Earl Brunner on sun 17 jul 05
It's not bad advice. I had a General Contractor friend who paid cash for
everything, including cars because he said he couldn't depend on making the
payments from month to month, His business was often feast or famine.
Pottery can be like that.
Earl Brunner
Las Vegas, NV
-----Original Message-----
From: Clayart [mailto:CLAYART@LSV.CERAMICS.ORG] On Behalf Of clennell
Sent: Sunday, July 17, 2005 6:28 PM
To: CLAYART@LSV.CERAMICS.ORG
Subject: Give me credit
Sour Cherry Pottery
> Bankers? Loans?
> Are you nuts? The absolute last thing a potter needs is a loan. Just
imagine
> the anxiety and sleepless nights when the kiln load comes out awful,
> it rains all weekend at the art fair, or you cut your hand and can't work
> for 6 weeks.
clennell on sun 17 jul 05
Sour Cherry Pottery
> Bankers? Loans?
> Are you nuts? The absolute last thing a potter needs is a loan. Just imagine
> the anxiety and sleepless nights when the kiln load comes out awful,
> it rains all weekend at the art fair, or you cut your hand and can't work
> for 6 weeks.
David: I have a mortgage, a line of credit and two car loans. It ain't
cramping my artistic development. In fact I would wager that necessity is
the mother of invention. I have to work hard and I like the work.
When my kids turned 16 I took them to the bank and had them apply for and
borrow $1000. They paid it back the next day along with a buck or two
interest. Credit line established.
To have a studio and home where I live you need a minimum of $250,000 and
that's a crack house with a garden shed. I would advise Maydelle, Texas or
northern Saskatchewan for a new potter but for me this is paradise and the
price is worth it. If I get tired of it I can always move to northern Sask
but the Saskatchewan potter can't move here unless his parents leave him a
nest egg. A job at Walmart will just suck the life out of a promising
potter. I say borrow the money hold your nose and jump.
I think I might have been the reckless guy Mel referred to in his excellent
post.
cheers,
Tonyu
Tony and Sheila Clennell
Sour Cherry Pottery
4545 King Street
Beamsville, Ontario
CANADA L0R 1B1
http://www.sourcherrypottery.com
http://www.sourcherrypottery.com/current_news/news_letter.html
Michael Wendt on mon 18 jul 05
Credit often is a critical tool for survival in business when an
opportunity comes your way. When the demand for Helmer Kaolin grew so
quickly that the small, hand shoveled process was too small, I went to my
bank and set up a loan and a line of credit.
With it, I bought a front end loader, a fork lift, numerous pieces of
equipment and built the building we are in. None of this would have been
possible without credit,
BUT... credit must be used wisely. Always get the best rate. When rates
fall, refinance if it will save you money. Never use a credit card for long
term financing when bank loans would be far cheaper. keeping debt a fairly
small percentage of your income is the key. If all your income goes to
service your debts, you are out of luck. You can't borrow yourself rich, so
don't try, but you can work yourself rich if you don't waste your money.
It is like rolling a snowball on a warm late winter day. Roll fast and keep
rolling, it grows. Stop rolling and it shrinks.
Regards,
Michael Wendt
Wendt Pottery
2729 Clearwater Ave
Lewiston, Idaho 83501
USA
wendtpot@lewiston.com
www.wendtpottery.com
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