Whether you’re starting your business or expanding an established company, having the right equipment is really important. It can reduce your costs, increase your capacity, and make your business more efficient.
There are many different reasons why you might need to buy new kit.
Here are some examples:
What do you need? If you’re starting from scratch you’ll need all the basics: Chairs, desks, computers, photocopiers and phones. If you’re upgrading your existing office you may need to invest in more up-to-date tech. Make a list of what you actually need and then cost that up.
Individually, the costs of buying office equipment like computers, desks, phones and printers can be manageable. But if your costs are mounting up you may need to look to outside sources to boost your budget. Good office equipment, which will last you a few years, is really important.
You may need specialist equipment to get your company going, whether it’s a batch freezer to sell ice cream or high-tech camera lenses to take photos. It’s always worth looking around for second hand specialist equipment. But even that can be expensive and this needs to be factored into your start-up costs early on.
Reducing outsourcing or developing new income streams
For a more established business, investing in new equipment can help to reduce your overheads. For instance, outsourcing can often hit your profit margins and leave your businesses vulnerable to rising supplier costs.
By developing your own capabilities in-house, you’ll have greater control over your costs and you could even develop new income streams as a supplier to other businesses.
Need some new kit?
Whatever equipment you need to buy, a loan from the Development Bank of Wales can provide a useful source of finance to ensure your business has all the tools it needs to succeed.