Soooo…. How much can I earn by Longarm Quilting? Is this a $25,000 per year business or a $150,000 per year business?
The question comes fairly often from folks that are in the beginning stages of planning to open their own business, and although everyone phrases it differently, the bottom line is that they KNOW a friend or two who is earning a living by Quilting, and they KNOW how much they have to write the check for when they pick up a finished quilt, but since it’s not socially acceptable to ask your friend “how much did you earn last year?” they are really wondering how much they can earn.
Here’s a chart that can help you figure it out. Keep in mind that the maximum number of quilts that a Statler by Gammill with one operator can reasonably handle is 12-16 per week, if you plan to go beyond that you’ll need either an employee or a second machine:
How much can you earn running your own Longarm Quilting Business?
When it comes to obtaining financing for your startup or continuing quilting business, it only makes sense to get a few offers from various lenders and “shop for financing” to get the best deal.
I am now excited that when you make an application with us, you’ll get quotes and offers from THREE different lenders. You can simply choose the one that you prefer to use !! All our partner lenders are familiar with quilting businesses in general, and so they are more equipped to make a competitive offer than a general lender. All of them, it should be noted, are offering business (not personal) financing.
Approximately half of the Gammill or Statler Quilting Systems that we deliver are financed in whole or in part. There can be a lot of reasons to finance a major purchase like this, even if you have the cash to buy it outright, it may make sense to keep your money invested or available for other purposes.
Here are some of the top ways that our customers have financed their new Quilting Machines:
Take out a loan from your 401k retirement plan. This way you are paying the interest to yourself instead of a bank. “These transactions can be the simplest, most convenient and lowest-cost source of cash available.” Generally you can get a 5 year term and you can borrow up to 50% of your account’s value. Read an excellent article from investopedia.com here (external link opens in new window).
Dealer Assisted Financing. We have developed relationships with several lenders who LOVE these loans! Quilters are a pretty great bunch of customers to work with every day, and they know it! When you apply thru my online application I will send the information to my lenders and they will contact you directly with any additional questions, then they will make you an offer. Choose anyone you like, because each and every one of these lenders is very reputable and easy to do business with. to apply now!
Taking out the money from their house through using a HELOC (Home Equity Line of Credit). If you already have one of these set up, in most cases you can just write a check and the equity from your house buys the machine. Pros: Easy if you already have one, quick (often one day). Cons: It might take longer to pay off the machine because the price just gets added to your mortgage, so your total interest paid might be high.
If you own an automobile free-and-clear, a creative financing approach is to call the bank and in most cases, just with the VIN off the car, the bank can write a secured loan on your car and give you the check. Pros: really easy, quick (often same day). Cons: You might have to increase what you pay in car insurance to meet the bank’s requirements. Also, your car may not have enough value to provide the entire funding for your quilting machine and so you may need another loan beside.
A new financing partner of ours is ACG Equipment Finance. It pays to shop for financing, and you should give them a chance to make you an offer by clicking this link here. (external link opens in new window).
Please, if you have another financing idea, email it to me at firstname.lastname@example.org and if I like it, I will add it to this list and send you a little gift besides! (must include full mailing address to receive gift).