Starting up a contracting business can be an expensive endeavor. On top of regular business fees like registration fees, taxes, employee wages, and premises, you also will likely have to pay more for insurance than the average business, and you’ll have to pay to get certain licenses and permits. However, likely one of your biggest challenges is going to be finding equipment that you can afford when you’re just starting out.
You don’t have to buy all of the equipment you’ll need, though it’s tempting to do so. Instead, you might consider the option of renting certain pieces. This is a particularly wise choice for equipment that you don’t use too often. Instead of putting all your money into buying and storing expensive equipment, you can simply rent them when you need them and then return them. Renting has the added benefit of saving you on maintenance costs as well.
Find Used Equipment
For equipment that you use more regularly, you will likely want to go ahead and purchase it. However, that doesn’t mean that you need to pay full price. Like cars, many types of equipment lose market value quickly even when they still have plenty of their lifespan left, which means you can buy a used piece and keep it for years. You can find many types of used equipment still in excellent condition, like a Miller CP-302 welder.
Buy Refurbished Equipment
As with used equipment, you can find refurbished pieces of equipment for a fraction of the price of new equipment, and it will often work just as well. Refurbished equipment has usually been tested and repaired to meet a company standard, so you know it will be reliable.
Whether you buy new, used, or refurbished, remember to keep up with routine maintenance. While paying for maintenance or replacement parts may seem an unnecessary expense in the short term, regular maintenance can extend the lifespan of your equipment drastically. This means that you’ll save money that may have otherwise been needed to replace whole pieces of equipment. You can use this saved money to hire more employees, improve your marketing, and further grow your business.
When you’re starting your new contracting business, you have many options for acquiring your equipment. Renting equipment or buying it used or refurbished can help you save a lot of money that you can then put towards your business. If you are buying new, you may be able to find good deals as well. No matter what, make sure to care for and maintain your equipment properly. This will save you and your new business money in the long run.