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Financing

Star-Lab plasma table discussion forum
Militant83
Posts: 23
Joined: Mon Mar 05, 2018 10:22 pm

Financing

Postby Militant83 » Sat Mar 24, 2018 7:10 pm

Has anyone used the financing company through Starlab or did you find it easier to go through your personal bank?

Ironken
Posts: 18
Joined: Thu Nov 30, 2017 7:29 pm

Re: Financing

Postby Ironken » Sat Mar 24, 2018 9:41 pm

I purchased from another manufacturer and found that the financing companies they tend to use are geared for verifiable and established businesses. If you have an actual business, then as long as your financials can back up the purchase price.....good to go. I have a home based business and had issues with financing. I used my credit union and got better terms/interest rate with a personal loan.

It probably helped that I am good friends with the loan officer and have done a fair bit of fab and welding work for her and her family. She is also aware of contract work that I am currently buried up to my eyeballs with and understood my need for a cnc machine.

Militant83
Posts: 23
Joined: Mon Mar 05, 2018 10:22 pm

Re: Financing

Postby Militant83 » Sat Mar 24, 2018 10:18 pm

Ironken wrote:I purchased from another manufacturer and found that the financing companies they tend to use are geared for verifiable and established businesses. If you have an actual business, then as long as your financials can back up the purchase price.....good to go. I have a home based business and had issues with financing. I used my credit union and got better terms/interest rate with a personal loan.

It probably helped that I am good friends with the loan officer and have done a fair bit of fab and welding work for her and her family. She is also aware of contract work that I am currently buried up to my eyeballs with and understood my need for a cnc machine.



Thanks for the insight. I am like you and this would be a home based business and will be a startup business. I'm trying to do my research and see what the best way is for me to go about this. It would be nice to be able to find some sort of veteran based business assistance that could possibly be used as well.

Ironken
Posts: 18
Joined: Thu Nov 30, 2017 7:29 pm

Re: Financing

Postby Ironken » Mon Mar 26, 2018 12:19 pm

You are very welcome. I don't want to be a Debbie Downer here but, you mentioned a business doing this plasma thing. Don't get me wrong, there is a market for this stuff, buuuut......as these machines become more accessable to home gamers like us, the market gets flooded with guys selling cut out crap. There is a learning curve so assembling your machine and going straight to making signs and cash is probably not likely. Again, I'm not trying to rain on your parade but, this is a big investment and I want to shoot you straight. I would probably go at it like this.....I am buying a cool toy that costs a lot because I want one! If I make a few bucks in the process......great.

On the other hand, my machine was making money after a few test parts were cut. I have a welding and fab business and do some machining. I had a need for the plasma to augment what I already had established and for contract work that I already had. The cnc saved me time as opposed to burn bars and layout for hand cutting.

Sure, do signs and cut out artsy stuff but maybe you could look on Craigslist or the phone book and see just how many people are doing what you are considering doing. Possibly call fab shops and ask if they do cnc plasma work. If not, they could be your target. Save their name and once you become proficient at the plasma thing, blow out some plates with holes or other sample pieces and drop by.....you may be able to score some work that way.

Sorry for the long winded response.

BTA Plasma
Elite Contributing Member
Elite Contributing Member
Posts: 457
Joined: Thu May 12, 2011 4:28 pm

Re: Financing

Postby BTA Plasma » Mon Mar 26, 2018 1:32 pm

Ironken is correct in that the lenders we use are geared towards an established business and not an individual. Your local bank or credit union has superior lending power when compared to a commercial lender only in the case of an individual borrowing money.

But that being said the machines are like money printers when your motivated well enough to make great toolpaths.

Militant83
Posts: 23
Joined: Mon Mar 05, 2018 10:22 pm

Re: Financing

Postby Militant83 » Mon Mar 26, 2018 2:01 pm

Ironken wrote:You are very welcome. I don't want to be a Debbie Downer here but, you mentioned a business doing this plasma thing. Don't get me wrong, there is a market for this stuff, buuuut......as these machines become more accessable to home gamers like us, the market gets flooded with guys selling cut out crap. There is a learning curve so assembling your machine and going straight to making signs and cash is probably not likely. Again, I'm not trying to rain on your parade but, this is a big investment and I want to shoot you straight. I would probably go at it like this.....I am buying a cool toy that costs a lot because I want one! If I make a few bucks in the process......great.

On the other hand, my machine was making money after a few test parts were cut. I have a welding and fab business and do some machining. I had a need for the plasma to augment what I already had established and for contract work that I already had. The cnc saved me time as opposed to burn bars and layout for hand cutting.

Sure, do signs and cut out artsy stuff but maybe you could look on Craigslist or the phone book and see just how many people are doing what you are considering doing. Possibly call fab shops and ask if they do cnc plasma work. If not, they could be your target. Save their name and once you become proficient at the plasma thing, blow out some plates with holes or other sample pieces and drop by.....you may be able to score some work that way.

Sorry for the long winded response.


Home business is the way I would want it to go, but in my mind right now it is a hobby that may make some money eventually. While making signs and small cut out stuff is something that I will do to make a little cash and get my name out there. It is not the main reason for wanting the table, I want to make patio style bbq grills, smokers, and fire pits. This is something that is not currently being done in my area so I think there would be a market for it. A lot of your pit builders are down south and very few in the northern states. So I would say BBQ pits, Grills, and Fire pits is what I would like my niche to be, but of course I wouldn't turn any work down as long as it was within my capabilities.

Ironken
Posts: 18
Joined: Thu Nov 30, 2017 7:29 pm

Re: Financing

Postby Ironken » Mon Mar 26, 2018 4:38 pm

I didn't consider building smokers. You may be onto something there! A cnc plas would definately be beneficial in building smokers. Couple that with some artsy stuff and the possibility of some other work and you may have a good shot at paying for that thing with work. Good luck! Keep us posted on your progress. Pics! Gotta have lotsa pics.

Militant83
Posts: 23
Joined: Mon Mar 05, 2018 10:22 pm

Re: Financing

Postby Militant83 » Mon Mar 26, 2018 5:27 pm

Ironken wrote:I didn't consider building smokers. You may be onto something there! A cnc plas would definately be beneficial in building smokers. Couple that with some artsy stuff and the possibility of some other work and you may have a good shot at paying for that thing with work. Good luck! Keep us posted on your progress. Pics! Gotta have lotsa pics.


Will do..it may be a while gotta find the funding for this starlab table. Yeah I figured a cnc could cut out the parts for a smoker more accurately than me so in return it would save time in labor if everything fit together nicely, less time spent squaring things up. But either way it is not a full time job option at this point. I will continue to work my full time job and this will be on the side.

Borntofabricate
Posts: 25
Joined: Mon Oct 24, 2011 10:04 am

Re: Financing

Postby Borntofabricate » Tue Mar 27, 2018 3:38 pm

If it's on the side you might try designing your BBQ, but having a local plasma or laser shop cut a couple out for you. Once you know how well and how much they sell for (i.e. local market) then you can crunch numbers to decide if you really want a cnc plasma table and all the expense that comes with it.

Ironken
Posts: 18
Joined: Thu Nov 30, 2017 7:29 pm

Re: Financing

Postby Ironken » Tue Mar 27, 2018 4:03 pm

Militant83 wrote:
Ironken wrote:I didn't consider building smokers. You may be onto something there! A cnc plas would definately be beneficial in building smokers. Couple that with some artsy stuff and the possibility of some other work and you may have a good shot at paying for that thing with work. Good luck! Keep us posted on your progress. Pics! Gotta have lotsa pics.


Will do..it may be a while gotta find the funding for this starlab table. Yeah I figured a cnc could cut out the parts for a smoker more accurately than me so in return it would save time in labor if everything fit together nicely, less time spent squaring things up. But either way it is not a full time job option at this point. I will continue to work my full time job and this will be on the side.


Since you're spendin' money, I figured that I would help you spend some more. I have a 20 ton air/hydraulic press that I built this http://www.swagoffroad.com/20-TON-Press ... _p_40.html for. I break quite a bit of pieces that come off of my plasma with it and it won't break the bank.

Militant83
Posts: 23
Joined: Mon Mar 05, 2018 10:22 pm

Re: Financing

Postby Militant83 » Tue Mar 27, 2018 9:51 pm

Ironken wrote:
Militant83 wrote:
Ironken wrote:I didn't consider building smokers. You may be onto something there! A cnc plas would definately be beneficial in building smokers. Couple that with some artsy stuff and the possibility of some other work and you may have a good shot at paying for that thing with work. Good luck! Keep us posted on your progress. Pics! Gotta have lotsa pics.


Will do..it may be a while gotta find the funding for this starlab table. Yeah I figured a cnc could cut out the parts for a smoker more accurately than me so in return it would save time in labor if everything fit together nicely, less time spent squaring things up. But either way it is not a full time job option at this point. I will continue to work my full time job and this will be on the side.


Since you're spendin' money, I figured that I would help you spend some more. I have a 20 ton air/hydraulic press that I built this http://www.swagoffroad.com/20-TON-Press ... _p_40.html for. I break quite a bit of pieces that come off of my plasma with it and it won't break the bank.


That is definitely something that I have been meaning to get.

Militant83
Posts: 23
Joined: Mon Mar 05, 2018 10:22 pm

Re: Financing

Postby Militant83 » Tue Mar 27, 2018 10:01 pm

Borntofabricate wrote:If it's on the side you might try designing your BBQ, but having a local plasma or laser shop cut a couple out for you. Once you know how well and how much they sell for (i.e. local market) then you can crunch numbers to decide if you really want a cnc plasma table and all the expense that comes with it.



That would be a good idea. I have done some brief research of plasma companies in my area and there are only 2 shops that have it or at least advertise it and they are large structural fabrication shops. My experience with larger shops is that they usually dont do small jobs and typically want a certain amount of work before they will agree to do a job. Like ironken had mentioned to start off I will have a very expensive toy... that will hopefully pay itself off one day. As long as I am not taking a loss on it and it makes me a little cash on the side I'm happy. My plan is to save up as much of a down payment as I can so that I do not have to finance as much and can have it paid off quicker.


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