How to Choose Equipment for Your Business

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:

  1. Make a bare bones list of each piece of equipment that is absolutely essential for running your business.
  2. Determine how much this equipment should cost.
  3. Make a list of the equipment that might be useful to have.
  4. Make a list of the equipment that it would be just plain fun to have.
  5. 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.
  6. Identify the features on the equipment lists that you want for each piece of equipment.
  7. List the manufacturers of each of the types of equipment, including the models and features they make.
  8. 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.
  9. Visit some vendors to see the different features demonstrated.
  10. Start down your list of basics and price out every model from each possible vendor by phone.
  11. Make your basic purchases.
  12. Add up how much was spent on basics to see how much money is still available.
  13. Prioritize your remaining to lists (would like to have, would be fun to have).
  14. Decide how many of the items you can purchase and purchase them.
  15. Save the list of unpurchased items for rewards when you reach certain financial goals in your business.

Tips:

  1. 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.
  2. 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.
  3. For very large equipment purchases that would be used infrequently, consider buying it in a partnership with one or more other entrepreneurial ventures.