is there a good reliable place to get finance for festool tools as a start up?

[darrencox90]

hi there,
ive been using festool tools for years now but due to my boss (mentor) retiring i need to start my own business. i have the contacts and the work but not the workshop or tools! i have almost signed the dotted line for a workshop but really need to kit myself out with roughly a ?4000 loan for festool kit.
i just wondered if there was a good finance deal specific to festool as banks are not too keen on lending me such money for power tools.

any ideas would be greatly appreciated 

many thanks

darren

 

[AlexThePalex]

If you're just starting out I'd advice against buying a heap of the most expensive stuff you can get. Start with cheap second hand tools and collect better stuff one by one over time. Most starting businesses go broke within their first year because they can't pay back the loans they took. Here in Holland more than 50% of all starters go broke the first year. Play it safe.

You wouldn't know how much I see large, almost new  Festools sets offered for a bargain price because a starter got broke real quickly.   

 

[DavidCBaker]

I'll second Alex's comment--debt ain't good in this situation. Go to Craigslist and buy some used stuff at 1/4 to 1/3 of the cost of new Festool, and then set money aside from each project you do. Once you have money saved up for a specific tool, go buy it and then sell the used items it's replacing on Craigslist again. I'll bet  you can sell the tool for what you paid for it in the first place, and that'll be seed capital for the second tool. Repeat until totally satisfied. [cool]

 

[jmbfestool]

I wouldnt go the full hog but some things I would get straight away.  Like the Festool TS55 Guide rail saw is a tool which makes money straight away but like a router you can get a cheap one as it will do the same or like a planer a cheap one will do the job. If the tool will make the job quicker then get it but if you can buy a cheap on which will do the same buy the cheap for now!

 

[honeydoman]

darren,  try your wifes bank account!  money she has been saving for clothers and shoes and the mtg etc. 

sell off one of your children

tell them you will send for them after you make the money back from all the tools you are going to buy and the neet projects, in fact tell your wife that too... as she is kicking you out of the house.

or do as shane did, build a nice cabinet that sits by the front door, so when you come in you can stash the new festool in there till she goes to bed than take to shop !

or do as I do have no wife, just spend all money on festools and be broke all the time !

 

[peter halle]

Darren,

I am not in your part of the world, but I would gladly share some ideas either publicly here, or in private, that you could investigate.  If you want them here, post.  Otherwise send me a PM.  I have started two companies from scratch and with minimal investment, and have helped others do the same.  Some are now celebrating 15 years in business.  The economics of today will come into play as well as your personal situation.  I am not a business advisor.  Just an interested individual.

Let me know.

Peter

 

[joraft]

darren,  try your wifes bank account!  money she has been saving for clothers and shoes and the mtg etc ... 

I was able to pick up quite a few tools by selling my wife's car. But I was also kind enough to replace it with a very nice bicycle.

     

 

[woodguy7]

John

I like your style  [thumbs up]

Woodguy

 

[Wonderwino]

darren,  try your wifes bank account!  money she has been saving for clothers and shoes and the mtg etc ... 

I was able to pick up quite a few tools by selling my wife's car. But I was also kind enough to replace it with a very nice bicycle.

     

Great idea, John!  Out here in the suburbs, my wife has to go half way accross town to get to work (2 blocks).  She can walk. 

 

[Wonderwino]

Darren, the advice of going to craig's list or ebay is a good place to start.  Buy tools as you need them for jobs.  Although the interest may be higher, you can use a credit card if you don't carry a balance.  Buy, work, collect, pay.  I bought about half my Festools used or barely used.  None has failed me yet.