Business Equipment: The Ultimate Guide

Business equipment is crucial for any company, regardless of the industry or size, especially as technology advances and the digital market continues to become increasingly competitive.

The specific items your business needs depend on your industry and goals, but there are a few essentials that most companies need to improve efficiency. This article covers essential and valuable pieces of business equipment you need.

Essential Pieces Of Equipment For Businesses

Knowing what business supplies and equipment you need is intimidating, with so many types available. Luckily, not all equipment for businesses is crucial. In this list, you'll find the equipment you definitely must have:

Office Equipment

Computers And Phones

A phone or computer is one of the most essential small business equipment. It allows you to manage your business while saving time and money. With the continued acceleration of the digitization of small businesses, there are so many ways you can use a device like this. Using these devices, you can interact with your customers and manage:

• online stores
• business websites
• social media accounts

Printers And Shredders

Even as businesses continue to digitalize, printers and shredders may still be essential tools. For example, you may need a printer to provide your clients with photographs, plans, or designs. Likewise, you will need a printer to create shipping labels, receipts, and flyers if you ship products. A shredder is essential because it helps keep your and your customer's information safe. Simply recycling important or confidential documents can put your data at risk, but shredding these documents allows you to protect this information.

(All-In-One) Software

Hundreds of software options are available today. Fortunately, you only need one comprehensive platform to run your business. Opting for an all-in-one platform can make managing your business easier and boost efficiency. When looking for a comprehensive solution, ensure it includes all the necessary tools. These may include:

• website building and editing
• online store and inventory management
• payment processing
• customer communication
• booking or service scheduling management

Security Systems

Cybersecurity is an essential tool for any business, no matter the industry. Whether you operate primarily online or in a physical store, it is critical to have a system that protects:

• you
• your employees
• your customers' information

If you have a brick-and-mortar store, also consider security cameras and motion detectors for your store.

Vehicles

You may not need a company vehicle if your business is 100% online. But, a company vehicle is essential if you deliver orders, transport materials, or have a mobile store or business. This helps your company to look more professional and helps promote your business locally. Having a company vehicle can also come in handy when doing your taxes. Why? You can deduct the costs more easily than dividing vehicle use between personal and business.

Internet And Communications

If you run any part of your business online, you must set up a reliable internet connection and phone service. Which internet and phone services will be the best options for you will depend on where you live. The most important thing is to get a plan that offers you the most reliable connection for the number of devices you will use. A local area network may work best if you and your employees work in the same building, but a wide-area network may work better if you and your team are remote.

Mailing Equipment

You need the right tools to ship products or documents, samples, catalogs, and bill statements from your home or small business. Some examples of business mailing equipment are:

• scales
• scanners
• label printers
• packing tape
• postage software

Which tools you need will depend on the nature of your business. That said, it is a good idea to consider what you will need to ship to your customers.

Specialty Equipment

Depending on what your business does, you may also need to allow a budget for specialty equipment. For example, you may need the following:

• hair tools for your salon
• sticker printers for your art store
• bank office equipment such as registers and accounting software
• lawn care equipment for your landscaping business

This equipment will likely differ for each business, but it is important to consider when thinking about costs and equipment funding for your business.

Should You Buy Or Lease Business Equipment?

Whether to lease or buy business equipment depends on your situation and what makes the most sense financially. Considering both options and weighing the pros and cons can help you identify the best choice for your company's needs.

#CaminoTip Regardless of which option you choose, consider how each move impacts your budget, workflow, and long-term goals.

Why Lease?

Reduced Cost

Leasing allows you to spread out the price of a piece of equipment into regular monthly payments. This will enable you to manage machine financing and get the benefits of high-quality equipment without paying as much upfront.

Less Maintenance

Many items you can lease offer contracts where you are not responsible for repair or maintenance costs. This means that you do not have to worry about adding any extra expenses if something should go wrong with the equipment while or after you use it.

Credit Sources And Loans

As a business owner, you will have expenses you will need to purchase by using credit or loans. By leasing some of the more expensive equipment, you reduce the number of equipment loans you need to take. This lets you save these sources of credit for other essential business expenses, such as:

• repairs
• hiring
• marketing
• inventory expansion

Why Buy?

Control

The equipment can last longer, and you will have complete control over its use. A significant benefit to owning equipment is that you don't need to worry about how you will use it or when, as leasing would require.

Customization

When you own the equipment, you may also be able to customize the machine to fit your needs. You can keep the equipment for as long as you need it without worrying about return policies or other restrictions.

Use It As Collateral

If you own a piece of equipment, you may be able to use it as a guarantee on loan agreements. This can be particularly helpful if your business wants to secure financing to expand and grow. A loan can help you buy equipment!

Business Equipment You Can Lease

A lot of financing and budgeting go into ensuring that your business has high-quality equipment. Renting or leasing cuts down on costs and makes it easier to get newer equipment more regularly. Here are the most common pieces of business equipment you can lease instead of buy.

Copiers And Printers

If you need large volumes of documents printed, leasing a printer allows you to use a high-quality newer model without purchasing it.

Multifunction Devices

Devices that combine several pieces of equipment into one device — like a printer, scanner, copier, and faxing machine — can be a great way to get more for your investment. These devices are typically much more expensive than their counterparts because they offer more functionality, which makes them an excellent choice for leasing or renting.

Warehouse Equipment

You may only need tools and equipment like forklifts, heavy-duty mailing equipment, and material handling equipment irregularly, which makes leasing or renting them a much better option than buying them.

Hand Tools

These tools typically require regular maintenance and replacement, which can get expensive. Leasing these items lets you easily keep up with newer equipment and saves you maintenance time.

Vehicles

Vehicles are one of the most high-cost pieces of equipment that businesses use as they require regular maintenance. By leasing vehicles, you can cut down on your expenses for maintenance and repairs.

Mailroom Equipment

Things that can speed up your packaging and shipping process are:

• high-quality scanners
• label makers
• scales
• postage solutions

Still, they are typically much more expensive than lower-tier personal models. Leasing higher quality machines allow you to reap the benefits of the better models without paying for them at full price and finding a place to store them.

Software Solutions

Whether considering an all-in-one platform or looking to pick and choose your software solutions, software-as-a-service or subscription services can help you get the best and most recent tools. Additionally, leasing reduces the risk of purchasing a software solution that will become outdated in a few years.

Call Center Systems

Like software solutions, call centers can be crucial to manage your business effectively, but you may need to be more mindful of purchasing a system that may become outdated. Using a software subscription service allows you to avoid this worry.

Unified Communications

Effective communication with your employees and customers is essential to the success of your business. Streamlining these communications with subscription solutions or platforms lets you communicate quickly without worrying about missing something.

Security Systems

These systems, like video surveillance, security software, ID scanners, and printers, can be very costly, especially if looking for quality. Leasing these systems, however, can help ensure you get

POS Systems

Point-of-sale systems are an excellent inventory management tool but can be expensive. Leasing, however, can be a much more affordable option that offers the same benefits.

Digital Signage

Digital advertising is essential to businesses of all sizes and industries today. Leasing digital signage can be a great way to make your brand visible without locking yourself in any particular location or advertisement strategy.

Video Equipment

High-quality cameras, microphones, and lighting are all costly but essential to presenting your business professionally. Renting or leasing these pieces of equipment allows you to achieve an air of professionalism without purchasing these items upfront.

Water/Beverage Dispensers And Vending Machines

These can do a lot for your business by helping create a more welcoming and comfortable atmosphere for your employees and customers. Still, they can require quite a lot of maintenance. By renting or leasing these machines, you can avoid having to service these machines yourself and therefore cut down on the costs that these machines can come with.

Retail Store Equipment

Machines like safes, cash registers, and checkout machines typically cost quite a bit, but by leasing or renting this equipment, you can use it for less initial investment.

The Help You Need To Buy Business Equipment

When budgeting for equipment, small businesses need to consider what equipment they can lease versus what they need to purchase. Many business owners believe the advantages of buying overmatch the ones leasing offers. But buying equipment for your business can be challenging, especially if you don't have the capital to buy it. That's why a small business equipment loan from Camino Financial can be so beneficial. If approved, our flexible loan options will allow you to get the equipment needed to keep your business running smoothly while keeping monthly payments low. Don't let the cost of equipment be a roadblock to success. Explore how Camino Financial can help you. Apply now!