARTS.COM www.247parts.com
10% OFF WITH CODE GWT AT OUTBACK WRAP! www.outbackwrap.com
5% OFF WITH CODE GWT AT MUDD'S CUSTOMS! www.muddscustoms.com
5% OFF WITH CODE GWT AT JU FAB WORKS! www.jufabworks.com
5% OFF WITH CODE GWT ON SELECT PRODUCTS AT SUMMIT HYDRAULICS! www.summit-hydraulics.com
5% OFF WITH CODE GWT AT LUBE SHUTTLE! www.lube-shuttle.us/store
5% OFF WITH CODE GWT AT 511 DESIGNS (CUSTOM GRILLS): www.5elevendesignz.com
5% OFF WITH CODE GWT AT TRACTOR PTO LINK! tractorptolink.com
5% OFF WITH CODE GWT AT YARD GLIDER! www.yardglider.com
5% OFF WITH CODE GWT ON TRACTOR FLOORMATS! www.tractormat.com
5% OFF WITH CODE GWT ON HYDRAULIC SAFETY! www.hoseendchamer.com
5% OFF WITH CODE GWT ON PROTERO DUMP SYSTEMS! www.proteroinc.com
5% OFF WITH CODE GWT ON SWEEP-ALL SWEEPERS! www.sweep-all.com
5% OFF WITH CODE GWT AT MILLER TIRE! www.millertire.com
5% OFF WITH CODE GWT AT BIG TOOL RACK! http:www.bigtoolrack.com
5% OFF WITH CODE GWT AT HEAVY HITCH! www.heavyhitch.com
*Discount codes cannot be combined with any other promotions, offers, or deals!
**I choose to sell some products through 3rd parties instead of stocking items myself. Know that I will receive a commission if you choose to purchase through certain links. Thank you very much for your support!
This video is for entertainment purposes only. Good Works Tractors (Good Works Lawn & Power, LLC) cannot be held responsible for content found in any video. Always reference your owners manuals, use extreme caution, and proceed at your own risk.
I wish I had seen this video when I was about 22. Very well done.
Having purchased a small business & starting a small business from the ground up… great to hear a bit GWT’s story. Keep this type of content rolling!
The bad thing about experience is; the test comes first and the lesson follows.
Thanks Courtney. As a small business owner I've learned many of your topics the hard way. But one thing I've tried to avoid is debt and have a cash reserve. That's because we provide a service, nothing tangible to sell. Although some purchases are large and no choice but to finance, i.e. vehicles. However, when the balance gets low enough it gets paid off early.
Right now, hiring new employees is about the same as our inventory, nearly nonexistent.
Thanks for this video. It is very informative and I'm going to revisit a couple of things.
Such great advice! I’ve bought 2 businesses through owner financing. One for $250K and the other was 1.3 Mill. Both over 5 years. I think it’s great you remind people loans can work! So many demonize banks and loans. It’s the self control that’s difficult 😬
I just went full time in my business in July. I quit my full time day job and It’s been amazing. I work a lot more, and feel like it never stops but I wouldn’t change it! I wouldn’t change my decision for a second. Thanks for the video!
One great amazing video. Thank you so much for pouring out your heart and telling us how you bank rolled or credit union rolled your business. One great awesome video.
Interesting video Courtney, got the wheels spinning!😵💫 👍🌴
Good info on financing. Interesting take on borrowing. I still think saving up for the first piece of equipment completely free of debt is the best way. Thanks for sharing.
Yet another fine example of perfection being a road to travel rather than a destination. Nice work, Courtney! :)
Excellent Video!
I was wondering how you got started.. I was thinking about sending you a pm about the topic then boom you posted this video ... 😅😂 thanks for sharing this...
Great video, Courtney. You're teaching me stuff all the time!
Hey bud this was a great video would like more on this topic thanks.
Good introduction to the borrowing processes. Left out getting and keeping a good credit rating can save lots of money. The interest rates are lower, fees are smaller or not charged. I found that this had a huge impact on the bottom line. Also eliminating ongoing costs that drained profits. Getting rid of those costs or managing them more effectively turned one group I took over management of from big money losing to money making in a couple of months.
This a great video. Probably helpful for any small business. Your positive attitude and very active behavior are a great example. I think you and your business (businesses?) are going to be around for a long time.
I do appreciate your Channel I always enjoy your inputs. I cant wait to start sending you my business. I have to save up. Just who I am brother debt is one of those things I don't want controlling me.
I started working for myself over 20 years ago. The independence is priceless. It’s not for everyone. There’s no such thing as an 8 hour day. You have to be able to get knocked down a few times and get back up.
That was a very good discussion of financing arrangements!! I was aware of Floor Financing. I believe business owners should know what the Bankers Rule of 72 is and how to apply it to their personal and business debts!! The information is easily available on line!!
I would like to hear about your business successes and your business mistakes. In personal and business life….both teach us lessons…What see the lessons you learned?? And things you would not do over!!
Your Ammo shelf needs serious attention!! 😎
Haha, oh that's just the tip of the iceberg!
Wow and thank you. It is awesome that you take the time to go through stuff like that for those of us who are considering a business venture.
Thanks for the insight on borrowing for a business Courtney. You always have great info.
Very informative!
Great video Courtney. I am glad you did this video. It was important and timely information. I have used a few of these and agree with what you said and examples you used are spot on. Credit unions are very good tools to use. It was my tool of choice at one time to get some things done. Also to restructure some other things that became a win win in a very good way. Keep up the good works!. Have a great day guys and be safe!. Tim
Wow. Wow. Wow. Lot to absorb. Great teaching moment for sure. I have never had it explained like this before. Very helpful. May have to watch it a few times to work it in good. Thanks so much for letting us in on how you do business. Other then tractors and boats what other businesses do you have or have you had. Not sure about everyone else but would not mind a helpful tip like these in a video from time to time. Thanks to you guy for all the hard work and content you guys put out. If there’s to much liability giving advise on business or finance I understand completely.
Great video! Thanks for sharing your insight and experiences with business funding. Loving these business videos you're putting out!
You have worked very hard.... and you're providing tons of fantastic information.... wow
Great video
Hey Courtney..Good info for potential future reference sir. Thank yo for sharing!
I would still use your friend as a builder. Don’t let your friendship stand in the way. Just pay him his keep, value his work and his trade/craft/skill
Great advice 👍 thanks
Really good stuff here hopefully you can go over a lot more like this!? If someone wanted to sale how to make that floor plan or who do you go to to do your books for like taxes and whatever else handle payroll stuff like that. Insurance who do you need to look at for your insurance what type do you need and how to find out what insurance you need. Few examples been waiting on someone to do this. Thank you bud
Very good information. Thank you.
Nice Vid!
Courtney you could very well teach some business skills on the side...well done! Have a great slogan idea for decals locked up in me brain, just not sure who to reach out to yet.
Had a question, kind of on topic. I started out a small tilling business with a used garden tractor and tiller. It payed for itself and as it aged, parts became scarce. So I purchased a Kabota B series. I still to tilling but have ventured into field mowing and it’s been good. Here is my question, I get one r two requests from clients forr services that I don’t have an attachment to do. At what point do you buy the equipment? For example I was asked to do some seeding. I don’t have a spreader so I looked up the cost. The one job most likely won’t pay for the broadcast spreader. Do you decline the job? Or buy one and pray another jobs comes along? I also have the same issue with a land plane. One job awaiting, no equipment. Any thoughts?
Take it from someone currently in the public school system who wants to run a business, it really sucks for people who want their own buisness, or really anyone who dosen't want to go into a stem field. A lot of my artistic friends are having their talents ignored and suppressed because of the stem focus in school.
It is very difficult to start a business in America.
Hi Courtney: Your videos are really excellent, very informative and educational. I would only suggest one thing to improve a small bit. When your at a point that your really trying to teach your audience something slow down your speed of speech just a bit. It might make it a bit easier for the folks watching to absorb all the info you are giving them. Just my humble opinion. Other than that,,, your golden.....
Why pay off the credit cards every day and not in full when payment is due? Are there any advantages to paying early? Which is better for your credit history?
Debt is bad MMMKAY!!
I have a BS in business. The MOST important thing you said that is not taught is NEVER do business with friends or family.
Closing cost can easily add another $500
I want to become my own man....lol that sounded better in my head.
The only thing I've borrowed so far is buying the Tractor and Equipment itself but since I bought it new I have 0% interest
A billionaire once said “remember, you don’t pay tax on other people’s money”.
💪 Promo>SM!!
Great video