millNchill
Plastic
- Joined
- Dec 9, 2019
Hope everyone had a great holiday.
A little backstory, quit my 9-5 in mid 2019, bought an old Fadal and started my own shop in a rental space in town. Im a young kid (mid 20's) and was worried my age may affect the amount of work I could pull in. Turns out I was completely wrong and I literally have people beating my door down to get work done (mostly sub work a mix of gov and medical from previous employers). According to the guys i sub from, they collectively have about 80 jobs lined up for me through the year and they typically pay very well (I take that with a grain of salt, never know what could happen and nothing is guaranteed). As much as it is exciting to be doing well, it can be a bit overwhelming at times especially when looking into purchasing new equipment, and taking the next steps to really grow the business. Up until this point I have paid cash in full for everything I have in the shop. However when it comes to new equipment there is no way I can come up with 50-100k for a new machine on my own in any reasonable amount of time. My question to you all is what would you do in my shoes? Should I Finance a new machine? Lease? Borrow money from family? Buy another old girl and fix it up? Although I am doing very well, the thought of a several thousand dollar monthly payment scares me a bit, aside from a dirtbike and my truck I have never financed anything even close to that much money, and I worried my little credit history could make it harder if not impossible.
Like I said before I am a bit overwhelmed and any help from the veterans here would be very greatly appreciated.
Rock on guys, and happy new year!
A little backstory, quit my 9-5 in mid 2019, bought an old Fadal and started my own shop in a rental space in town. Im a young kid (mid 20's) and was worried my age may affect the amount of work I could pull in. Turns out I was completely wrong and I literally have people beating my door down to get work done (mostly sub work a mix of gov and medical from previous employers). According to the guys i sub from, they collectively have about 80 jobs lined up for me through the year and they typically pay very well (I take that with a grain of salt, never know what could happen and nothing is guaranteed). As much as it is exciting to be doing well, it can be a bit overwhelming at times especially when looking into purchasing new equipment, and taking the next steps to really grow the business. Up until this point I have paid cash in full for everything I have in the shop. However when it comes to new equipment there is no way I can come up with 50-100k for a new machine on my own in any reasonable amount of time. My question to you all is what would you do in my shoes? Should I Finance a new machine? Lease? Borrow money from family? Buy another old girl and fix it up? Although I am doing very well, the thought of a several thousand dollar monthly payment scares me a bit, aside from a dirtbike and my truck I have never financed anything even close to that much money, and I worried my little credit history could make it harder if not impossible.
Like I said before I am a bit overwhelmed and any help from the veterans here would be very greatly appreciated.
Rock on guys, and happy new year!