Equipping Your Business

Equipping your company with office furniture, filing cabinets, telephones, a fax machine, and computers can be costly. Even though you need most of these items to fully operate as a business, how much will they cost? Will you be able to cover all of the expenses?

The type of business you choose to conduct will determine what types of equipment you will need to purchase. If you want to open a pizza parlor, some of the items you will have to obtain include heavy-duty ovens, cash registers, tables, chairs, booths, and various other supplies. A great way to get an estimate of your costs is to both research different suppliers and vendors in the area. Compare quotes before making a final decision. Talk to other pizza parlor owners to see how much their equipment cost for a better understanding.

Once you have figured out how much all of your equipment will cost, it is now time to determine how you will finance your purchase. Most start-up companies look to buy all new equipment, but aren’t able to afford it. Several types of equipment leases are available to assist businesses. They include the following:

Operating Lease – This type of lease is ideal for owners who do not plan to buy the equipment at the end of the lease term, or if they will only use it for a short period of time. The terms of an operating lease are shorter than the life of the equipment. You can gain expensive equipment for much less than its overall cost.

Finance Lease – Requires a longer term and costs less than an operating lease. The owner is responsible for insurance, taxes, and maintenance of the equipment, but can identify as a liability on their balance sheet.

Master Lease – An owner is allowed to obtain certain materials at the beginning of their lease agreement, and is capable of receiving additional materials without having to negotiate a new agreement.

(Black Enterprise: Guide to Starting Your Own Business by Wendy Beech)

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