Many of us buy second-hand tools, equipment and even furniture when we start a business. It’s a great way to cut costs in those all-important first few months, and a way to ensure that you don’t spend more than you need to, especially if you are still finding your feet and unsure where your business might take you. You certainly don’t want to find yourself shelling out on top of the range, brand new equipment if your company never turns into anything more than a side hustle.
As your business grows, you might want to start replacing some of the second-hand goods that you’ve bought with new equipment, more suited to your business and its needs. But, that doesn’t mean that you shouldn’t get the most from it first. The last thing that you want is to find yourself in financial hardship a few months out of the blocks because everything that you bought to start up suddenly needs replacing all at the same time.
Buying second-hand doesn’t mean buying rubbish. If you take the time to look around and find the right deals, you can get tools and equipment as good as new, for a fraction of the cost. Remember, lots of small start-ups go out of business early on. Which can mean a lot of what you need is out there, barely used, for a fraction of the cost on new goods. You just need to find it. Focus on finding a public auto auction, look for online sales and ask around.
Wherever you buy your goods, try to see them first if possible. Don’t be afraid to ask questions and even for a demonstration or test run, before you hand over any money.
Buying second-hand doesn’t always work out cheaper, and you’ll need to weigh up the pros and cons before making a purchase. Remember, dirt cheap isn’t cheap at all if it needs repairing and replacing quickly. You should also do some research into spare parts. If your equipment breaks down, are spare parts still readily available, or will they cost you a fortune? You should also remember that when you buy new, you usually get a warranty. Don’t automatically assume that second-hand purchases are a good deal, always do your research to find the most cost-effective investments.
Look After Them
Whether your equipment, tools and machines are new, or second-hand, the very best way to get the most use out of them is by looking after them. Keep them stored safely and securely when they aren’t in use. Make sure yourself and your staff members are trained on how to use them correctly. Keep them clean and free from dust and dirt, and make sure you get them serviced and updated when it’s needed.
Buying second hand is a fantastic option when starting a new business, as it can slash your early costs dramatically. But, it’s only worth the saving if you get the most possible out of your purchases.