An efficient business needs to be equipped with the right tools – but good tools can often cost a lot of money. Fortunately, you don’t always have to pay a premium price to own the best tools. Here are some cost-cutting tool-buying tricks to help to stay within your budget.
Buy gently used tools
Second-hand tools are often much cheaper, however you should be careful of the condition – a damaged second-hand tool won’t be good for your public image, could slow down productivity and may even cost your more money in the long run in repairs. Focus your search on gently-used tools as these are likely to be cheaper whilst still being in good condition. Look out for repossessed items, overstocked tools and items being flogged as the result of a business closure – you’ll find these being sold on many second-hand sites like eBay and Gumtree.
Consider the power source
When it comes to automated tools, the power source could make a big difference on the cost. Looking into air compressors could allow you to power tools pneumatically rather than shelling out on expensive battery-operated tools. As for electric plug-in machinery, look into machinery with an Energy Star rating that won’t churn through power – this could save you money in the long run.
Coupon sites are great for saving money on new tools. Signing up to several sites could give you access to promotions and discounts that could save you lots of money on equipment. Many of these promotions will be for a limited time only, so make sure you’re using these coupons before they expire.
You may be able to hire certain tools for temporary jobs or on a long-term lease. This could be beneficial for expensive machinery like die cutters, 3D printers, laser cutters and heavy construction machinery. You can even lease computers. Hire companies will often supply brand new equipment that you wouldn’t be able to otherwise buy outright. Certain companies may even give you the option to buy the tool once the lease is up – however you’ll spend more overall by doing this. You can also finance certain expensive tools with a loan, although you should be careful of interest rates as you could end up spending a lot more in the long run.
Read online reviews
So that you’re buying something both affordable and efficient, it’s worth always reading online reviews. Many publications will take cost into account when reviewing tools – you may even be able to find comparison guides online that weigh up the pros and cons of multiple tools under a certain price. It’s worth also looking up user reviews to see what fellow business owners think of certain tools. On top of the tools themselves, make sure you’re buying from reputable suppliers.
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