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applying for a loan question


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Hi, new to this site and glad I found it! reading alot on here has help me out, my problem is..... i'm a new garage owner, 3yrs now, started from zero! no customers, no employees and very little equipment, now i've got 4 full time employees plus myself, lots of business, equipment etc., shop makes good money, yet not alot for me :(

but i'm currently almost debit free, only owe snap-on about 5k other than that nothing! i pay cash for everything and dont like debit, but recently i've been thinking about getting a small loan (10k) to do somethings around the shop to improve services and finish some cars I have to put out for sale,

but honestly it scares me to death thinking about a loan, i've had several sleepless nites lately about it! my fear is if we get slow (thank god we are always busy) how will I make my loan payment, payroll etc., I keep $$ in reserve but adding a loan makes me nervous, the loan can help me buy new equipment to better service cars and hopefully get things done quicker so I can work more to make more $$ and I know debit can be ok, I dont think i'll really be able to grow bigger like I want paying for everything out of my pocket, so i'm looking for everyones opinion on taking on a loan and can I really grow without a loan now or in the future. thanks in advance for your input, Rob

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I was recently "forced" to move my business and had to come up with cash really fast. I was actually amazed that I got a SBA loan from the government for a very small amount every month. It was a 10k loan and payment is just over $100 a month. I would look into that.

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  • Have you checked out Joe's Latest Blog?

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      It always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
      While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
      Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
      One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.
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