Tips and Tricks to Buying Equipment for Your Franchise
When researching through franchises UK, you will see that some franchises require you to buy relevant equipment when establishing the franchise. So, don’t just think that the biggest investment would be to purchase the franchise itself, but rather the equipment!
The costs will vary depending on the franchise, for example, food franchises would need more specialized equipment than home-based franchises. It is, however, safe to say that the equipment will be quite expensive.
Here are a few tips for franchisees on how to save money when buying equipment.
Purchase Second Hand Equipment
In most cases, if you’re lucky, you won’t need to buy new equipment. You will need industrial grade equipment for the franchise, but it isn’t necessary for it to be new. You can shop online for second-hand equipment (obviously from reliable sites) to get some good deals.
Maybe even check out auctions happening around the area, as those companies who are going out of business often hire auction companies to sell off their equipment etc. So, you can easily get good quality equipment for less than half the price!
Make Sure The Equipment Is In Good Shape
Buying second-hand equipment is great and smart but it is not worth it if it is bound to stop working after just a few months. Have an expert repairman inspect the equipment that you have your eye on before you buy it. You should also ask if it has a warranty.
Also, research to find out how much the repairs would typically cost for the equipment you want to buy.
Figure Out Which Equipment Should Be First Hand
Whereas most equipment can be bought second hand, such as refrigerators, gym equipment for fitness franchises etc. not all of it should be. If your franchise needs equipment such as computers, it is better to buy them first hand.
Reason being, they will be under warranty. Also, since technology is rapidly evolving, you will also need to buy a computer and related tech that is of the latest model. Since computers aren’t necessarily the most expensive pieces of equipment, you can try to fit them into your equipment budget.
Equipment Financing
If it is a bit too stressful trying to come up with on hand finances to purchase equipment, look to see if you can get financing through a third party, such as your franchise or other lenders. You will definitely feel more stress-free that way.
Buy the Equipment over Time
It may not be necessary for you to get all the equipment you need before you launch your franchise. You can maybe plan out your franchise profits in a way that you can keep buying equipment over time. This will allow you to have more of a steady cash flow in the early months.
The Bottom Line
Is it, obviously, crucial that you get the right equipment needed to facilitate your franchise. You should apply these tips so you can save where possible, buy lasting equipment and be able to get more equipment after opening your franchise.
Find the work-life balance you have always wanted. Get in touch with Franchise UK for more information on how to become a franchisee.