One of the most daunting and difficult things to do when starting a small business is how to get your equipment and you’ll probably have a mental idea of what you might need and/or want but it’s important to have a better notion than a vague idea before you go and start making purchases and we will look at some the things to consider when making these decisions.
Make A List Of Everything You Need & Why
The first thing to do is to make a list of everything you think you might need for the business, note and how much it would cost. Once you have this list then total up the cost of everything on the list and see how it compares to how much capital you have to invest in the business. Even if you have enough funds to cover it all you should then go back and question every purchase and see if there is a business reason for having it and if there is a cheaper or alternative solution, then you can prioritise essential purchases and limit the not so essential ones.
Research Suppliers & Compare
For the purchases you are going to make then it is essential you are getting the best deal, shop around and contact various dealers to see if there is a better deal than the one you currently have and also if there are various items you could buy from the same supplier you may be able to negotiate a bulk discount.
Consider Buying Or Leasing
If you are struggling to come up with the funds to meet all of the expenditure for your new business then why not consider leasing instead of purchasing some of your equipment, at least at first. From furniture to machines to vehicles you can lease a reasonable proportion of what you need. There are usually organisations and brokers for different types of leasing, for example, you can easily research van deals for your business online.
Making Non-Physical Purchases
Not all purchases are physical assets but it’s important not to forget essentials that you will need to make your business run such as PC software or a website domain and hosting. You can buy or lease software but with a website there is no real way round it you will need to buy a domain and take out a hosting contract, be careful to choose a good domain name as it will represent your business online, ensure the site is presentable and accurate and you should invest in some good SEO (Search Engine Optimisation) so that it can be found when people search for it online.
Keep Accurate Records
With all purchases, it is essential to keep track of what you bought, when and to keep all receipts to be able to prove where your spending went and to account for it when it comes to filing a tax return which will be a much easier process if you have all your paperwork in order.