Acquiring the Equipment You Need
So you've concluded that your business really does need a particular item of
equipment or other fixed asset. What next? Well, before you rush out and spend
some of your valuable capital, invest a little time considering how you can best
meet that need. There are basically three alternatives:
personal assets— in some cases, you may find that an asset your
business needs is something that you already own. Using your personal assets
in your business may not only reduce your acquisition needs, but may also
help reduce your tax bill. And making do with what you have is a skill that
every small business owner needs to cultivate!
may be a viable alternative to purchasing the asset, especially if you're
not sure how long you'll need it. Or, perhaps you can avoid directly
acquiring the asset by contracting out the work you expect the asset will do
or by finding someone who will let you use the asset on an as-needed basis.
if you should conclude that purchasing is the way to go, prepare yourself so
you can shop smart. Deciding in advance what exactly you want, what you're
willing to pay, and what non-price issues you're willing to negotiate can go
a long way towards ensuring that you'll get the best deal for your business.