Business expenses such as employees, equipment, supplies and utilities are common expenditures that small business owners invest in.
For small businesses, household appliances may take the form of your business equipment. However, there are certain operations that require complex equipment with special functions.
Functional small business equipment is usually expensive and adds up to your long list of business expenses. Thus, considering investing in second-hand equipment that will give you the same output is wise.
The 3 W's of Buying Second-hand Equipment
Once you start a business venture, you should carefully assess what type of equipment will meet your operational needs. Take note of the equipment's function and avoid splurging on expensive equipment just to make an impression. Relatively, secondhand equipment is more economical, and may be as efficient as a brand new one. Below are some tips to get you started with your secondhand equipment hunt.
Where to look - You can find secondhand equipment bargains in public sales, business closure auctions and garage sales. There are numerous rental stores that usually sell previously rented equipment at depreciated value. Online shopping portals are also good sources to purchase secondhand equipment that may be hard to find at an affordable price.
What to buy - Photocopiers, scanners and fire-proof filing cabinets are just a few of those seldom-used office equipment that costs too much and exaggerates your business expenses. It is advisable to purchase secondhand equipment that will give you the same purpose. You need not buy expensive and high-end equipment if secondhand equipment could give you the same productivity. If at all possible, choose secondhand equipment that can provide you dual or even multiple functions.
What to consider - When buying secondhand equipment, take into account its energy consumption and 'lifespan' to avoid additional business expenses. Usually, old models of appliances and equipment like air conditioners and ovens consume too much electricity. If possible, ask for the equipment's wattage for you to be guided on its electric consumption. Also, take note of the year the equipment was made to determine its depreciation rate. Make sure that the second-hand equipment is in good condition and will not require too much maintenance or repair.
Secondhand equipment can truly work for your small business but you do have to consider many things such as the purpose of the equipment and how 'old' it really is. However, once you've got the basics covered, buying second-hand equipment can be a real advantage to any business owner's tight budget.
Action Steps to Buying Second-hand Equipment
1. Make a list of the equipment you NEED.
2. Check the Yellow Pages, Newspapers and online sources to find out where you can buy second-hand equipment.
3. Prepare a checklist to bring with you while buying 2nd hand equipment so that you don't forget to ask any questions or fail to check certain parts of the equipment.
Important Points to Buying Second-hand Equipment
It's not all about the lower price. When you go out and buy second-hand equipment keep in mind factors such as potential maintenance costs, availability of spare parts, electricity consumption, and others.
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