Every penny most definitely counts when it comes to business, and that’s true no matter where you are in the journey – a startup has to save money just the same as a more established business does, and the good thing is they can do it in exactly the same way. What you’ll really want to do is save money but do it without sacrificing quality, and if that sounds like an impossible task, you’d be thinking along the same lines as a lot of business owners.
However, we’re here to tell you that saving money and having to buy poor quality tools and equipment for your business are not necessarily linked, and it’s entirely possible to get great items for less if you plan ahead. With that in mind, read on to find out how to save money on business equipment.
Conduct thorough research
Before you buy anything at all, no matter how persuaded you might be by the marketing, it’s essential to do your research. After all, you might find there’s a better option, or a cheaper one, or, ideally, both, and if it means taking a little more time over things, that’s not a bad problem to have.
Once you know what it is you want and need, you should compare prices from a few different places, online and offline, to make sure you’re getting the best possible deal. You can also look for discounts, promotions, and special offers that will help you get an even lower cost for the same item. Plus, when you’re buying, don’t just think about the initial cost – it might be that you pay a little more for something, but that you’ll get a warranty and after-sales support in with the price, which makes it worth doing.
Your research might also turn up something you didn’t even know existed but that would be ideal for your business. A self healing mat is a great example – these mats will essentially fix themselves if they’re cut or scratched, meaning they’ll last for a lot longer than a standard mat would. Could that be a good investment for your business? It could certainly help to save money on business equipment if you didn’t have to keep replacing your cutting mats, and discovering that shows precisely why research is so vital.
Pay more
Now this really does sound crazy, especially when the title of the blog post is about saving money, but the fact is that sometimes – although not always, which is why the research above is so crucial – you’ll need to pay more for a better quality item, and it’s worth doing if that item is going to last for longer than a cheaper one would. A cheap item will certainly save you money initially, but if you have to replace it a few times, or even just once, whereas you wouldn’t have had to replace a more expensive item at all in the same timeframe, you’re actually saving money. Plus, you can rely on the piece of equipment a lot more, and you’ll get more work done as a result.
Buy used
Buying used or refurbished equipment means you won’t have the most up-to-date things in your business, but it could also mean that you’ll have very high-quality items that aren’t obsolete and that would have cost a lot more brand-new. In other words, you’ll save a lot of money and not be worse off in terms of the quality of the items you’re buying.
Many reputable sellers can offer excellent used items (some even specialize in it), so it’s well worth considering those rather than assuming you have to buy something that’s completely new and that’s never been touched by human hands before. In a lot of cases, especially when it comes to vehicles, you’ll find used items are much more cost-effective and still just as beneficial because they’ll get the job done. Of course, you’ll need to do more research, which is always important, and you must thoroughly inspect the used items (bring someone with you who knows what to look for if you’re not sure) and always ask about a warranty – if there’s isn’t one, walk away even if it seems like a great deal; if the vendor isn’t confident enough to offer a warranty, that should be a warning sign.
Negotiate
Never be afraid to negotiate with suppliers when it comes to buying your equipment because it might just be that you can get a better deal, and if you don’t ask, you don’t get! You’ll often find that sellers are happy to offer discounts, especially if you’re buying in bulk or you’re setting up a long-term contract.
Of course, if they don’t want to move on price, that doesn’t mean you shouldn’t still buy from them, and it might be that the price you’re offered is fair to start with, but seeing if you can negotiate a slightly lower one is always a wise move – you never know, and you might save some money.
Top image: Unsplash
