As a manufacturing firm, you have one major issue: how do you obtain the right tools for the job? It sounds like a silly question, but there is more to it than meets the eye. Sure, there are plenty of suppliers out there that will help you out if you ask. But, quantity isn’t the issue. The issue is the price. Most firms struggle to afford the price because manufacturing equipment doesn’t come cheap. So, if you don’t have the money, how are you supposed to find a good deal?
- Buy on Finance
You can buy heavy machinery on finance just like you would with a new car. And, the principle is the same too. All you do is put down a deposit and pay off the remaining amount over the course of the agreement. It is that easy. Finance is a good option for the firms that have liquidity. The reason is that you can afford to pay off the equipment on a monthly basis. Paying off the price with a lump sum amount isn’t an option, which is where equipment finance comes into play. Also, it allows you to invest in top quality equipment. That way, you can keep manufacturing the best products.
- Lease or Rent
They are both words for the same thing. Whether you lease or rent, you are borrowing it off someone and paying them for the privilege. There are many pros and cons to hiring equipment. The main pro is that it is an affordable option. Just like paying on finance, you pay on a monthly basis. Plus, the cost is cheaper than finance because you aren’t buying the product. In theory, it allows a firm that needs an excavator to source one through an excavator hire firm. That wouldn’t be possible in any other circumstance. The main con is that it is dead money. It is a long-term expense, and you will never own the product. Still, if it helps you make money, it is worth considering.
- Buy It Second-Hand
The second-hand market is a big market full of bargains. The key is to find the pieces that are almost brand new, or that still work effectively. It isn’t easy because you don’t know until you use it for the first time. Still, it is possible if you take a few precautions. For starters, take the make and model into consideration. Some pieces of machinery don’t age well, and you want to avoid them if possible. Also, ask if you can try it beforehand. A tester helps you spot any malfunctions or anomalies.
- Borrow It For Free
Finally, you can try and borrow it off a peer in the industry. Maybe they have a spare, or maybe they are just nice people. Whatever the reason, they will only do you a favour if you ask for one. Plus, the worst thing they can say is no. If they do, at least you know it isn’t a viable option. But, if they say yes, they will save you a fortune.
As you can see, finding the right equipment isn’t easy for a manufacturing firm.
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