7 Ways To Save Money On Business Equipment
Acquiring equipment can be one of the biggest costs of starting and running a business. Fortunately, there are a few ways in which you can lower the costs. Here are just seven ways to spend less on business equipment.
Buy second-hand
Second-hand equipment can often cost a fraction of the price of new equipment. You can find this on online selling sites, at auctions and at closing down sales. Used equipment may not always be in the best condition – you should thoroughly inspect equipment in person before buying it so that you know you’re making a good quality purchase (if you’re buying online, make sure enough photos are supplied).
Consider leasing
Leasing equipment can be less expensive upfront. Certain lease companies may also cover all maintenance costs. This could be a useful way of paying for expensive equipment like manufacturing machinery or construction equipment.
Hire single-use equipment
If you’re only going to use equipment on the odd occasion, hiring could be more economical. It could also be useful if your don’t have the storage space. A lot of construction companies hire cranes for this reason. You can even outsource printers for one-off printer jobs (such as having to print off some flyers).
Look out for coupons and discounts
Many commercial equipment vendors offer coupons and discounts throughout the year. You can find these by trawling through coupon sites or by subscribing to company mailing lists. This could be a great way to save money on brand new equipment.
Service your equipment
Servicing equipment can help to spot faults early and possibly lower the cost of future repairs. You may be able to run diagnostic on certain equipment yourself, whilst more complex and niche equipment may require calling out a technician.
Know when to repair, when to replace
Once equipment breaks, you need to weigh up whether it’s worth repairing or replacing. Some complex repairs may cost almost as much as a replacement – in which case, you’re better off replacing. In other cases, repairing could be much cheaper – you may be able to find cheap parts online such as nylon tube for broken pneumatic equipment or a new wheel for a broken office chair. Of course, it also depends on how long you’ve had the equipment as older equipment may be due an upgrade anyway.
Watch your energy usage
Certain business machinery could be costing you a lot in energy usage. Make sure that equipment is unplugged when not in use and try to consider the energy rating when buying new machinery. Newer machinery tends to be more energy-efficient than older machinery, which could be something to consider when buying used equipment.
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