10 Ways to Cut the Cost of Equipment for Your Small Business
Running a business can be a great way to fulfill your potential and build a much more significant bank balance for the future, but it is not always easy, especially when you are running a small business, and you have to be careful of every cent you spend if you want to make a success of things, in the early days, especially.
That being the case, today, we are going to look at one of the biggest areas of spending for many companies: equipment. Specifically, we are going to take a look at some key things you can do to cut the cost of the equipment you need to keep things running along smoothly.
1. Buy Used or Refurbished Equipment
Let’s start with the obvious. New equipment is shiny and great, but ‘used’ doesn’t mean ‘useless.’ There are tons of places to find quality, pre-loved equipment that’s just as good as new but at a fraction of the cost. Plus, it’s eco-friendly – and who doesn’t love being a green business?
2. Lease, Don’t Buy
Not ready to commit? Consider leasing. It’s like dating equipment; you get to see if it’s right for you without the long-term commitment. Plus, lease payments are often lower than purchase payments, and you can upgrade to newer models as your business grows.
3. DIY Maintenance
Roll up those sleeves because a little DIY can go a long way. Regular maintenance can prevent costly repairs down the line. Get familiar with your equipment, treat it well, and it’ll love you back. YouTube is your friend here, folks.
4. RFI Shields for the Win
Here’s a techy tip: Use RFI shields (Radio Frequency Interference) to protect your electronic machinery. These handy gadgets can prolong the life of your equipment by protecting them from electronic interference. Think of them as little superhero capes for your machines, fighting off the bad guys (a.k.a. unwanted electronic noise).
5. Barter and Trade
Remember trading baseball cards as a kid? It’s time to bring those skills to the business world. Network with other businesses and see if there’s an opportunity to trade services or equipment. It’s a win-win!
6. Buy in Bulk
If you need multiple items, bulk buying can be your wallet’s best friend. Suppliers often offer discounts for bulk purchases. Just make sure you actually need the quantity you’re buying. No one needs a lifetime supply of printer ink.
7. Keep an Eye on Tax Deductions
This is less about saving upfront and more about the backend, but it’s still important. Equipment purchases can often be tax-deductible, so chat with your accountant about this. It’s like getting a pat on the back from Uncle Sam.
8. Community Sharing Platforms
Remember how we used to borrow sugar from our neighbors? Well, community sharing platforms are the business version of that. Check out local sharing platforms where businesses lend or rent equipment to each other. It’s community spirit at its best.
9. Go Energy Efficient
Investing in energy-efficient equipment can save you money in the long run. They might be a bit pricier upfront, but the savings on your utility bills will have you doing a happy dance.
10. Timing Is Everything
Keep an eye out for sales, especially during end-of-financial-year periods. Suppliers are looking to clear stock, and that’s when you can score some sweet deals.
Buh-bye big costs!