Business equipment is often one of the biggest line items in a business’ budget after rent and payroll. Fortunately, there are a number of ways to save money on these expenses, and it doesn’t have to hurt the quality of your product or interfere with your operations. Here are 4 easy ways to save on business equipment. We’ll also address when one option for saving money is better than the other.
Consider Renting
Whether you need to rent a commercial kitchen for a week to meet a large customer order, or a forklift for unloading your first pallets when they arrive, it is cheaper to rent than buy when you won’t be using it much.
You can also rent a variety of equipment to see what works best for your operation, whether it is a forklift or industrial air conditioner. If you don’t know what you’ll need over the long-term, consider leasing. This is like renting an item, but it is over a longer period. One advantage of leasing is that you can arrange to upgrade the item you’re using at almost any time.
Buy Used
Most people know that buying a used car is much cheaper than buying a new car which goes down in value by about 20% in the first year. What many don’t know is that the same depreciation principle applies to business equipment. You can find good business equipment with a long operational life ahead of it when businesses upgrade due to customer requirements or go out of business. You should use a site like Zoom the List to find the small businesses trying to move old equipment because they’re going out of business, upgrading equipment or moving operations.
Join Loyalty Programs for Businesses
Big box stores and small businesses love other businesses as customers. Instead of shopping at the big box mart, go to the warehouse store and sign up for a membership there. You’ll save money on your purchases. And you may find that the price for office chairs, printers and other equipment are cheaper at the big box store than it would be at the office supply center.
Pay Attention to Discounts, Sales and Coupons
If you’re burning through printer ink, you could get discounts from the printer if you send all of the empty cartridges back for recycling. Research the discounts you could receive on printing services, volume office supply purchases or shipping services. Coupons on the receipt you receive when you pay for items could literally add up over time. If you buy items through various websites, you could be eligible for discounts when you sign up as a business account holder instead of an individual account. And always ask about volume discounts such as having everything printed, purchased or made at once instead of coming in on a weekly basis for smaller lots.
These few methods will allow you to save a lot of money on equipment overtime. Make sure that you use all the options at your disposition if you really want them to have an impact on your overheads.
