Equipment is a critical part of your business. You need the latest machines and trendiest equipment. But how can you get these machines when you don’t have all that much money?

Equipment is a critical part of your business. You need the latest machines and trendiest equipment. But how can you get these machines when you don’t have all that much money?
We’ve put together a list of things you might be able to do to get that new equipment you need, even when you dont have the money to buy the newest and trendiest machines you need.

Consider Leasing


When you think about the machinery you need, you want to consider both buying and leasing. Both options have advantages and disadvantages. What you need to do is ask yourself these questions.

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Does that equipment you need to have an expiry date? No matter how well you take care of something, there are things that will stop being useful over time. There are just newer and better options available out there. In this case, you really do want to consider a leasing option.

Another reason to consider leasing is when upfront costs are just too high, or when you don’t have the money to cover the investment. If you don’t have enough cash, a leasing option can be the answer.

Get a Loan


A loan to buy a business or new business equipment may be something you have already thought of and dismissed. However, there are more loan options than ever to help your business grow. Just look beyond the traditional loan and look for alternative loan options for small businesses.

Opt for Used Equipment


Think about buying used equipment to save that cash you need to keep on hand. The biggest advantage of buying used equipment is the large reduction in price. Sometimes you can get discounts as high as 90%. Looking for the trendiest machines? Buying used may be the most viable solution. Just be aware that there are a few risks that come with buying off-lease or used equipment. However, there are a few things you can do to minimize the risk.

Check the contract - Is there still a warranty on the equipment. Does the guaranteed transfer with the purchase.

Find a Good Used Equipment Source - You want to buy all of your equipment from a single source.

Trust your gut and walk away if the deal doesn’t feel right.

Test, test, test - take the equipment for a test drive and see how it does. You dont want any nasty surprises.

How to Pay for New Machinery


Once you make up your mind as to whether you want to lease or buy, you need to think about the financing of the machinery. How are you going to pay for it?

Ask for Help


Depending on your type of business you could qualify for business grants. You may need to do some research and fill out the appropriate paperwork but this is a viable option.

Ask for Help from The Community


Ask your community to help. Crowdfunding may not be the way to go for everyone, but there are people for whom it works well, especially if they are well known within the community.
The ideal funding option is different for every business. The important thing is to look at all options and find one that works best for your business.

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Safe Milli

Safe Milli is a graduate of FPI, he studied office technology and management. He is a young enterpreur who loves to share his thoughts on latest technology trends, new business ideas and opportunities, how-tos related topics. You can chat with him on Facebook for enquiry.

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