Light Land Posted November 15, 2007 Share Posted November 15, 2007 These are only my suggestions but food for thought none the less. I know you love tractors Phill,but untill you've been working for a few years and got some hours under your belt It may very well be just as easy too enjoy driving other peoples tractors and let them worry about paying for there up-keep and finding paid on time work for the tractor. Quote Link to comment Share on other sites More sharing options...
gromittigger Posted November 15, 2007 Share Posted November 15, 2007 These are only my suggestions but food for thought none the less. I know you love tractors Phill,but untill you've been working for a few years and got some hours under your belt It may very well be just as easy too enjoy driving other peoples tractors and let them worry about paying for there up-keep and finding paid on time work for the tractor. I kind of agree - its good to see young people wanting to make a go in this industry. You've got to love it as you won't be doing it for the money Just points you have to remember is your hiring out machines so you will possibly need a public liability insurance or some form of insurance to cover you if your machine accidently injures someone due to an error - you certainly need it if you mow/hedgetrim yourself for council work. Unfortunatly you age would be against you on this. Most hire tractors are new as they come with the warranty for three years. Remember the price of the machine is important but not the only deciding factor, it the cost of ownership that counts. If you come up with a busness plan showing a tractor can make ?10,000 a year for 3 Years net Profit (after expenses) the tractor cost ?50,000 after 3 years you owe the bank ?20,000 but the tractor is worth ?25,000 so in those 3 years you've made ?5000. (Depriciation is usually approximated at 25% a year) But if you bought a tractor for ?25,000 secondhand. The secondhand value after 3 years is ?11,000 - at ?10,000 net profit every year as above, you could sell the tractor and clear ?16,000 but its not impossible to have a repair bill each year of ?2500 and increased insurance for a older tractor, so it could leave you with only ?6,000 profit ?2,000 a year - not a good wage. But you can see totally different tractor prices; but little differences in its conclusion - A business plan is the answer to prove to yourself thats its possible - and remember cash flow kills most companies - if you have bad payers and you have no cashflow the banks can shut you down - if they don't pay - you can't pay! Go on a farm with someone elses kit and earn 10 times this much a year! no hassle and enjoy your holidays! If you do want to try, remember set a wage for yourself which could be ?20,000 (only for example) + costs + 10% to allow for loss of work in the year = the amount of chargeable work you have to find. GOOD LUCK IN YOUR DECISION - Work hard and you'll get there Quote Link to comment Share on other sites More sharing options...
Light Land Posted November 15, 2007 Share Posted November 15, 2007 Well said. Quote Link to comment Share on other sites More sharing options...
Deere-est Posted November 16, 2007 Share Posted November 16, 2007 Very very well written, although advice aimed at Phil,. .. I'd also like to thank you for it too. Never know when it may come in handy. Quote Link to comment Share on other sites More sharing options...
sparrow legs Posted November 16, 2007 Share Posted November 16, 2007 i like ya get up and go but ya age will go against you as others have said, farmers whant experianced contractors (not just a few summer jobs under ya belt) and you will struggle for insurance, especially for hedgecutting, my insurance is only for drivers over 21 years old (cheeper premium) and i had to have over 3 years flailing experiance to get insured for hedge cutting, then public liability on top! i keep looking at swapping my 1981 jd 3040 but its working ok so what you earn is for bills and proffit, not the bank manager. if ya keen to still goahead i would go for an older tractor, not MF, ask ya self why they are much cheeper than jds etc??? yes some mfs last for ever but many dont, 3600, 8100 6100 ranges mainly 3095s are a good bomb proof model but there only 110hp Quote Link to comment Share on other sites More sharing options...
Pingu Posted November 17, 2007 Author Share Posted November 17, 2007 Very well said people and I think very much so i need to do alot of forward thinking oh god that will be a challenge with my mind :D But think i will still keep look into even if dnt do it straght away as will keep my eyes open but wont hurt me keep a good look on magnums :D But thank you very much people is much apreciated and things have been brought up tht i wudnt think of :D Quote Link to comment Share on other sites More sharing options...
Light Land Posted November 24, 2007 Share Posted November 24, 2007 Thats what were here for Pingu. Quote Link to comment Share on other sites More sharing options...
new holland driver Posted November 24, 2007 Share Posted November 24, 2007 i to am just starting my own busnes in much the same way i would look a a 02 03 plate tractr to start whit not yto old and wouldnt look and the likes of fendt and jd to start whit look at the money you have any what you can get for it it no go buying a 01 jd 6920 when you can get and 03 plate nh whit all the goods for the smame price but you all so need to get some denate work frist other wise it willbe alll in vane hedge cutting is good but to start whit you would be better of get asome trailer work spud carting or some thing get some stone pick there is allways work on the spud side for the likes of us Quote Link to comment Share on other sites More sharing options...
archbarch Posted November 25, 2007 Share Posted November 25, 2007 my brother tried this a few years ago with a Case IH 956 he took on alot of hedge trimming/baling you will have no problem finding work however no matter how high grain prices are extracting money after doing the job is a nightmare. also from a farmers point of view we get this alot they like a contractor to turn up with better kit than theyve got after all they are paying you the only contracting that makes money is spraying no one wants to do it thats why my brother gave up with farming and now has a mini digger, more money and less hastle Quote Link to comment Share on other sites More sharing options...
Light Land Posted December 2, 2007 Share Posted December 2, 2007 my brother tried this a few years ago with a Case IH 956 he took on alot of hedge trimming/baling you will have no problem finding work however no matter how high grain prices are extracting money after doing the job is a nightmare. also from a farmers point of view we get this alot they like a contractor to turn up with better kit than theyve got after all they are paying you the only contracting that makes money is spraying no one wants to do it thats why my brother gave up with farming and now has a mini digger, more money and less hastle It's just like over here as well. Quote Link to comment Share on other sites More sharing options...
BERRY Posted January 1, 2008 Share Posted January 1, 2008 youve prob got your tractor sorted but i aw this on a site and thought BARGIN what do you guys think http://www.farmingmachines.co.uk/machinery/M02559 Quote Link to comment Share on other sites More sharing options...
Gav836 Posted January 1, 2008 Share Posted January 1, 2008 youve prob got your tractor sorted but i aw this on a site and thought BARGIN what do you guys think http://www.farmingmachines.co.uk/machinery/M02559 I think you'll find there's a 0 missing off the end of that price, far too many hours to go into contracting with as well if its going to get a lot of heavy usage Quote Link to comment Share on other sites More sharing options...
Tractorman810 Posted January 1, 2008 Share Posted January 1, 2008 I think you'll find there's a 0 missing off the end of that price, far too many hours to go into contracting with as well if its going to get a lot of heavy usage recon so gav, at that price fannys gonna get replaced aint she Quote Link to comment Share on other sites More sharing options...
BERRY Posted January 1, 2008 Share Posted January 1, 2008 you could fix her up so that she looks brand new Quote Link to comment Share on other sites More sharing options...
Light Land Posted January 3, 2008 Share Posted January 3, 2008 What about buying a big BBQ on a trailer done up all nice like and renting it out to groups for the weekend eg:rent it to the church for a garla weekend or a young farmers brake up party.You would have little $$ to out lay and it would be easy to take care of and store.It's not a MF8480 with 12 furrow plough I know but an idea like that would give you an idea of what it's like to be in business and it would show a bank mgr in years to come that you have what it takes. Quote Link to comment Share on other sites More sharing options...
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