Equipping your business for success

November 14, 2016 - Tags: Buying Planning Technology

Acquiring the equipment you need to run your business can take up a big part of your initial capital. To avoid overspending, it's a good idea to assess your equipment needs early on, and consider your options. Your needs will depend on a number of things: where you operate, the size of your market, whether you employ other people, and if there are specific regulations that apply to your business activities.

There are some essential items you'll need in order to perform administrative functions like communicating with suppliers and customers, accepting payment, and doing your accounting/taxes. Mobile and wireless technologies allow you to conduct daily operations from almost anywhere, with minimal hardware. You might want to consider network or cloud-based solutions to keep all of your documents in one place, accessible from anywhere.

Buy or lease?

Leasing equipment can save you money on routine repairs and replacements over time. It can also regulate your cash flow, because you make smaller lease payments over time, instead of one large payment at the outset.

When considering leasing versus buying, think about things like:

  • How long do you need the equipment? Can you use it elsewhere?
  • What are the tax benefits if you buy?
  • What are your working capital needs?
  • Is there other (less expensive) equipment you could use?
  • Are you planning to scale your business? If so, will your needs change?

Other cost-saving solutions

  • Share equipment with another business — this works well when you operate in the same general area, or share office space
  • Outsource some of your production — aim for a balance between process, people and technology for best results
  • Equipment purchase financing — many programs offer financing to help cover the cost of new or used equipment, and tax credits for some types of equipment
  • Plan ahead when travelling for work — you can use the business centre in a hotel or a coworking office space, often at a reduced rate

Whatever you decide, give yourself time to consider the options. Be smart about what you buy or lease, but also when you do, and how you go about it. Remember to re-assess your needs on a regular basis, because they will likely change over time.


Comments

Posted by Canada.ca on November 22, 2016
Hello Andrew,

Thank you for contacting Canada Business. We are always happy to help you with questions about starting or growing your small business in Canada.

You can find a variety of business development support programs on our website, including information on how you can get involved.

On our Training webpage, you may find training that meets the needs of your business, from language skills to apprenticeship, for you and/or your employees.

By using our Program search, you can look for what you are interested in based on the type of program, your province or territory, and your industry. There are a variety of options and eligibility criteria. In some cases, you may need to fill out an application form, or contact the organization delivering the program for more information.

On our Business support organizations page, you can find organizations offering networking, coaching, counselling, and other business support services, from peers as well as professionals.

If you would like more personalized services, our Expert advice for your business page offers suggestions for getting answers to your questions, and a chance to connect with professional guest advisors across Canada. If you do not see your region listed, or if you have further questions about starting or growing your business in Canada, please contact us for assistance.
Posted by Canada.ca on November 22, 2016
Hello Umed,

Thank you for contacting Canada Business. We are a government organization that helps entrepreneurs start or grow their business in Canada.

If you are searching for Canadian businesses to partner with, you may want to consult the Canadian Company Capabilities (CCC) database. This database can help you find and connect with companies across Canada, by industry. CCC also includes specialized business directories that you can search to find potential business partners.

If you are looking to export, TFO Canada can help you access the Canadian market by providing free online information on how to export to Canada and promote your supply offers to Canadian importers.

Should you have questions about starting a business in Canada, please contact us. Thank you, and good luck in your endeavours!
Posted by Umed on November 21, 2016
Sir I m an Indian
I want a business for partnership
Posted by Andrew on November 18, 2016
What business development support programs do you have. If you want to get involved in these programs what is the process.

Thanks

Andrew
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