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Forums Forums Business Where to look for startup equipment loans, approximately $60k?

  • Where to look for startup equipment loans, approximately $60k?

    updated 11 months ago 0 Member · 1 Post
  • Katie

    October 29, 2021 at 9:33 pm

    So I’m finally jumping into the small business world as a guy in my mid 20s with a solprop piano lessons studio. I currently have all the equipment needed to get off the ground, but for the sake of increasing perceived legitimacy (live adjacent to a very wealthy suburb), I’d like to move from a professional keyboard and sound setup I currently own to a top end semi-concert grand piano. The quote I have on the specific piano, fees, taxes, and delivery included would run just over 70k, but a loan for 60k would make the purchase immediately possible. I’ve done some cursory research and equipment loans with the equipment as collateral seems like a decent approach, but I wanted to know if you guys might have more experience and insight. I don’t need the loan to start the business, but it would be an incredible asset to drive some of the local customer base’s interest. The only major concern I have is that pianos of this caliber are exceedingly rare and hard to acquire, and this is the only piano which matches my business’s needs within an 8-hour drive, and as a young guy with a startup I can’t exactly pay a premium to fly out to larger markets, much less pay the markups. Pianos of this sort normally retail for more than 120k, but this particular piano is the best opportunity to get into that world without actually hitting those prices. If a wealthy customer walks into the showroom and buys it on the spot, an exact model matched piano wouldn’t be available for two years and would be starting at 100k for a comparatively good deal. So in this case it’s trying to have as much time to build revenue and credit before someone swoops in and grabs the piano out from under me, putting my plan back around 2-3 years. Sorry for the massive wall of text, thanks for any recommendations or insights! Even if your opinion is that this is a terrible idea, I’d love to hear your reasoning. – by /hq/King_Santa – –

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