Forums: Discussions for entrepreneurs and small business.

My partners and I have recently started Screen Printing business.  We planned to purchse the screen printing equipment first with a more long-term plan to purchase embroidery equipment.  If a customer needed embroidery, we had decided to find a few local embroidery businesses and use them until we purchased the equipment. 

Fortunately, we have the opportunity to purchase a larger embroidery machine for a great deal.  A financial services company has a lien on a machine and we can purchase 1/4 of what is worth.  We paid for an inspection and the equipment is in stellar condition. 

All that said, the partners are now in "disagreement" on how to purchase.  We have a credit line with a local credit union for 9% interest fixed.  One partner wants to use a credit to purchase and use the credit line for smaller purchases.  We will get 0% financing for a short period on the credit card BUT I do not want to get in the habit of using a credit card for larger purchases.  My idea of using the card would be for more incidental expenses. 

 

Thoughts??? 

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If you put most the your business purchases on a credit card that collects air miles you can gain a substantial number of points and eventually take a holiday somewhere. I've worked for several employers that did this and it really defrayed their vacation costs. My last employer purchased his video platform and his computers and other shop equipment on credit and this was a nice bonus for him. Just make sure you pay your bill on time each month, so you don't rack up interest.

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well i think you should go with your second partner advice

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