Acquiring equipment for your business can be a big cost to consider.
Here are five ways in which you can save money on business equipment.
Hit the sales
Business equipment retailers offer sales periods throughout the year just like any other retailer. January tends to be a big time for deals – many companies are recovering from Christmas and so the demand is lower, resulting in retailers offering more competitive prices. Certain equipment may also be cheaper during certain times of the year due to trends and seasonal use. For example, computers can sometimes be cheaper in August due to back to school sales, whilst outdoor equipment is likely to be cheaper in winter.
Consider used equipment
Used equipment is often a lot cheaper than brand new equipment. Whilst some of this equipment may be in poorer condition, you’ll be surprised by how much equipment you’ll find that has barely been used. Sites like Craigslist are great for finding second-hand office furniture locally for cheap. When it comes to specialist equipment like industrial machinery or catering equipment, you could find it easier to go through a specialised second-hand retailer.
Shop around for financing options
Financing can prevent you having to buy equipment outright and many sellers of business equipment will be able to offer finance schemes. You will pay more in interest in the long run, however by shopping around for lenders you may save money on interest rates. An advantage of buying new is that some retailers such as Fitness Superstore may offer 0% finance schemes, providing you have a clean enough credit score. This could save you money, although used equipment may still be cheaper overall even with interest.
Know when to outsource equipment
If you only need equipment for a one-off job or for a temporary period, consider whether hiring this equipment would be more financially sensible. There’s no point buying equipment that sites there gathering dust for most of the year. For instance, if you need a van for a specific job, you’d be better approaching a company like Empire Van Hire rather than buying a van. Outsourcing could also useful for construction equipment, industrial printers and carpet cleaning machinery.
Consider the ROI
There are times when it’s worth paying more for equipment in order to save money in the long run. Consider this return on investment when buying equipment. For instance, machinery with a high Energy Star rating is likely to consume less power and save you money in energy bills. You could find that certain machinery also has a track record of being more reliable than other machines, which means you could pay less in repairs in the future.