The equipment choices for any business these days are enormous. Making the right choice for your business can be a challenging task.
To choose equipment for your business:
- Make a bare bones list of each piece of equipment that is absolutely essential for running your business.
- Determine how much this equipment should cost.
- Make a list of the equipment that might be useful to have.
- Make a list of the equipment that it would be just plain fun to have.
- Figure out what portion of your budget can go towards equipment. It should cover the bare necessities and let you have at least a few of the 'nice-to-have' items.
- Identify the features on the equipment lists that you want for each piece of equipment.
- List the manufacturers of each of the types of equipment, including the models and features they make.
- Identify all the different places you might purchase each piece of equipment. Don't forget to include the possibility of purchasing directly from the manufacturer.
- Visit some vendors to see the different features demonstrated.
- Start down your list of basics and price out every model from each possible vendor by phone.
- Make your basic purchases.
- Add up how much was spent on basics to see how much money is still available.
- Prioritize your remaining to lists (would like to have, would be fun to have).
- Decide how many of the items you can purchase and purchase them.
- Save the list of unpurchased items for rewards when you reach certain financial goals in your business.
- If you are purchasing a lot of equipment at a time, contact each potential purchase site to see if you can get special pricing or terms.
- Many vendors offer lease with an option to buy. If this is a new brand or type of equipment for you, this may be a good way to try it out without too much of a financial commitment.
- For very large equipment purchases that would be used infrequently, consider buying it in a partnership with one or more other entrepreneurial ventures.