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Tools of the trade
Tools of the Trade
What equipment will I need to start my own business?
It is very important to make a list of all the equipment you will need to get your business up and running.
Make sure you know how much you have to spend and only buy what you really need – you can always buy more as your business grows.
How can I reduce the cost of equipment?
There are a number of options to consider, for example:
- Second hand equipment can be much cheaper and just as serviceable
- Leasing equipment may help you spread the cost
- Sharing expensive equipment with other businesses
- Sub-contracting work that requires expensive specialist equipment, for example, printing
What about a computer?
The vast majority of businesses these days will need a computer with printer, and access to the internet. However, don’t get carried away; if you only need a computer for simple administrative tasks, there is no need to buy a top of the range model – whatever the salesperson says!
Also – consider a laptop with a mobile internet connection if you will be out and about a lot.
Do your own research before buying – read a few computing magazines and look at the advice given by major manufacturers on their websites.
How do I pay for the equipment I need?
You may have enough personal savings to cover the cost of any equipment you need. However, you may need to consider alternatives, for example:
- Formal loans – a bank may provide a loan if you have a good business plan
- Overdrafts – ensure you plan this properly with your bank.
- Informal loans – borrowing from family and friends can be risky from both a personal and financial point of view, but it works for some people
- Outside investment – if your business has good prospects, a financial backer (‘business angel’) may agree to invest in your business. Find out more about outside investors on the national Business Link website.
- Other access to finance programmes or government support may be available if, for example, you are setting up a business in a deprived area. Find out more about finance programmes.
How can I find out more?
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