Equipment is a vital part of any business – you can’t run one without it. How are you going to clean those Florida business offices with no equipment? But how can you provide your business with the equipment it needs? Just ask yourself these three questions!
Question 1: Should we buy or lease your equipment?
Both options have their benefits and drawbacks. Ask yourself the right questions to find the solution that is best for your business situation.
The right balance between owning or leasing equipment is different for any business. What is most important is that you find the balance that is best for you!
Question 2: Do we purchase new or used equipment?
If you decide to buy some or all of your equipment, the next question is whether you should buy new or used. The biggest advantage of buying used equipment is the sometimes massive reduction in price. Depending on what you want to buy, the discount could be as high as 75%!
Are you looking for modern newer equipment? Then buying used is unlikely to be the best solution. You are taking risks with opting for used over new, there are several steps you can take to minimize them:
Question 3: We know what we want, how do you pay for it?
You’ve decided whether you want to buy or lease and made up your mind about using new or second-hand equipment. Now it is time for perhaps the most important question of all – how are you going to pay for it?
You have a couple of options:
Have somebody else pay for it. Depending on your location and type of business, you might qualify for government grants. Discover whether you are eligible for a US grant.
These involve paperwork and hoops to jump through, but it’s hard to beat ‘free money’.
Take out a loan. Loans are obviously not new but nowadays there are more options than ever to help your business grow. So make sure to look beyond the traditional bank loans and check out alternatives like PayPal or Fundera. These companies were built from the ground up with small businesses in mind, so they are more likely to understand your situation and provide you with a deal that works for you. We wish you the very best in your decision.