What to Think About Before Buying for Your Small Business
Starting a new business is an exciting time. Your mind is full of the possibilities and visions of success.
It’s at some point in those heady early days that you realize all that has to be done, no the least of which is figuring out what equipment you’ll need to run your business in the most productive way possible.
It can help to have some guidelines to follow!
What to consider
The truth is that determining what your needs are can be stressful. Having to invest before you’ve made any revenue is downright scary.
What should you think about when you’re starting the process of stocking your business with the necessary equipment?
- Begin with a two-tiered list. Any good plan starts with a list. The first part of your list should be the items that you know are necessary for the running of the business. These are the must-have items that you wouldn’t be able to function without. The second part of your list is for those “wants.” Things that aren’t vital but would make your business run more smoothly or generally easier. Begin buying with the mandatory items you need and save the wish list for the days when you have money coming in regularly.
- What can you subcontract or delegate? In the beginning, you have to consider your financial constraints as well as the limitations of your location. Look at your list of “must-haves” and decide if any of the items on the list make sense to outsource. When thinking about equipment, think about the size of your workspace and if you have the room for bulky equipment.
- What pieces are better to buy new? Used? You can expect to save roughly 25 to 50 percent by looking for used equipment. You’ll have to sit down with that list again and determine what could be bought at a discount and what absolutely has to be purchased new. Try to get as much as you can that’s used to save on your initial investment.
- Stick with quality. It isn’t always best to just choose the least expensive option. For your business to run as smoothly as possible you must have the best of what you can buy within your budget. It’s important to do your research on whatever you buy. Read trusted reviews of the brands and models you’re purchasing, whether new or used. For example, Gemini Computers have a large inventory of many business start-up “must-haves,”
- Know what items to splurge on. Depending on your industry, there are always some items of equipment that are totally worth splurging on. It’s easy to choose the cheapest option when you’re trying to be frugal and budget conscious. Some luxury items can put your business over the top in a good way!
- Where are you getting your capital? If you can’t come up with enough money to cover the initial equipment investment you may need a little financial help. You have options, like business loans, or a business line of credit. Applications for these are fairly simple and you could have what you need in a matter of minutes.
With a lot of thought, a fair amount of research, and a little bit of luck your business can be up and running in no time.